Replies to This Discussion

Permalink Reply by Jan Eggenfellner on December 21, 2020 at 3:13pm

Does seem like a high APR, seems like if you have good credit and good debt/income ratio that even a private loan would be a much better option. 

Permalink Reply by Loren Warner on December 21, 2020 at 5:24pm

For aircraft loans, my Alaska USA Fed credit union loans begin at 6.25% if your credit rating is good enough, so yes, you may be able to do better.

Permalink Reply by David J. Beaulieu on December 21, 2020 at 6:33pm

Home equity rates (approx 2.3%) if you are in the position/willing to do so.

Permalink Reply by Zenith Aero on December 22, 2020 at 8:58am

Oftentimes, a home equity loan will be at a much more competitive rate. Start there 

Permalink Reply by Gary Welch on December 22, 2020 at 10:07am

With good credit and a stable income you may be able to get a $20k un-secured personal loan. No need to tell anyone what the money is for. That's what I did when I bought my kit. This may get you a lower rate, or at least not have someone hold a note on it.

Permalink Reply by Eric Johnson on December 26, 2020 at 7:59am

Hi Shawn,

For my 701, I was quoted 7.5% interest for a 10 year loan. Plus $875 origination fee.

I took out a personal loan for 5 years at 11%, which is a higher payment, but less interest in the long term. My credit union doesn't give loans for experimental aircraft, for certified aircraft it is around 6%.

Permalink Reply by Michael Hilderbrand on December 28, 2020 at 5:53pm

I have used LightStream in the past. They are incredible! The process was very simple, no extra fees, you can pay off anytime, and they don't take a lien out on the aircraft. You can tell them it is for a boat, car, plane, whatever... they don't seem to care. It is all about your credit history/score. Good Luck!