As I've heard over and over: "I can go into any car dealership in the US and drive out in any car in two hours with no money down, but my bank won't do $30,000 for a freaking 150."
For good reason. They are not going to finance a 45 year old plane. Its a risk for them. The engine itself can litterally blow up before it hits TBO and then the bank has zero value in the financed plane but perhaps a few thousand for avionics and a few thousand for the airframe. The subject is so complex that most bankwls will pass.
@@BrianOgilvie79 That's a point, but it makes no sense objectively. The GA market is tiny, especially compared to automotive financing. How many apps do the banks see to buy relatively low-value airplanes compared to the average new car? As well, I can obtain a $30K signature loan, no collateral, from my credit union. That's a hell of a lot higher risk (with accordingly higher interest) and nothing backing it up except my credit history, not even a beat-to-death trainer.
Podcast:Talks about moving around between G650's and TBM's. 😬 Me: *Looks at bank statement* 😮 Also me: so... I'ma gonna be looking at those pa28 and c150 listings on Controller or TaP for a while. 😔 Very nice podcast, though.
Preston, thanks for the great information about aircraft finance. I have only started looking at the possibility of being an aircraft owner. This very educational for me.
As I've heard over and over: "I can go into any car dealership in the US and drive out in any car in two hours with no money down, but my bank won't do $30,000 for a freaking 150."
For good reason. They are not going to finance a 45 year old plane. Its a risk for them. The engine itself can litterally blow up before it hits TBO and then the bank has zero value in the financed plane but perhaps a few thousand for avionics and a few thousand for the airframe. The subject is so complex that most bankwls will pass.
we deeply need more inexpensive private aircraft production. That the average airplane age is over 25 years is nuts@@BrianOgilvie79
@@BrianOgilvie79 That's a point, but it makes no sense objectively. The GA market is tiny, especially compared to automotive financing. How many apps do the banks see to buy relatively low-value airplanes compared to the average new car? As well, I can obtain a $30K signature loan, no collateral, from my credit union. That's a hell of a lot higher risk (with accordingly higher interest) and nothing backing it up except my credit history, not even a beat-to-death trainer.
Flying Finance: Hi Preston, I very much enjoyed your podcast. If you still have any hats left I would appreciate a free hat!🎩
“How anyone can buy an airplane” then proceeds to explain how difficult it is
I can buy an airplane... It comes with a transmitter radio and receiver... At least I can "park" it just about anywhere.
Podcast:Talks about moving around between G650's and TBM's. 😬
Me: *Looks at bank statement* 😮
Also me: so... I'ma gonna be looking at those pa28 and c150 listings on Controller or TaP for a while. 😔
Very nice podcast, though.
Love flying! Nice hats ❤
Preston, thanks for the great information about aircraft finance.
I have only started looking at the possibility of being an aircraft owner. This very educational for me.
Glad to hear it Tom! Thanks for the kind words. Give us a call, we’re happy to talk through it with you
I love this podcast so much I wanna cry and I want a free hat!!
Flying Finance: enjoyed your podcast. If it’s free, it’s for me. I’ll take a free hat! 😊
Sooooo…. No free hat? 😁
The ocean is a big place. The Earth is an even bigger place.
It’s like finding a needle on the face of the moon.
Not watchable by anyone over 40. Ominous view of the GENZ world to come IMHO
Those influencer and tiktokers are so cringe
GGFA syndrome, “Igotta get a faster airplane”. N.E.OH Bob
STOP Crash Landing on Public Roads and Streets
Stop spamming.
No
YOU'RE NOT MY REAL DAD
@@scarybaldguy and your No JohnWayne
@@ZIGZAGBureauofInvestigation Слава Україні