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Just purchased another aircraft ( My New Cardinal) 😊 The folks at Dorr Aviation, are at a level of professionalism and customer care that is exemplary, especially considering my choices that were offered by AOPA, (oh I pay annual dues). Much better terms, much better attentiveness and customer care. Anyway Pat Fallon, who had oversight of the loan and Heidi Doiron, Loan Coordinator are both excellent.
Contact Dorr at
800-214-0066

Sent from my iPad

I have never attempted to finance an airplane but it is definitely a consideration if/when we move up to bigger or faster. If you do not mind divulging the following it would be appreciated if you could share the answers to the following general questions:

1- What percentage of the purchase price was the minimum requirement for the down payment?

2- What is the typical length of the loan?

3- What is the typical interest rate?

4-Did the lending institution charge for an appraisal?

5- Any additional costs of fees to consider?

Not looking for the specifics regarding your purchase. Just some general rules of thumb from the bank that you would be comfortable sharing.

Thank you very much in advance!

Wings Financial Credit Union - Minnesota

Unfortunately interest rates have gone up.

In January of 2016, I got 3.99% for the Citabira
In February of 2018, it had gone up to 4.74%, when I bought the Bonanza.

As of now it's 5.49%.

Terms up to 84 months.
They will finance up to 100% of the plane, based on the appraisal.
They are really easy to work with.
I provided them with two appraisals that I had two of my IA friends prepare. We used the aircraft specs along with some comparable airplanes.

They are great, highly recommend. To join you have to be affiliated with the airline industry or aviation industry. If you don't, the work around is that you join their "foundation" for $5.

https://www.wingsfinancial.com/loanrates

What requirements do you think it would take to refinance? Your opinion.

It’s now back to the way it was before the recession - in order to get a loan you have to first prove you don’t need it.

Sorry Anthony, I lost track of this post...
From memory, I’m on the road...
Some of the terms depend on your credit score etc.. but for me
20 years, 6.35%
No appraisal cost
I had a pre-buy done, not sure if they required this or not
Yes closing fees, don’t remember, so I won’t say
I think what was most impressive with Dorr is their understanding of aircraft loans, yes, mostly that they were the most attentive to my needs, it’s was just refreshing to work with them, like they wanted me to get what I wanted, not a transaction...probably the best example of customer care that I have experienced....very attentive and follow up was immediate, even after hours and on weekends...
AOPA, NOT EVEN CLOSE...Sorry to say....and I am a long time member, they extract their dues from my credit card every year....hmmmm.