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Cost and Financing Question

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tpcolman(at)yahoo.com
Guest

Posted: Fri Sep 22, 2006 6:47 am Post subject: Cost and Financing Question

I have been a lurker here for some time.  I hope to complete my Sport Pilot license in January, then hopefully buy a Kitfox that is eligible for Light Sport.  I will probably have some money to put down but have no idea who to talk to about financing and insurance.

 

Who should I talk to about financing?  What is the typical term and payment on say a $15000 loan?  I am trying to figure out the total monthly cost of this sport.

 

Thanks,

Tim

occom

Joined: 26 Aug 2006
Posts: 404

Posted: Fri Sep 22, 2006 7:39 am Post subject: Cost and Financing Question

I am trying to figure out the total monthly cost of this sport.

 	  Quote: 	
		  

 Thanks,

 Tim


	




I once asked the same question, the answer I got was "How much have you 

got?"

Chris In Marshfield

Joined: 26 May 2006
Posts: 87

Posted: Fri Sep 22, 2006 8:00 am Post subject: Re: Cost and Financing Question

Hi Tim,



There are a lot of answers to your questions, as I'm in a similar situation.  Are you an AOPA member?  If so, there are a *lot* of resources in this section of their web site:



http://www.aopa.org/members/vref/



If not, you can sign up for a free 6-month Flight Training membership on the site and gain access to the info.



As for financing, I recently read an article on this, but for the life of me can't figure out where it was (EAA web site perhaps?).  But the short story is kit financing is available, but a tad more expensive and a shorter term than buying a finished airplane, primarily because they're unsecured loans (no airplane to use as collateral).  However, once the aircraft is complete and flying, you can often refinance under normal aircraft terms in the 20-year range.  But some of the gotchas associated with that are potentially higher insurance costs (the bank will likely make you carry some sort of hull insurance to protect their investment).



I've read more than once that, if you're a homeowner, a home equity loan is a great resource to finance your aircraft kit because the interest rates tend to be lower, and it forgoes the higher insurance requirements.



I'm still learning a lot about this as I go as well, but hopefully it's insightful enough to help you along.



Best regards,

Chris

_________________
Chris Owens
Waunakee, WI

bearup(at)ida.net
Guest

Posted: Fri Sep 22, 2006 8:16 am Post subject: Cost and Financing Question

Q: I am trying to figure out the total monthly cost of this  sport.



 A: I once asked the same question, the answer I got was "How much  have you got?" 

 

That sounds about right. 

  

 Stan

    [quote][b]

henrysfork1(at)msn.com
Guest

Posted: Fri Sep 22, 2006 8:34 am Post subject: Cost and Financing Question

<?xml:namespace prefix="v" /><?xml:namespace prefix="o" /><![endif]-->  Don't ask just do it, enjoy it and be glad you can

  

 Dee

  

 Do Not Archive

  

 [quote]   ---

tleiss(at)earthlink.net
Guest

Posted: Fri Sep 22, 2006 9:12 am Post subject: Cost and Financing Question

For me the answer is "Way more than I would ever tell my wife !!!"

  

 Todd Leiss

 Model IV Speedster

 Merritt Island, FL

 



  

 [quote] ---

ofd725(at)yahoo.com
Guest

Posted: Fri Sep 22, 2006 10:45 am Post subject: Cost and Financing Question

Todd,  You hit that one on the head. Especially when you break a $565 windscreen after applying too much pressure in the wrong place!!



Todd Leiss <tleiss(at)earthlink.net> wrote:  [quote]      For me the answer is "Way more than I would ever tell my wife !!!"

   

  Todd Leiss

  Model IV Speedster

  Merritt Island, FL

  



   

  [quote]  ---

eskflyer(at)lvcisp.com
Guest

Posted: Fri Sep 22, 2006 4:19 pm Post subject: Cost and Financing Question

I tell mine what you dont know dosent hurt you now  im going flying lol . 

 Jp 

 Kitfox 2 N718PD

  

 [quote]   ---

Malcolmbru(at)aol.com
Guest

Posted: Fri Sep 22, 2006 4:29 pm Post subject: Cost and Financing Question

any thing worth having you need to work harder for then you think you  should  

 I have goten my hanger rent down to $20 per mo plus mowing and snow removal  so far I havent had to do both in the same month.

  [quote][b]

dosmythe(at)cox.net
Guest

Posted: Sat Sep 23, 2006 3:48 am Post subject: Cost and Financing Question

Tim,

    For financing, I took out a home equity line of credit.  Monthly 

operating cost depends on how much you fly and of course, if you have to pay 

hanger rent.  Now, I have a nice Classic IV for sale if you're interested.



Don Smythe

---

kirkhull(at)kc.rr.com
Guest

Posted: Sat Sep 23, 2006 7:08 am Post subject: Cost and Financing Question

The cost of operating any aircraft varies greatly depending on many factors

but the Kitfox is a good choice for cheap flying.  Here are a few general

things to think about.  



1.  insurance for a tailwheel will be more expensive then a nosewheel 

    (especially for a low time pilot )



2.  The smaller the airport the cheaper the rent. And usually the fuel also



3.  the engine will be your biggest expense so do your research on the

    engine before you buy. 



4.  If you are not an A&P and did not build the plane you will have to pay

     someone to do the condition insp every year.  If you are able to find a

     partially completer kit that you can finish, you are then the builder

     and can therefore do the insp ( assuming you apply for the cert). 



5.  The Kitfox is a very simple aircraft but if you are not sure what you

    are doing have a mechanic or other knowledgeable person look it over so 

    you have know surprises.



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