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Member
Posts: 12
| Hey guys, I try to keep as much capital as possible for business related things I'm into, so I was wondering how difficult financing would be on a complete XE3 built and flying. Anyone tried financing one of these? Is it even possible? How much down do they usually want, and how long will they finance? I'd imagine full insurance could be an issue too. What are you guys paying for insurance? Thanks. |
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USA Distributor
Posts: 351
 
Location: Wichita Kansas | That is an interesting question. I'm not sure if any of the present ships are financed?? I think I remember someone mentioning insurance. |
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Mosquito Owner
Posts: 364
Location: Bakersfield, California | Guys, there is insurance available for your Mosquito helicopters now. Evolution Insurance Brokers will write both liability and hull insurance for Mosquito helicopters. The President of the company, Rick Lindsey, is a very nice man whom I met at the Popular Rotorcraft Association's convention in Mentone, IN last summer. He owns a Hughes 500 helicopter and thus is very familiar with the insurance needs of helicopter owner/pilots. Furthermore he was very impressed with the Mosquito.
Please tell Mr. Lindsey that I pointed you in his direction.
John Snider
Following is the contact information:
Evolution Insurance Brokers
8722 S. Harrison St.
Sandy, UT 84070
Toll-Free: (877) 678-7342 Fax: (801) 304-5551
Website: www.eibdirect.com Email: quotes@eibdirect.com
I just found this post that John S. posted a few months ago.
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Inventor of the Mosquito
Posts: 583
Location: Canada | We don't provide any direct financing. We do however break the kit down into sub groups so that you can purchase each sub group as you are able and do some assembly work in the mean time. We've had a few builders take that route. |
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Mosquito Owner
Posts: 551
Location: Uvalde, Texas 78801 | mosquito - 4/25/2010 10:28 AM
We don't provide any direct financing. We do however break the kit down into sub groups so that you can purchase each sub group as you are able and do some assembly work in the mean time. We've had a few builders take that route.
I went the route that John is talking about above. I bought my Mosquito AIR in sub
kits, and it worked out great for me. Down side is that you'll pay some more for the additional crating and so forth, but it's not that bad.
Other than that I haven't insured my AIR, but I plan on signing up for some liability in the near future. |
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Veteran
Posts: 233
| If there were financing available, it would increase the value of pre-built aircraft would go up and more sold from the factory. By financing, you open up the availability to more buyers, which increases more of a demand for prebuilt and kit form mosquitos. I think it would be a win-win for all. |
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Member
Posts: 14
| HAWK IP - 4/25/2010 5:31 PM
If there were financing available, it would increase the value of pre-built aircraft would go up and more sold from the factory. By financing, you open up the availability to more buyers, which increases more of a demand for prebuilt and kit form mosquitos. I think it would be a win-win for all.
A win-win for all, you say -- except the poor buyer. ;) Personally, I've learned plenty about debt and wherever possible I avoid it -- just look at the poor state of our economy... For the small things in life like toys, it's my opinion that if I don't have the cash I can't have the toy. I wouldn't be on the list for an XEL if this weren't the case. Speaking of which, I think it's nearly time to find a skunk prodding stick and see if I can nudge that confirmation email loose. ;)
Tho, on the other hand... someone might luck out and find a repo'ed Mosquito for cheap. Failure of one can spell victory for another. |
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Mosquito Owner
Location: Iraq (Deployed) | Well said flaXen.
"the borrower is the slave of the lender." Proverbs 22:7
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Member
Posts: 12
| Financing or borrowing money doesn't mean you can't afford something. Thats completely wrong. When you are in business for yourself, you realize that having capital available is extremely important to the survival of your business, plus having capital is very necessary to buy more businesses or expand. I chose to finance a vehicle I could have paid cash for. Reason is the interest was low enough and terms were favorable to allow me to keep my cash to invest in a business, something I could not finance. Financing and borrowing is not what got this country into trouble, it was the people giving the loans out that screwed the people that weren't educated enough to understand the terms. All I was asking is if this $30-$50k machine can be financed like you would a $30-$50k car. If this is not an option, I'll probably finance an airplane that costs more since thats not hard to do. Lets try to stay on topic. I am not looking to debate the morals of borrowing, I just want to know if these options are available and to hear the experiences of those who have done it. |
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Member
Posts: 12
| offroadaviator - 4/25/2010 6:23 PM
Well said flaXen.
"the borrower is the slave of the lender." Proverbs 22:7
Thats a little unfair to say, considering borrowing is a part of life. I'd love to hear how you bought your cars, house, mosquito and other things without borrowing any money. I'd be impressed for sure. |
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Veteran
Posts: 233
| I say let the person choose. I will not push my personal belief on how i think others should live their life. Please dont be like the people who used to be a smoker but then quit and now tries to make everyone else make the same decision you made. Give people the choice, that is liberty. Removing choice from people, that is the opposite of liberty. |
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Mosquito Owner
Location: Iraq (Deployed) | What's unfair about agreeing with flaXen or quoting the Bible?
