Financing vintage

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Jtramo
Posts: 27
Joined: Thu Aug 14, 2014 2:38 am

Financing vintage

Post by Jtramo »

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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3958v
Posts: 543
Joined: Tue Apr 23, 2002 12:00 am

Re: Financing vintage

Post by 3958v »

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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rnealon1
Posts: 219
Joined: Wed Sep 19, 2018 7:28 pm

Re: Financing vintage

Post by rnealon1 »

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
Jtramo
Posts: 27
Joined: Thu Aug 14, 2014 2:38 am

Re: Financing vintage

Post by Jtramo »

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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IA DPE
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Joined: Fri Nov 10, 2017 1:46 am

Re: Financing vintage

Post by IA DPE »

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
1986 DG-400 N9966C
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GAHorn
Posts: 20967
Joined: Fri Apr 12, 2002 8:45 pm

Re: Financing vintage

Post by GAHorn »

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 Convention.
An originality nut (mostly) for the right reasons. ;)
Waterskipilot
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Joined: Thu Jul 09, 2020 4:25 pm

Re: Financing vintage

Post by Waterskipilot »

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Deputydog
Posts: 44
Joined: Sat Jul 20, 2019 1:56 pm

Re: Financing vintage

Post by Deputydog »

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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