thinking of buying small private plane - financing question
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thinking of buying small private plane - financing question
Any suggestions re sources of financing near Toronto, Ontario?
Re: thinking of buying small private plane - financing quest
How much you looking to spend? Most banks will give you an unsecured line of credit for 25K
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Big Pistons Forever
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Re: thinking of buying small private plane - financing quest
Talk to an aircraft insurance broker in your area. Since you need to get insurance you are going to have to do this anyway and they may also have a feel for which institutions have provided aircraft loans to other customers.
Re: thinking of buying small private plane - financing quest
Bill Davidson at National Insurance brokers in AJAX would be a good one to call.
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Re: thinking of buying small private plane - financing quest
I have to agree, Bill's a fantastic resource.dhb wrote:Bill Davidson at National Insurance brokers in AJAX would be a good one to call.
That said, my advice is, if you're on a reasonably tight budget, I wouldn't buy anything you can't pay cash for. The ownership costs alone will keep you on your toes, never mind making monthly loan payments as well. And, on top of that, with interest factored in, you may end up paying more than the thing is worth.
Good luck, with whatever you do!
