News: Added Links For Twin Commander and Facebook Pages

Login  |  Register

Author Topic: Financing 690B  (Read 1948 times)

aholmes100

  • Newbie
  • *
  • Posts: 32
Financing 690B
« on: April 19, 2021, 02:38:26 pm »
Hey Guys - Looking for some help. Buying a 690B and looking for some lending options.

Can do 20 to 30% down. I have one lender that will do it but looking for any more options. If anyone has any suggestions.

EricDapp

  • Full Member
  • ***
  • Posts: 186
Re: Financing 690B
« Reply #1 on: April 19, 2021, 02:54:08 pm »
Can’t help with lenders but I can recommend talking insurance because rates have skyrocketed and financing means full coverage.

Mark S

  • Newbie
  • *
  • Posts: 28
Re: Financing 690B
« Reply #2 on: April 19, 2021, 08:41:03 pm »
Contact Dan
MileHighMoney.com

He works with smaller lenders that can do older aircraft, and he did some financing for me.
My loan was ultimately made by a Midwest credit union. The chairmen just happen to be pilots.
The paperwork is painful though. Lots of paperwork.
Expect to need 35% down.

aholmes100

  • Newbie
  • *
  • Posts: 32
Re: Financing 690B
« Reply #3 on: April 19, 2021, 11:53:52 pm »
Mark - I had spoken with you a while back but I had another 690 under contract but the pre-buy did not Workout due to the inspection discrepancies.

Have another under contract through Bruce.

I actually spoke with Dan today but he didn’t have anybody for financing. Hope you’re enjoying your airplane. I’m gonna call a few other places and see if I can compare rates with the one source I have for financing. Down payment is not an issue just was avoiding having to pay cash for it.
« Last Edit: April 20, 2021, 09:50:23 am by aholmes100 »

Adam Frisch

  • Administrator
  • Hero Member
  • *****
  • Posts: 1655
    • Adam Frisch FSF
Re: Financing 690B
« Reply #4 on: April 21, 2021, 02:21:23 am »
From a few years back:

Most aviation finance companies are actually just brokers, such as AOPA, Dorr, Air1oans etc. There you have to do fully conforming loans and have all your ducks in a row. Meaning, they don't care about your assets, they care only about your taxable income. Best is to find a smaller bank that understands aviation and will actually carry your loan on their books, as they will be more flexible and can "read between the lines".
Slumming it in the turboprop world - so you don't have to.