Financing? Can you suggest a lender? SLSA, ELSA, EAB or Cert

Talk about airplanes! At last count, there are 39 (and growing) FAA certificated S-LSA (special light sport aircraft). These are factory-built ready to fly airplanes. If you can't afford a factory-built LSA, consider buying an E-LSA kit (experimental LSA - up to 99% complete).

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azsportpilot
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Financing? Can you suggest a lender? SLSA, ELSA, EAB or Cert

Postby azsportpilot » Mon Jun 06, 2016 11:43 am

hello

I have a student that would like to purchase a plane

excellent credit, good debt to income ratios and has a down payment

he would like E-LSA but is open a Certified LSA compliant (J-3 or something) if that makes it easier to finance

he wants something below $30,000 and it seems many aircraft lenders have loan minimums higher than this

is it easier to get a loan on certified vs E-LSA or EAB?
can you recommend a lender who is interested in sub $30k loans?

thanks
John Sarra CFI-S
1946 Aeronca Chief

-Mankind has a perfect record in aviation; we never left one up there!

rcpilot
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Location: Mastic, NY

Re: Financing? Can you suggest a lender? SLSA, ELSA, EAB or

Postby rcpilot » Mon Jun 06, 2016 12:11 pm

Have him try LightStream loans. They do loans for just about everything, including aircraft. Done completely online, only asked me for a pay stub, they have competitive rates, no fees and direct deposit in a couple of days. I used them for my Zenith 601 (a used E-LSA). Originally, I tried going through the AOPA's finance people. They took a while to get back to me, had me submit tax returns, logs, etc and worse of all couldn't immediately tell me if they would give me the money I wanted because they had to figure out how much the plane was worth. I was under some time constraints so I found LightStream on a Friday afternoon. Was approved ($28,000) in 2 hours and had the money by Monday. They specifically ask you not to have the plane named on the loan so technically it's unsecured which could be an advantage if for some reason you want to sell the plane. The rate was 1.5% less than what the AOPA's bank was going to give me. Well worth taking a look at.

HAPPYDAN
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Re: Financing? Can you suggest a lender? SLSA, ELSA, EAB or

Postby HAPPYDAN » Tue Jun 07, 2016 12:37 pm

rcpilot wrote:Have him try LightStream loans. They do loans for just about everything, including aircraft. Done completely online, only asked me for a pay stub, they have competitive rates, no fees and direct deposit in a couple of days. I used them for my Zenith 601 (a used E-LSA). Originally, I tried going through the AOPA's finance people. They took a while to get back to me, had me submit tax returns, logs, etc and worse of all couldn't immediately tell me if they would give me the money I wanted because they had to figure out how much the plane was worth. I was under some time constraints so I found LightStream on a Friday afternoon. Was approved ($28,000) in 2 hours and had the money by Monday. They specifically ask you not to have the plane named on the loan so technically it's unsecured which could be an advantage if for some reason you want to sell the plane. The rate was 1.5% less than what the AOPA's bank was going to give me. Well worth taking a look at.


Well now that's what I call a comprehensive response! I'm not presently in the market, but I'll sure keep that in mind.


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