Financing vintage

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Financing vintage

Postby Jtramo » Mon Jul 06, 2020 7:59 pm

Who are people using to finance vintage stuff with the longer 20 year terms? I went through NAFCO and Pilot Bank for my 170 and the process was seemingly harder then a mortgage.
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Re: Financing vintage

Postby 3958v » Tue Jul 07, 2020 2:00 am

Not surprise. I am in the excavation contracting business and financing used equipment at reasonable rates takes a lot more paper work than in the past. In fact I am amazed that anyone would finance a classic plane on a long term like 20 years. Bill K
Polished 48 170 Cat 22 JD 620 & Pug
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Re: Financing vintage

Postby rnealon1 » Tue Jul 07, 2020 4:15 am

I used NAFCO/Pilot also in 2018, 20 year term. Just inquired through AOPA about a lower rate and was quoted 10%! No thanks.

Bob
Bob Nealon

Southbury, CT
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Re: Financing vintage

Postby Jtramo » Tue Jul 07, 2020 11:34 pm

3958v wrote:Not surprise. I am in the excavation contracting business and financing used equipment at reasonable rates takes a lot more paper work than in the past. In fact I am amazed that anyone would finance a classic plane on a long term like 20 years. Bill K


For me it’s about staying more liquid during the honeymoon phase of a new to me vintage aircraft where you find out all the stuff the prebuy didn’t. And in my line of work the pay goes up over time so the chance of going anywhere near 10 let alone 20 is probably nil.
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Re: Financing vintage

Postby IA DPE » Thu Jul 09, 2020 1:01 am

I put a lien on my pickup at <3% for 48 months to finance my airplane. Easy as any other auto loan.
1955 C170B N2993D s/n 26936
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Re: Financing vintage

Postby GAHorn » Thu Jul 09, 2020 1:06 am

Just don’t do any “reverse mortgage” loans.... an airplane can eat you out of house and home! :lol:
'53 B-model N146YS SN:25713
50th Anniversary of Flight Model. Winner-Best Original 170B, 100th Anniversary of Flight.
An originality nut (mostly) for the right reasons. ;)
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Re: Financing vintage

Postby Waterskipilot » Thu Jul 23, 2020 12:19 am

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Re: Financing vintage

Postby Deputydog » Mon Aug 03, 2020 5:34 pm

I did the same thing as mentioned above, refinanced my truck for part of it, paid cash for the other 1/2. I too was concerned for any "surprises", but luckily didn't have any. I've since used some of the funds to add an Appareo ADS-B transponder (in and out), JPI fuel totalizer, and 8043 prop and a few other goodies.
1950 Cessna 170A model
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