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.

This is kind of out of the box, but have you considered starting a business in aviation? Then you could use the plane legally and write it off. I did it, ,my accountant, who is very picky said its a great idea.

Do you know if you can get a student loan from sallie mae for just a flight school, or does it just have to be a college?

Dang, which airport and what kind of hangar? Thirty bucks a month? So basically free......because t-hangars can be $720 more per month in parts of the sunshine state.

Even if we're talking bulk storage........$30/mo is dirt cheap.

I'll agree with a previous post, a Mooney is a great option as it's complex (good for CPL) and efficient. Insurance/MX will be higher because it has a bunch of moving parts (gear/prop).

A PA22 tripacer would be a cheap way to go for PPL.

You can demonstrate complex aircraft proficiency for CPL in a light twin, then perform all of the single engine CPL maneuvers in a fixed gear/fixed pitch aircraft. If you buy a single engine non-complex airplane, this could be the avenue you take. How you get the money for ME training would be another story.

Thread creep: If I had my way everyone would solo in a glider first, then move on to power planes. Throw in an aerobatics course and a tailwheel endorsement somewhere between private and commercial.

Good luck Tyler, no matter what you decide to do.

Two points about the "E" model Mooney. Manual gear - very safe. 200 HP, Not 201 which is required for the high-perf endorsement.

Costs: purchased in 2002 for 62.5 with 400 hrs on the motor. Sold in 2011 for 34k with 1300 hrs on the motor and weepy tanks.

Annual $1500, Hanagar 350/mo @ class "C" airport, Hourly Rate Wet 125. taxes 1K, Insurance 1K. another $2500/qtr for "ooops". Happy going slow and fast. 3 person plane or 2 with luggage (golf clubs). Steam plus first generation IFR cerified GPS, wing leveler only, no A/P. Started with 5 partners, ended with 2. It would have been one (me), but I could only afford to own her. Flying her after paying for everything else was beyond my budget. Chicks did not seem to fall for the line: "Say how'd you like to come sit in my plane." :)