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I know there are alot of banks like this in the auto industry but what about the airplane industry? I am rebuilding from a bankruptcy caused by health problems back in '07. I have only found 1 bank that does 1/3 down financing but it is interest only. I don't mind, under my circumstances, paying a high rate but I want a simple interest loan, not interest only. Does anyone know of any other banks/finance companies that I should look into?

Frank, just a suggestion but you may consider talking to your local community credit union or if you belong to an industry or employer that has its own. They tend to be smaller and possibly more flexible. It's a long shot, but CU's really really want to make loans if they can and their rates tend to be quite attractive.

Good luck!

what greg said, my credit union bent over backwards for me in buying my service truck and my airplane..

Yes!

Credit Unions are quite flexible and customer friendly. They may not, however, have experience in aviation-related matters. But yeah, if you're able to utilize one, definitely look into it.

My credit union doesn't do aviation, but they do signature loans at comparable rates to auto loans, which are in the 2.4% APR range here.

I haven't taken a loan other than a mortgage from a "bank" in over 30 years, but have had several through my credit union (and now almost anyone can join). Best deal in town!

My Credit Union doesn't do aircraft. They do do Recreation Vehicles. I convinced them that my airplane was a recreational vehicle. Loan approved...

Frank,

Legally I do not think they can prevent you from paying additional funds that would go towards paying off the principal. My advice would be to take the interest only loan but pay it off as though it was not.

Jim