Best way to finance a used glider purchase?

[greeneggsandspam]

What is the best way to finance a several thousand
dollar used glider purchase in the US?

I have seen ads by Lea State Bank(?) in Soaring magazine and
there are some other aircraft financing companies that i
have brochures for. Are these somehow better than just
taking out a personal loan from a "generic" lending
company/bank?

Any general advice and/or experience with specific companies
would be appreciated.

regards
ruf

PS i will accept cash as a substitute advice ;-)

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[Ron Eaton]

If you have a home with enough equity, either refinancing the house and
taking out the needed cash or taking a second mortgage on the house for the
amount you need is the probably the least expensive, as the interest paid
for that loan is deductible and the interest rate for home loans (first
mortgage) is probably about as low as you can get for personal use. The
second mortgage maintains the deductible interest but is usually a couple of
points higher than a first mortgage. After home equity loans you get into
"consumer loans/personal loans" and the rate is quite often a reflection of
what the market will accept. With a good credit rating and history, at
least two to three points over prime; if you don't have a solid rating with
a bank, expect more.

--
Ron Eaton rone...@primenet.com

greeneggsandspam wrote in message
<11f733ec...@usw-ex0106-044.remarq.com>...

[Graham & Janaki]

If my begging letter to my mum (that I accidentally sent to this group!!)
doesn't get canceled you will get my method......

Graham

[Steve Pawling]

My credit union (Honda) used RV interest rates for my past glider loans.

Good luck,
Steve

In article <11f733ec...@usw-ex0106-044.remarq.com>, greeneggsandspam
says...

[VW]

Lea County were great on my purchase. They understand how the FAA works,
making the paperwork for liens etc far easier. I always deal with Virginia
Teague, and she's very knowledgeable. They're small enough that they
actually have a person on the switchboard - and they're all extremely
friendly.

Having said that... I'm busy paying a lot of my Lea County debt off using
credit cards. As the previous guy pointed out, a mortgage is the best source
of credit. If you don't own property, then careful balancing of your debt
between credit cards can pay off big time. Just keep balancing between the
different low interest offers they all make you. I pay an average of about
6% on more debt than I should probably admit to! That's almost 1/2 what Lea
County charge me, and they're pretty competitive.

Hope this helps,

<AA>

[greeneggsandspam]

The second home mortgage sounds like a good deal but that
will not work for me. (I am a bit like "Platypus" from
"Sailplane & Gliding" who owned 3 gliders before he bought
his first car). I do not yet have a first mortgage.
ruf

[AZSKYBUM]

I have sold several planes lately that the buyers finaced through Greentree out
of
Minnesota, talk to Sara Kurtz she is very helpful. You might look at your
insurance costs first, certian gliders are hard to insure for low glider time
guys (lees than 100 hr glider). I had 15,000 hours and all they cared about was
how much glider over 35:1. I ended up buying a 1-34R because it
was a good starter ship and relitivly cheap
($630) to insure.