Guest Bendorn Posted June 19, 2007 Share Posted June 19, 2007 Greetings all. I'm curious as to how some of you finance your planes. Specialised fincance companies who deal in aviation? Personal loan? American Express? Sell the cat, the neighbours car and any other cat... too many cats, forget that one. I'm thinking about a 2nd hand Jabiru around the $50K mark..... Who should I approach to finance it and how is it often structured? Ben Link to comment Share on other sites More sharing options...
Matt Posted June 19, 2007 Share Posted June 19, 2007 G'day Ben, We have twice used a company called FinLease who are a broker and in both cases have then got our finance through Capital Finance who are 'aviation friendly'...including recreational aircraft. We've been very happy with the services of both companies and if you do go down this path, get in touch with Miles Beamish at FinLease's Sydney office - he's a top bloke. Loan structure we have used is similar to a personal loan requiring a deposit (10-20%) and loan period is usually 5 years (generally won't go beyond that for light aircraft). Cheers, Matt. Link to comment Share on other sites More sharing options...
eastmeg2 Posted June 20, 2007 Share Posted June 20, 2007 Don't sell the cats !!! You will need them and a whole lot of buttered bread to make your anti-gravity device. lol Link to comment Share on other sites More sharing options...
facthunter Posted June 20, 2007 Share Posted June 20, 2007 Finance a plane. Give up smoking, give up drinking, don't get divorced, drive an old car, don't eat out, cut your own hair, downsize your house, get your clothes from St.Vincent de Paul, sell your body. It's quite easy really... N... Link to comment Share on other sites More sharing options...
facthunter Posted June 20, 2007 Share Posted June 20, 2007 Financing. Oh, and don't pay the psychiatrist's bill .N.. Link to comment Share on other sites More sharing options...
Ultralights Posted June 20, 2007 Share Posted June 20, 2007 Give up smoking, give up drinking, don't get divorced, drive an old car, don't eat out, cut your own hair, downsize your house, get your clothes from St.Vincent de Paul, sell your body. It's quite easy really.. what he said! with the exception of i got rid of the girlfriend! Link to comment Share on other sites More sharing options...
facthunter Posted June 20, 2007 Share Posted June 20, 2007 funding. Consider paying psychiatrists bill. Link to comment Share on other sites More sharing options...
Guest Bendorn Posted June 20, 2007 Share Posted June 20, 2007 Thanks for the tip Matt. Anybody else??? Link to comment Share on other sites More sharing options...
BigPete Posted June 20, 2007 Share Posted June 20, 2007 Get a Flexi - Mortgage, most of us at our age have equity in our houses. Tell the bank you want to update a few things around the house when and where you see fit. The banks don't really care as they can all ways get there money back if you stuff up. My wife gets a new sewing room and ensuite - I got a new Jabiru.;) All at mortgage rate. regards Link to comment Share on other sites More sharing options...
slartibartfast Posted June 20, 2007 Share Posted June 20, 2007 That's what I'm doing now Peter. I even told them it was for a plane. They don't care. It's a borrowers market too. Shop around. I meant to chip in with this suggestion before Ben. Forgot. Ross Link to comment Share on other sites More sharing options...
Guest brentc Posted June 20, 2007 Share Posted June 20, 2007 I work off the principle that I buy a plane that I can afford, without borrowing money and thus reducing the need to work all my life just to pay for my plane. As a result I started with a $9k Aerochute, upgraded to a $28k Gazelle and ended up with a $80k Jabiru. If I'd gone straight to the $80k at first I'd be a very poor man today, or should I say poorer! Link to comment Share on other sites More sharing options...
Guest Redair Posted June 20, 2007 Share Posted June 20, 2007 the answer Work, save, work, save, work, save, work, save, do you see a pattern emerging here? It is how I am going to get mine!!! Redair. Link to comment Share on other sites More sharing options...
