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Refinancing
| Q: |
I am interested in updating the avionics in plane. Can I refinance my loan and take cash out to accomplish this?
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| A: |
The short answer is yes. It will depend on the available equity in your plane and the value of the avionics you are considerig. |
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| Q: |
My currently airplane is financed through my company with my business partner and I am buying the plane from him. My question is do I have to refinance the loan or can I have the bank modify the existing loan?
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| A: |
Most lenders are not going to want to release a borrower of an obligation through a modification. The most prudent process for you and the bank is to refinance the loan and qualify in your name alone. |
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| Q: |
I recently refinanced my airplane loan with a competitor and not only was the rate higher than quoted they charged me an unexpected fee. I would like to take my business elsewhere. What do you suggest?
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| A: |
You can certainly refinance your airplane loan again and we will be more than happy to help. Depending upon how long you plan to keep your current airplane will be a big deciding factor and you should confirm that there are no prepayment penalties for early pay off. We offer both fixed and variable rate loans with no prepayment penalties and our closing fees generally will not exceed $500. |
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| Q: |
I recently purchased an aircraft at a Government auction. It's a 1969 Piper Navajo. I purchased the aircraft for $27,000. Because I had to pay in cash within 2 days of the auction, I needed a way to get cash quickly. I went to my local bank and was able to get a personal signature loan for $15,000 to come up with the rest of the cash needed to buy the aircraft immediately. The bank loaned me the money with a 60 day term.
I intend to resell the plane eventually but I need to put some work in it first. My original intention was to get a home equity loan to repay the personal signature loan. However, I'd rather not do that if I don't have to.
My question: Is it possible for me to refinance this aircraft with an aircraft lender even though I don't currently have a "aircraft Loan"?
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| A: |
Drew,
Please contact Mark Freeman at 888-656-9400 to dicsuss in mor detail. |
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| Q: |
I am shopping for a re-fi on my plane. I have a low time (engine 500 SFRM) 1956 Cessna 182 that has major upgrades (O-520 engine, Wing-X Wing Extensions, etc) and have been paying 3 years on 7.75% fixed rate...10 year note...balance $55K. I want to add $10K for total of $65K.
What kind of interest rate could I expect for a 9-10 year note?
Thanks,
Bob
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| A: |
Bob, interest rate have come down recently and you can expect a rate in the low 6 percent range. Thanks for your question on airplane refinancing |
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| Q: |
I have one client that paid cash for his plane and now needs cash out. Another wants to purchase a plane. I have several questions. 1. I am a Broker with 44 years of lending experience. Will you do business with us? Can I charge Broker fees What is allowed? Can I email applications to you? What LTV will you go? Wholesale? Retail? Can I use a standdard loan applciation?
thnaks,
Jon
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| A: |
Jon,
I will have someone contact you tomorrow to see what we can do for you and your clients. |
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