I wouldn't barrow money on a plane or a car for that matter. If you
can't save up the money for a plane, how are you going to be able to
afford the operational costs, inspections, upgrades and overhauls, and
make the payments.

I agree with justin, get a home equity loan, or refinance to otherwise
freeup cash for the airplane. My last airplane I did on a home
improvement loan, which is interest only for the first 10 years, and
the interest in deductable.

Why a 1980 archer, consider a '65 pa28-140 for half the money. Fly it
until you can trade up to a newer model.

Mitch


Justin Case wrote in message . ..
Check with those folks that advertise in TAP. ALso look at AOPA's
plan through MBNA. ZOOK seems to be a good workhorse for you as does
the Bank of Pryor. If you can possibly do it, look into using the
home as collateral as a second mortgage or home equity loan. The
interest will be tax deductible.


On Sat, 2 Aug 2003 02:28:58 -0500, "VM"
wrote:

I'm in the process of purchasing my first airplane. A 1980 Piper Archer II.
Can anyone offer advice on where to go for financing. I filled out an
application on line and thought I had financing approved. It turns out all
I have is a quote with a lengthy approval process to follow. So I need a
bank that will works fast.

Thanks in advance,
VM