I’m not judging you. I have a mortgage.
Living without debt is very simple. Set financial goals and save until you can pay with cash. Live on less than you earn. Initially it requires considerable personal sacrifice but pays big rewards later in life. I don’t care what my credit score is and I don’t have any credit cards. It’s a great way to live.
Thanks Dave Ramsey, you changed my life. |
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Member
Posts: 12
| offroadaviator - 4/25/2010 7:24 PM
What's unfair about agreeing with flaXen or quoting the Bible? I’m not judging you. I have a mortgage. Living without debt is very simple. Set financial goals and save until you can pay with cash. Live on less than you earn. Initially it requires considerable personal sacrifice but pays big rewards later in life. I don’t care what my credit score is and I don’t have any credit cards. It’s a great way to live. Thanks Dave Ramsey, you changed my life.
I'm not sure I follow your logic. You are preaching about being debt free and living your life without debt, yet you have debt. You never plan on buying your own business one day? If that is a dream of yours, how do you think you'll do it? Not with cash, but with someone elses money. I'm willing to bet you don't consider your house mortgage as the debt your speaking of. If so, whos to say what debt is good and what debt is bad? I can write a check for a mosquito helicopter tomorrow, but I won't do that. I'd rather put down $10-15k and finance the rest. Saving my cash for business opportunities that can't be financed is what allows me to make a living from my home office, and take off any day I want. I know what I'm doing and do not need financial advice. Dave Ramsey seems like a good guy, I have nothing against him, but he's not trying to buy a house, buy a business, or do other things. You don't care about your credit? I'm not sure what world your living in, or if you have any real plans down the road. To run my businesses, I have to have good credit to buy from my suppliers and hold a credit line with them. How did you buy a decent house and get a mortgage with no credit? I think your simply referring to not living over your head, but your making a broad generalization about debt in general. Theres absolutely nothing wrong with being in debt as long as your following the terms of your loan.
Also, what do you say to someone that is 18 and wants to get a 4 year degree? Do you talk down to them for getting student loans? Do you recommend they save up $50-100k cash, then start college? Of course not.
Edited by VansRV8 4/25/2010 8:16 PM
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Mosquito Owner
Location: Iraq (Deployed) | Debt and the use of it are very personal. I'm in debt with my home but I am paying it off as quick as I can.
I haven't considered starting a business. Your knowledge of business exceeds mine so I will defer to you.
Mortgages are obtained by a process called "Manual Underwriting". No credit score needed.
My wife and I attended college without debt. No wealthy parents, just a lot of saving, planning and working extra hours.
You're ok with debt, I'm not. I don't think less of you, I just value the extra security of being debt free.
Regardless of the method of purchase, the Mosquito is an amazing aircraft. Just like the RV-8, quality thoughout.
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Member
Posts: 14
| Hehe -- it seems a fire started in my wake. I hope it was clear when I stated my opinion: that you should probably have cash in hand for "toys". Business is another matter entirely, and the poor 18yr old student has the worst loan options of them all.
Depending on the person & situation, a new car / house / education falls somewhere between necessity and toy, but I stand by the my opinion: avoid debt wherever possible. My siblings and I inherited a large sum back in 2005. Since then I've watched most of them lose it all to debt. After defaulting on their auto & home loans, they've got nothing to show for it and are literally moving back home with the P's.
As if the risky nature of a loan wasn't bad enough, engaging in it for pleasure is every bit as stupid as gambling is. Unlike VansRV8, I'd judge myself as "unable" if I couldn't afford it out-of-pocket w/o interfering w/ my budget -- I'd rather save the interest anyway. Build up to a purchase rather than catch up with it and you'll live longer (and happier too) -- just like the Umpa Lumpas do!
All this and more constitutes my negative opinion of lending, so I never see debt as a "win" or positive for anyone except the banker. If I had to guess, probably 95% of people know less than 5% of the truth about debt and banking in general, and maybe that's optimistic.
Hehe -- sorry for being a little preachy, you guys already know this stuff I'm sure and the rest is opinion.
Take care. |
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Member
Posts: 12
| I just think debt is very misunderstood. When you have idiots going into debt, especially for a toy, it usually doesn't go well. However, when you have someone who knows what their doing, debt can be a great situation for everyone. The borrower uses the money for whatever he wants, the lender gets interest. After the loan is paid, everyone is happy. I wouldn't go around advising people to take out loans, but I don't see any problem with it if the person is responsible. I once saw a guy take out a loan for a stereo system for his car. He didn't have the $1500 to do it. He did it and paid the loan off as required. Smart move? Doesn't seem like it, but he did it and everyone benefited. |
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