jacmiles Posted August 22, 2008 Share Posted August 22, 2008 Now we all know the difference between an ultralight and a light sports plane but how the hell am i supposed to explain it to a lending officer in a bank when most of them dont even know what a pick handle looks like! I have an idea they think im trying to borrow to buy a hang-glider with a set of wheels and a victor lawn mower engine. Considering the fact that ill put 30% of the price of the plane up front and it will be fully insured i dont understand what theyre worried about.Who else has had these problems and how do you get around them? Link to comment Share on other sites More sharing options...
ahlocks Posted August 22, 2008 Share Posted August 22, 2008 Get stuck into them and tell 'em to stop stuffing you around. You're taking a proposal to make $$$ per annum for the next X years with very little risk to them. You should only have to demonstrate that you can service the loan and can provide some form of security. We informed our bank upfront that the funds were for an aircraft and now we get to fly our home improvement loan around on weekends - Even got to haggle a better interest rate. Be polite but don't take any crap from them. They are in the business of selling finance so make them work to get your business. I wish you luck but you shouldn't really need it....;) Cheers! Link to comment Share on other sites More sharing options...
bushpilot Posted August 23, 2008 Share Posted August 23, 2008 Bank of Queensland will do it.. I know one of the managers if you get stuck.. Link to comment Share on other sites More sharing options...
Guest palexxxx Posted August 23, 2008 Share Posted August 23, 2008 Now we all know the difference between an ultralight and a light sports plane but how the hell am i supposed to explain it to a lending officer Why do you need to explain the difference? Why can't you just say you need a loan to buy a plane. And leave it at that. Link to comment Share on other sites More sharing options...
jacmiles Posted August 23, 2008 Author Share Posted August 23, 2008 Bank of Queensland will do it.. I know one of the managers if you get stuck.. Thanks chris,Ill keep that in mind Link to comment Share on other sites More sharing options...
jacmiles Posted August 23, 2008 Author Share Posted August 23, 2008 Why do you need to explain the difference? Why can't you just say you need a loan to buy a plane. And leave it at that. Unfortunately for me they seem to want to know everything maybe i put some landcruiser stickers on one and send photo of that! Link to comment Share on other sites More sharing options...
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