Financing Kitfox/Experimental

[hamer]

Does anyone here have any experience financing a kitfox, namely an experimental one?

I applied for a loan through AOPA and was setup with a bank. I spoke to the bank president and he was very friendly. He put me in touch with his "evaluator" who has been a royal pain in the ass. He keeps telling me I should be buying a Maule, not a "kitplane" because a Maule is, "the only true backcountry/stol airplane." Not only do I have zero interest in the Maule, but it's easily triple the price. Any kitfox I've found he tells me is overpriced ($40k-$60k). By the time I'm done fighting with him the airplane is sold.

I went back to AOPA to tell them about this experience and they basically told me I'm out of luck. They have very few partnerships with banks that finance experimental airplanes.

Anyone know of a bank that is more kitfox friendly?

Thanks,

[efwd]

BofA Home Mortgage. If your serious. You might say I did that but not technically. Sold property and didn't put all the proceeds back into the new home (scaled down). Bought me an airplane. Two and a half years into the build and seeing light at the end of the tunnel for first flight. Best money I have ever spent. Sure I could currently have a slightly lower mortgage had I used all of my proceeds for the mortgage but I chose to not be house poor so "scaled down". Living a little more humbly with regard to home but living large with an airplane is the plan.

[44Runner]

BofA Home Mortgage. If your serious. You might say I did that but not technically. Sold property and didn't put all the proceeds back into the new home (scaled down). Bought me an airplane. Two and a half years into the build and seeing light at the end of the tunnel for first flight. Best money I have ever spent. Sure I could currently have a slightly lower mortgage had I used all of my proceeds for the mortgage but I chose to not be house poor so "scaled down". Living a little more humbly with regard to home but living large with an airplane is the plan.

This is kind of my plan. I would like to move out west in a couple years time. Either Utah or Idaho. That potential move is what reignited my desire to have a plane. If the move happens I would sell all my houses here (4 total) and buy the plane with those proceeds and then use the rest to buy land/house and then have no mortgage.

[hamer]

Thanks for the responses.

If I had equity to "borrow" I definitely would. I'm relatively fresh out of school and still renting. I typically don't like to finance purchases, but being young and having lots of free time I'd rather take a little financial hit and enjoy the next few years than get caught in a work hole. With the way the kitfox market is going, I likely wouldn't lose much money since they appear to be appreciating in value.

[44Runner]

Thanks for the responses.

If I had equity to "borrow" I definitely would. I'm relatively fresh out of school and still renting. I typically don't like to finance purchases, but being young and having lots of free time I'd rather take a little financial hit and enjoy the next few years than get caught in a work hole. With the way the kitfox market is going, I likely wouldn't lose much money since they appear to be appreciating in value.

Yeah. I am not doing anything big like building an airplane until I finish grad school. Also I refuse to finance anything other than a house and I should have all my houses paid for in less than 10 years.

Just make sure you are smart about your finances. That is the most important thing. I know you want to have fun, but you don't want to be plane poor either.

[hamer]

Yeah. I am not doing anything big like building an airplane until I finish grad school. Also I refuse to finance anything other than a house and I should have all my houses paid for in less than 10 years.

Just make sure you are smart about your finances. That is the most important thing. I know you want to have fun, but you don't want to be plane poor either.

Yea, I'm not going to dig a hole for myself. I'm saving a lot and don't have any other debt. The housing market is insane in SoCal right now. I missed the last down swing (happened when I was in grad school) and it's peaking again so I'm just going to wait it out. I'd rather rent a few extra years than lose a bunch of money because the housing market goes down.

I likely won't be in Southern California forever, I like having the flexibility to move for a job if needed.

[avidflyer]

I should mind my own business, but I would say perhaps lower your sights for a bit. There are some cheap Kitfoxes sitting around that were never completed or in need of a rebuild. Not later models, but maybe a 1, 2 or ever perhaps a 3. Unless it sold, there is a Kitfox 1 in Ca. that needs some work that could be had for about $5000. They are out there. Avid Flyers as well. If you can't run yet, try walking first..... :-) JImChuk

[aviator79]

When I was thinking about a Sportsman, I emailed with Mike Smith at NAFCO through EAA's financing partnership, and he was very helpful. I obviously decided to do so something less financially aggressive than the Sportsman, so I don't have experience with the shopping and closing process, but they never tried to talk me into a plane I didn't want.

[hamer]

I should mind my own business, but I would say perhaps lower your sights for a bit. There are some cheap Kitfoxes sitting around that were never completed or in need of a rebuild. Not later models, but maybe a 1, 2 or ever perhaps a 3. Unless it sold, there is a Kitfox 1 in Ca. that needs some work that could be had for about $5000. They are out there. Avid Flyers as well. If you can't run yet, try walking first..... :-) JImChuk

I wouldn't be on the forums if I didn't want opinions I will take a look around, thanks for the suggestion. I do prefer the 5+ but looking at the other models isn't a bad idea.

When I was thinking about a Sportsman, I emailed with Mike Smith at NAFCO through EAA's financing partnership, and he was very helpful. I obviously decided to do so something less financially aggressive than the Sportsman, so I don't have experience with the shopping and closing process, but they never tried to talk me into a plane I didn't want.

John at Kitfox just suggested NAFCO today. Thanks for the suggestion. I will give them a buzz.

[efwd]

What your thinking is doable. I bought my RV4 when the wife finished Graduate school. Then the baby came. Finances are only one aspect of a build. RV4 parts still in the garage. My door is always open if you find yourself in Yorba Linda area. My SS7 looks ready to fly at this stage of the game. Good luck in your quest.