MOONEY AIRCRAFT HAS established a financing division in a bid to make it easier to purchase its high-performance piston-singles.
Mooney, which sells aircraft at prices beginning at $200,000, says that the move to set up a financing arm recognises that customers want purchase agreements similar to those they are able to get on their houses, including long-term deals with low deposits.
The company has teamed with Eaglemark Financial Services, a subsidiary of the Harley-Davidson Credit Company, which specialises in the financing of motorcycles, yachts and recreational vehicles. Through this newly formed financing division, Mooney offers customers agreements, which can span up to 20 years with relatively low deposits. Traditional financing institutions are often wary of providing deals for general-aviation aircraft.
James Foulkes, programme manager at the division, says that the arrangement recognises that Mooney aircraft are a good investment. "Mooneys have a good reputation for retaining their value. It's a strong product," he says, adding that the financing should make Mooneys available to more people.
Source: Flight International