Financing

[pfhoeycfi]

I'm pretty far along with my Sonex B kit. I'm going to need an engine and instruments soon. The original plan was to throw cash at the problem but I see that there are several finance options available. The Sonex and Eaa websites mention one particular finance company. Does anyone have any experience going this route? Pros? Cons? Pitfalls? Things to consider? I thought I should at least look at the option.

Haven't decided on engine or instruments yet...

Peter
Doylestown, Pa
SNB0021...wings, tail, control surface finished, fuselage structure done...canopy, controls & gear next

[Spaceman]

I'm in the same boat... I'm running out of things to do before I order the engine, but I don't have the cash right now to buy it outright. Taking on debt for a heap of parts hurts my soul a bit but I want to keep building!!

[Rofomoto]

As long as they keep sending me Credit card applications I’m good..lol

[NWade]

This doesn't directly answer your question, but as someone who *thought* he'd waited as long as possible to buy instruments & engine: I still had them sit around for about a year before I started mounting them!

So make really really sure you've buttoned up just about everything possible, before buying them. You won't regret it, as this stuff (especially the avionics) is only going to get better over time.

FWIW, I did use NAFCO to finance my airframe kit purchase back in 2011. But I got a promotion at work and was able to pay it off after only a couple of years. The interest rate wasn't super-low, but otherwise it was fine - no major headaches or problems to report.

Good luck!

--Noel

[Bryan Cotton]

I thought I was ready for the engine. It's been built and mounted for 3+ years now. Maybe you could sell your car and buy a $500 Saturn. Debt is bad.