Ultralights Posted June 20, 2007 Share Posted June 20, 2007 i have gone a similar route to Brentc, i ws initially going to seel my house in Syd when i moved to Newcastle, use the capital to buy a smaller property in Newcastle, and the rest on an aircraft, namely a Savannah, i was going to budget $60K, since the housing market collapse in Syd, selling the house is no longer an option (simply because it wont sell) though i am lucky in that i bought way before the boom, even though it has lost $80,000 in the past 12 months its been on sale, i still have enough equity to buy the aircraft i want. though i have no decided against this as i am at a point where i am looking for a career change ( i have been fixing everything from 747's to F18's for the past 15 yrs) so selling the house is off. the decision to buy a plane came around after a near death incident, some idiot in a ute decided to fall asleep at the wheel, and hence drive head on towards me at while we were both doing 100Kph plus. and im in a van, fortunatly he missed me, but was still close enough to remove my vans mirror as he sailed off into the scub at a high rate of knots. so after that i decide, i want my plane! it has been my childhood dream! so, i saved my **** off, and bought something i could afford.. a Sadler vampire.. at around the $15K mark. even though i have been living from pay to pay for the past 8 yrs with a mortgage, i have managed to get a full garage of toys i want, My Mazda RX7 fills the need for a classic red sports car, a Honda CBR250RR repsol replica fill the need for real speed, and now my Vampire..... and as an aircraft engineer, everyone knows the pay isnt best and i have managed it all on wages of a max of $49K PA. sadly just after i get the Vampire, i was caught up in a bull****e lawsuit, so now i will be living on the poverty line yet again for another 8 yrs or so... but i still have my plane, bike and Rex to keep me sane. Unfortunately my Ex partner had a baby that sadly wasnt mine, (hence EX) i would still prefer to be spending my hard earned on bringing a new life into this world than have it all go to giant insurance companies, but thats the way life goes. the wrong debt kills, and i would consider going into debt for an aircraft a bad thing, thats why the only debts i have are for my House and margin loan for my super fund which has returned 50% on average, and thats it, i have never had debt for a car or anything (other than court ordered ones) so persevere and start at the bottom and buy an aircraft you can afford. Link to comment Share on other sites More sharing options...
Guest disperse Posted June 20, 2007 Share Posted June 20, 2007 i would like to end up with a 2 seater trike aroun $55000 but just starting so thinking second hand $16500 up to $30000 question is there is a little single seater for $6200 (or maybe was,havent checked yet)......do i buy this now and fly it for say a year till i have say $16500....and then try and sell the single ?? any thoughts ps $16500 to $30000 would require a loan if i was to buy now Link to comment Share on other sites More sharing options...
Guest Jacc Posted June 24, 2007 Share Posted June 24, 2007 Hello Disperse If you don't mind a trike with a 503 engine you could probably get one for under the $16000 mark. If I were you I would wait that year till I had a bit more and in the mean time join a local trike club. This way you will meet other trikers and possibly get a bargain trike if one is being sold through the club etc. You would also be able to go to trike fly-ins and probably get your fill of flying, as a back seater, plus gain valuable experience in looking after your trike when you finally do get one. It may also be possible to get an experienced member to check out anything you were interested in buying. Check with local trike flying schools as they often upgrade their trikes and you may be able to do a deal. These are just a couple of suggestions that may be of some help. The main thing is don't rush into buying something you may regret later just so you can get into the air now. Good luck John C Link to comment Share on other sites More sharing options...
Guest disperse Posted June 26, 2007 Share Posted June 26, 2007 i,ve heard that the late Kerry Packer.....never borrowed money (not that he needed too ).......it,s very hard to go broke that way me on the other hand borrowed for a house then borrowed for a car then borrowed for a buisness then borrowed to keep it afloat as it all went pear shaped then went back on wages (60+ hrs a week ) just to make bank payments and the missus doing part time to feed us.................things are getting better but im dumb enough to borrow money for a trike........just can't help myself......I WANT IT NOW sad isn't it Link to comment Share on other sites More sharing options...
Ross Posted June 28, 2007 Share Posted June 28, 2007 Hi Disperse If I had invested the money that I put out for my kit almost three years ago I could now have bought a factory built version of the same aircraft for cash and have plenty left over. ;) (but I would not have the experience of building and my wife would probably have a three year old car instead of a nine year old one. That car is now far cheaper to own than a new one). If I had borrowed the money that I put out for my kit plus extras (I stopped counting around $60,000) I would probably be paying it off for five years or more as I would be spending a lot of my cash flow on flying expenses! I would get in more flying a definite plus! As it is I am spending it on occasional hiring of commercial mainly training aircraft and am still up for mods that have come out after I bought my kit. With a bit of luck and perseverance I should get to the ;);) stage by Christmas (2007 I hope). I think a syndicate might be a great way to go whether building from a kit or buying a factory built. But the syndicate needs good rules and protection against inexperienced flyers and must be insured. There may be varying amounts of flying that are done by the members and there needs to be a fair way of allocating costs in that situation between fixed overheads and variable costs. Enough waffle - Best of luck for your decision. Regards Link to comment Share on other sites More sharing options...
crazy diamond Posted July 2, 2007 Share Posted July 2, 2007 I think Kerry Packer said something like any company is a good company as long as it has no debt, in KP's memorial TV program they interviewed Alan Bond about that qoute and asked if he thought KP was right, his answer was classic, "On that occasion yes, and in all my businesses now we have no debt"... Link to comment Share on other sites More sharing options...
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