Does anyone know a good place to refi an airplane loan? My current is at 10.25% and the best they will do now is 9% even though the prime has dropped 1 full basis point since I last inquired.
Anyone know where else I might take my business?
Matt
Does anyone know a good place to refi an airplane loan? My current is at 10.25% and the best they will do now is 9% even though the prime has dropped 1 full basis point since I last inquired.
Anyone know where else I might take my business?
Matt
Think about a home-equity for all or part.
If you shop around, you can usually get one at prime. You can maintain it with interest only payments if times get lean or make principle and interest in better times. Interest can be tax deductable. Since the house is the colateral, a conventional loan on the airplane could be obtained to make up the difference if there is not enough equity in the house. This usually works best if the equity line is in place first as most banks consider your income to debt ratio in determining their rates and how much they are willing to loan.
The above worked for me but I had to get more life insurance to keep my wife happy. Thats OK too. Small price to pay to keep everyones comfort level down & to get my SR22 (due March '02)
If the plane is used for business purposes, this method could get complicated. Ask an accountant first.
Regards,
MIke
Try ASO.com and and click the Financial Services button. They list 5 or Six aircraft lenders.
Let us know your experience.
Good Luck
Does anyone know a good place to refi an airplane loan? My current is at 10.25% and the best they will do now is 9% even though the prime has dropped 1 full basis point since I last inquired.
Anyone know where else I might take my business?
Matt
Matt,
Try Chuck Dimiler. You can reach him at
Good luck,
Jeff
Think about a home-equity for all or part.
Regards,
MIke
If Mike’s idea doesn’t fit, try Mike Jacobs. He does lots of GA financing. mjacobs@1st-of-pryor.com
Mick