Buying an airplane
 

My friend and are considering buying a C-150 that's just parked all the time. The owner never flies it, other than letting my friend take it up every few weeks. I've heard the guy is going to sell it, but the problem is that I have bad credit. Does any one know about banks/creditors that would loan to people with bad credit the $ to buy it? I can't offer much of a down payment. The airplane needs new paint, other than that it's fine. What else should I know about buyin' an airplane? We're looking for something to build up time, and to have fun with.

I would think you need to find a way to build your credit. Obviously your situation of bad credit, and not being able to put a sizeable downpayment on the purchase, you either need some really good friends, connections, or just win the lottery. I just don't think that trying or actually buying an aircraft is going to be a way to rebuild your credit. I'm not anything of an expert in this area, so I'll have to stop here.

As far as the plane goes, what is your motivation for the purchase? If it's to build time, add some ratings, and occasional sight seeing, I'd hold back on any cosmetic expenses since you'll probably just sell it when you get to the next level in your career. Make sure it's operationally sound before going for how good it looks, this is my #1 rule!!! What good is nice shiny paint if the engine/flight-controls don't function properly? Radio's are next in line as the obvious need for communication and navagation, but there's nothing wrong with a single COM/NAV either. That's great experience!!!!!

I'd be careful with a plane that "sits all the time". I'd get with the owner and agree to pay a little higher price if he includes a new annual and be sure you are looking over the mechanics shoulder as it gets done.

I wouldn't buy it without a annual inspection.be carefull.

Like a boat, the two happiest days of an airplane owner's life are the day you buy it, and the day you sell it!

Keep in mind that an airplane is an asset that has the potential of becoming a financial drain. If you have bad credit, you run the risk of making that credit worse when you borrow against an asset that might decline in value.

I would be cautious about buying an airplane if you have bad credit, and if it has been sitting a while. Fix your finances first.

I decided against it. They guy wanted $12K for a 150 that has been sitting for 2 years, no seats, no avionics, tires pretty much worn off, bad spark plug wires, paint is peeling off, and no prop!
I'd rather get my tail wheel, and then my single and multi commercial sea plane in December.
Thanks for the info guys, though