Go Back  PPRuNe Forums > Non-Airline Forums > Private Flying
Reload this Page >

Private aircraft finance

Private Flying LAA/BMAA/BGA/BPA The sheer pleasure of flight.

Private aircraft finance

Old 2nd Apr 2019, 10:00
  #1 (permalink)  
Thread Starter
Join Date: Jun 2008
Location: England & Scotland
Age: 58
Posts: 1,340
Private aircraft finance

In the UK there are a number of organisations offering finance for the purchase of private aircraft. In Europe, is this just a UK-thing, or are there options in other European countries. I am specifically interested in Denmark.

Any information gratefully received.
John R81 is offline  
Old 2nd Apr 2019, 15:48
  #2 (permalink)  
Join Date: Feb 2000
Location: UK
Posts: 13,508
I don't know - but I do know that I've had no trouble borrowing money from my (British) bank using a standard personal loan to buy an aeroplane. I'd suggest trying the same - banking is banking after all, wherever you are.

Genghis the Engineer is offline  
Old 3rd Apr 2019, 03:52
  #3 (permalink)  
Join Date: Aug 2006
Location: Ontario, Canada
Age: 58
Posts: 3,976
My one attempt to borrow money to buy a plane 32 years ago was poorly received at the bank. I was surprised at how well informed the banker was about the associated costs of airplane ownership, but their main reason presented to me for declining (after many offers to loan me more money for other purposes) was that if they had to repossess the plane, they would not be well versed in recovering their money from its sale. I get that. I scrimped the money together anyway, bought the plane, announced it to the banker - and still own the plane!

My suggestion is that if you're approaching the bank, help them along with how they can be confident about valuing it, and reselling it, should they ever choose to repossess it.
Pilot DAR is online now  
Old 3rd Apr 2019, 23:36
  #4 (permalink)  
Join Date: Oct 2007
Location: Moray,Scotland,U.K.
Posts: 1,319
9 months ago I had a problem transferring my own money from my own account to the seller's account, at another branch of the same bank. They asked me what the money was for, then asked me if I'd been to the guy's house, and insisted it was a scam. A statement was read to me, with a Bank witness, and I had to confirm I knew I would not recover the money if I made the transfer. That was on Saturday.
As expected, I did not recover the money, but did get the plane, flying it on the next Wednesday.
When I bought out two of the group who were not flying it, on the first Sunday in March, I had a phone message to call the bank immediately. It took several hours to convince them I was doing this of my own free will. ( After THEY convinced me they weren't phishing for my details, as I was suspicious of their message on the answerphone.)
Maoraigh1 is offline  
Old 5th Apr 2019, 18:31
  #5 (permalink)  
Join Date: Sep 2011
Location: Belgium
Age: 59
Posts: 116
It is probably everywhere but banks now have to trace and track and control/check all transfers over 2.500 Euro to trace criminal and/or drug money.
Basically, all transfers over 2.500 Euro need a proper justification.

Expensive boat and airplane transfers are "by definition" suspected.
Vilters is offline  
Old 6th Apr 2019, 15:34
  #6 (permalink)  
Join Date: Sep 2007
Location: london
Posts: 597
Sorry Vilters, that is total rubbish. Have you never used on line banking to move money?

The banks are doing their best to do the opposite ie not control or check transactions as they do their best to deny responsibility when the scammer wins. Attempts to make them responsible in the UK have been delayed and watered down several times.
homonculus is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Thread Tools
Search this Thread

Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service

Copyright 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.