Looking at Fnancing a used Cirrus but I don’t want to go through a broker as they will add on spread to the rate. Does anyone have a direct contact at Bank Of America?
i appreciate the Colin commentary from everyone with nothing better to do. please and I say this gently, I’m not looking for advice or criticism I just want a contact at BofA. Thanks
We used a local small-town bank that I have a relationship with. They had better rates better terms than any of the nationally known plane financing companies.
Chad
David,
You think B of A won’t add the same spread?! Keep dreaming. They all know what the retail is and will all get that money from you unless you have a special banking relationship. Like others have said, you might be better off using a local bank that knows you and will make you a good deal. Good luck.
OK now. You can afford the $350-500 per hour to operate an aircraft & you are concerned with a loan broker fee?
Hi David,
I used Commerce Bank in Massachusetts. https://www.bankatcommerce.com/aircraft-lending.htm
In general I have been very happy with them. Prepayment penalty (2%?) for first two years but I received a competitive rate.
The contact there is Bill Allen wallen@bankatcommerce.com.
Of course, YMMV
Good Luck!!
David,
Probably not terribly useful… last I heard, Bank of America is no longer offering aircraft financing. I paid my loan off with them last Dec, and had a terrible time finding someone to actually process the paper… within the bank - it was not clear if Automotive payoffs were to handle, or mortgage payoffs, or consumer payoffs… they FINALLY got it done, but it was certainly strange - as I was passed from group to group - trying to locate the correct team.
I tried several times to re-finance - crickets - so, I simply paid off my plane…
Regards
-J-