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Financing & Insurance
#1
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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#2
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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#3
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: http://www.eibdirect.com Email: quotes@eibdirect.com


I just found this post that John S. posted a few months ago.
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#4
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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#5
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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#6
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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#7
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. Wink 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. Wink

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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#8
Well said flaXen.

"the borrower is the slave of the lender." Proverbs 22:7


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#9
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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#10
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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