Financing a share in a twin questions

[utahpilot]

Can I get a traditional AC loan for just a 1/6th share in a plane, or will I have to come up with the dough some other way? Reason I ask is I've heard AC financing companies will do 30 year loans, and I don't have the money to pay cash.
any ideas, advice?

thanks

 

[bigD]

I have a good friend that went through an A/C financing company to finance a 1/5 share of a 182 for about 20K. Not sure what the length of the loan was, though. So it looks like you can get a loan for a share. I'll talk to my buddy and see if I can get any details about it.

 

[capt_zman]

The big thing with this is that when you finance, which aviation companies will only go to 20 years, each owner must co-sign on your financing because the lien gets attached to the airplane.
In the case that you ever default, the bank cannot repossess 1/6 of an airplane, it has to be the whole thing which makes all the owners liable on your note.

Good luck in searching. What kind of airplane is it?

 

[utahpilot]

it's a C310

that makes sense. That's what I feared, since I imagine the current other 5 owners may not want to sign. thanks for the info