Finansing West bank

[Wart]

V, that is not such good advertising!!!

They take you up in a perfectly sound aerie, don't strap you in then turn it upside down and let you fall out! I guess they will only finance you if you have a rig strapped to your back?

Still one of the best pics around of you guys.

[Cali]

I lived in the USA for 4 years and I did not pay 1c of bankfees the whole time.

How can that be???
We did not pay school fees either and the bus picked the kids up in front of my house- no charge.
We only payd $1/day/kid for a ballanced lunch.
Go figure

[velocity]

V, that is not such good advertising!!!

They take you up in a perfectly sound aerie, don't strap you in then turn it upside down and let you fall out! I guess they will only finance you if you have a rig strapped to your back?

Still one of the best pics around of you guys.

Wart - they keep trying to give me finance and new cards to try and get back some of the $ they pay us to fall out of these things

Cheers
G

[DieselFan]

Sorry about HI JACK

Getting back on track (I think?) What do you wanna finance? I have found some will do new trikes and even 'new" second hands (less than 5 years old), but most are very nervious and want huge deposits and short terms. (30% and 36 months) vs 10% and 54 or 60 months which is car norm. Also if you looking to finance less than R50K-R60K it not worth the effort to most.

When I contacted Wesbank, previously (There's a thread on here) I specifically asked if it worked like cars whereby it can't be older than 5 years etc. They said "No". As long as the ML has permission to fly it's not a problem, they also mentioned that you could finance it over 60 months if need be - Apparently they recognise that one can fix up and old ML (Wings etc) and that 5 years means nothing as it might have low hours.

This is what I was TOLD, still need to talk from experience though

[Bennie Vorster]

Hi Graham

They financed my Windlass as well, that was about two and a half months ago and it was second hand.


But it seems like the guys might rather borrow from their friends so I came up with a solution, we all put a fund together as we are all friends by now and I will get the first lone as it is my idea. As soon as I paid up my lone the next guy can apply for a lone and we all can afford to stuff the banks.

[Wart]

How much do you need Bennie?

I'm in and have my name down as number 2!

I need R180 000 for a new trike, so if each member puts in R300 (times by 600 members) I have enough!

Who is next?

[RV4ker (RIP)]

I need $3,000,000 for a PCXII

On topic, got this today. Seems it is not as impossible as first thought....

... the NTCA market has always been a "ball-ache" to source finance for, but that is something that I have been working on changing over time with the various banks. But as with most things in this industry, one step forward, three steps back. However we are getting there and I deal with every deal on an individual basis and we are managing to finance microlites for certain clients. The main criteria is basically that the aircraft be insurable, known in the market (i.e. have a resale market) and that the pilot be fairly experienced.

[The Agent]

There is only one business and that is banking.
Do you want to make a lot of money?
Open a bank.
Only thing is ,do it at night with a belaclave and a shotgun.

[RV4ker (RIP)]

There is only one business and that is banking.
Do you want to make a lot of money?
Open a bank.
Only thing is ,do it at night with a belaclave and a shotgun.

[Junkie]

Hope those wern't Dummies or two unsuspecting pax's you guys left behind in the back seat there now

an i ask my self why would anyone jump outtoffa perfectlygooderryplain

[velocity]

Hope those wern't Dummies or two unsuspecting pax's you guys left behind in the back seat there now

Hey Junkie - they were definately 2 dummies ( hope they dont read this before we go for the next one...... )

an i ask my self why would anyone jump outtoffa perfectlygooderryplain

[Cali]

Krustman

Change banks. Fixed Property is easiest "asset" to finance these days. If banks are giving you a hard time use a bond originator. They hit all the banks with your app and fight for the best deal....

RV4ker is right, the "cheapest" and easiest finance these day's is to get a 2nd morguage or to "switch" to a different bank.
The 1st option I would not go for coz the bank still want to tell you how you should use your money. And they will not give you a better rate coz they've got you by the short and curlies as it is.

The second option is the best in my eyes as you register a new loan to the current value of your property. The advantage of using a Bond originator for this is that they do all the work and they submit to all the banks. They can get a far better rate than you will ever get on your own.
The money can be spent as you like.

I do not mean to advertise on the forum but if anyone needs help with this PM me and I can help you (I am affiliated with FINBOND)

PS: Demon if you see this as advertising feel free to delete the last part :D

[RV4ker (RIP)]

C man,

Maybe post a topic under the for sale section offering help advise/assistance for trike finance using house as security? Any assistance that can be given to get more in the sky is a good thing IMHO?

Many I have spoken to are not aware of how (simple) it is to get a re-advance on your house and release some equity. It does work and is the cheapest finance around. My RV was financed in this manner. I could not get conventional finance as the deal was aparently "too complicated" and risk too high. (Kitbuilt, Escrow, reserve bank, shipping, insurance, Customs etc ) FYI most properties have almost doubled in value since 2001. Does not hurt too look and assess all options? I know a couple guys on the forum are looking.....

2c

PS
Just to clarify. Nothing is for nothing. You will still need to prove that you can repay the additional bond finance (financials/payslips etc), but that is usually simply a case of payslips. Also assessing the value of the asset (house) is far easier than trying to justify that the trike of your dreams is worth XXX. Biggest plus is you may not need a deposit (depending on how much equity you can raise) and you can structure your own repayments as the terms will be on far longer term than HP....

[skybound®]

Agreed RV4ker.

If you end up not affording the repayments - let them take the house. After all, you can't fly a house - but you can live in a hangar

[RV4ker (RIP)]

Agreed RV4ker.

If you end up not affording the repayments - let them take the house. After all, you can't fly a house - but you can live in a hangar

Why won't my wife see it same way?