Thinking of buying an airplane.
 

Well after talking to a few people and I couldn't get a loan to go to ATP flight school, I've been thinking about buying an airplane and letting people buy into it or just train in it myself then sell it. Does anyone know of any banks or companies that give financing for airplanes? Any advice for buying an airplane or training?

Aopa has a lot of resources to help out if you are a member

Mooney - Financing

Hard part is getting people you trust to join a partnership

http://home.windstream.net/cjmatras/73M_Lake.jpg

Thanks for the help:)

If you can't afford the flight training, how are you going to afford an airplane? Once you get it in the door you've got hangar, ramp, annuals, AD's, repairs, service, insurance, etc. Depending on what state you're in the taxes go range from a couple bucks, to a couple thousand.

You're talking a couple hundred bucks a month before you ever burn a gallon of $5-6 avgas.

I would highly recommend staying far away from aircraft ownership unless you have an income of at least six figures.

I can get financing for an airplane better than I can getting financing for renting/training. The airport that I fly out of costs $30 to hangar it every month.

It's your future man. Be sure you know what

1. it's going to cost for insurance (i.e. get a quote)
2. how much the overhaul is going to cost since you sound like you're going to need some serious hours and will no doubt time out an engine
3. you get a thourough pre-buy from an impartial mechanic (someone that specializes in that type, and doesn't know the prospective seller) to include compression checks
4. what it's going to cost you per hour for services such as oil changes, tire service
5. fuel, Avgas is ranging from $5-7/gallon
6. State an local taxes. Places like Oklahoma charge a few bucks a year, places like IL/NY etc charge usage taxes which can run in the thousands

If you don't have at least a grand a month you can sink it to just upkeep and still have the cash left over to pay for gas and instruction... you'll be throwing money away that would've been better spent just renting.

Did you try going through Sallie Mae for a student loan? Like people have said, owning a plane gets really expensive fast.

You can mitigate the cost of an airplane if you know what you are doing, and you don't need to be earning 100,000+. Simple airplanes like cubs, super-cubs, 150s, tripacers, and others can be had for pretty cheap. Some can even use auto gas. In good condition they may be a little more pricy, but the maint and upkeep on a simple plane is pretty cheap. Find a way to store it. Find an A&P that lets you do your own annuals and then inspects the work (or just budget in the annual cost), be aware of the overhauls and ADs, and you can have something that's fun, relatively efficient, and doesn't cost a fortune. On the other hand, if you get a 172 with a bunch of radios, navs, coms, systems, etc, costs can spiral out of control real fast, and it depends on how you can hangar/take care of the plane. I helped a friend buy a 150 who wasn't earning anywhere near 100K, he enjoyed it a lot. I recommended (and he did) sell it when he moved to very high altitude in CO, but it just wasn't practical at that location due to performance. Still, it was practical for him for quite a while and you can usually turn around and sell it in the end, sometimes for a decent amount if you take care of it.