Finance to buy a helicopter?

[Aloha1]

I am a R22 and a R44 rated PPL/H, I am about to buy a R44. Can anyone recommend a good source of finance?

[Runway101]

Going to work, selling your car, doing business with russia or colombia, casino, the property market, maybe importing a few containers of illegal immigrants. But why bother with financing, you could just steal your R44 from one of the numerous airports out there. I tell you that there locks aren't really that good, a pocket knife might do it.

If this was a serious question, how about speaking to a _bank_?

[Gaseous]

Slightly more helpful than the above post, Try Air and General -I think they may have recently changed their name to Close Brothers.

They do aircraft mortgages secured on the hull. I have no interest other than they helped me buy an aircraft when I couldnt afford it!

[darrenphughes]

Don't bother with a "new new" one from robinson. You'll get an ex-silver stater R44 for cheap money these days. I believe there's a post about in the general section of verticalreference.com

[Runway101]

I apologize for the reply above, I have misunderstood your question (and didn't have my coffee yet at the time of writing).

[4ftHover]

Lombard ( part of RBS ) have a Marine and Aviation Finance division.

Good luck tho - banks are twitchy as hell at the moment ! :hmm:

[TorqueTorque]

I've heard of a finance broker called Aero Finance run by a bloke called Brian Kane. I understand from others he can be really helpful. I don't know where he is but if I find out I'll let you know. I saw the name on another thread last week.

[JTobias]

Lombard and Hitachi both have specialist finance teams.
If you need any contact details let me know as I have them.

Joel

[docstone]

Austin Smith at Hitachi and Mike King at Lombard Manx - worked with both, both very sound

[helimutt]

Mez Ryder used to work for Hitachi Aircraft finance UK I believe and I was advised she was able to sort good deals. Not sure where they are based but a quick look up would give you your answers.

[copter65]

Hitatchi Finance very professional set-up. Mez Ryder now left. Phone number 02085727554 ask for Aviation Unit.

Max term normally 5 years providing projected number of flying hours/yr don't exceed settling the agreement in full by the end of the term you opt for. They also finance re-builds.

Deposit normally 15-20% mark. If you're in business they'll ask for Accounts etc, including a personal asset/liability statement. My current used 44 was VAT free, so I don't know if they finance the VAT for private buyer. Fully comp. insurance has to be proved before finance company pays out. THATS THE STING WITH COPTER OWNERSHIP.

My advice as 44 owner........... once the "I own my own helicopter novelty" has worn off, please believe me, you soon get tired of them finance/insurance payments going out every month, (coz you can't insure em third party if there's an a/c mortgage on them.) Not to mention the fuel costs which keep going up and up....... hells bells!!!!! A bit of "joy-flying" on a Sunday morning, and bang £200 gone.

Hope the above helpful. :ok:

Rgds.

[Three Blades]

Sorry if I am stating the obvious but despite the current climate, a residential mortgage is still likely to be the cheapest source of funds.
Hence, if you are in a position to raise the size of the mortgage on your house then I suggest that this would be cheaper than an aircraft mortgage. (Same applies to car, boat loans etc)

[rotorspin]

agree with three blades here..

if you cannot remortgage to finance (cheapest APR by far) then I would question your ability to afford the machine....

There are SOOOOOO many costs on top of the hull, don't stretch yourself on an aircraft mortgage then regret it a few months in when the bills land on the doorstep.

Buying a heli is so different from any other asset and needs careful maths prior to commit

[Three Blades]

Certainly do the maths - then add a serious factor for the unexpected.
Also bear in mind not just the resale price but the time required to execute such a sale. I thought that boats were hard to sell until I bought a helicopter.

If you are going to do plenty of hours then go for it but I echo copter65's comments about the novelty wearing off etc. (That said, the novelty period is excellent fun !)
If you are R44 rated then I would guess that you should not have too much problem renting one at many airfields. Certainly more so than for other machines.

[LZCUTTER]

Well, have you?

[JTobias]

AFAIK Lombard will do up to a 10 year deal with a minimum 10% deposit.
That may (or may not help)

Joel