Loans/Financing

Need a loan to finish your plane? I did. Most people recommended taking out a home equity loan to get the most financially favorable setup...but that's tough when you don't own a house! I didn't own my house until after I got the plane loan.

Anyway, I used NAFCO to finance the bulk of my avionics, firewall forward, and engine. NAFCO has very favorable terms and conditions for experimental aircraft loans. I wasn't able to find a better deal. For example...they considered my expenses to date equity in the plane. So when I financed all that stuff, the $17,000 and change that I had already spent on the airframe was considered well over 20% down...so I had no out of pocket expenses. I dealt with Bill Leckie over there, and he was generally helpful.

If you want details on my particular financing setup, just drop me some email.

It's my understanding that Cessna Finance Corporation/Textron Financial may also finance experimental aircraft loans, but I haven't dealt with them.

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Dan Checkoway ()