Hey folks,
I just joined today.
Hi! Welcome to THE best type club on earth!
Not sure where to ask but I'm looking to buy 150.
I found few I like but not sure how to go about financing the funds for it?
Is there preferred methods or organization like AOPA that I can use?
I already have airport and tie-down I'll use for this plane. Insurance will be taken care of.
I’ve used both AOPA and
NAFCO [
airloans.com] to finance an aircraft purchase. AOPA is just a ‘front-end’ to a finance company, and AOPA switched to NAFCO a couple of years ago, so there’s little difference now.
The first plane was a Cessna 150. I think I financed $15k of the purchase price. The second is my Cardinal RG, and I think I financed $40k (both loans have been paid off so I don’t remember or care anymore
). I’ve read that recently some people have been having trouble getting financing for the ‘small’ amounts that are typical of a 150. Financing larger/more expensive aircraft is easier.
In short, give AOPA and/or NAFCO a call, see if they’ll give you an estimate on a hypothetical plane. Pick one for sale out of Trade-a-Plane or Barnstormers if they won’t let you make up numbers.
As others have said, a local bank loan, personal (unsecured) loan, or home-equity loan are other options. Some banks can handle “recreational vehicles” like RVs, Boats, and Motorcycles, but airplanes are an unfamiliar market.
One thing to consider is, as with cars and homes, most lenders want you to carry full insurance. However, the difference between full and liability-only insurance on a 150 or 152 is typically only a few hundred dollars per year, so the overall difference in expenses is not that great.
