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Author Topic: help a noob wit the loans  (Read 754 times)

theguv316

  • Former member
help a noob wit the loans
« on: February 09, 2010, 10:52:38 PM »
I started in Jet age bought a aircraft for 1.6 million leased another 2 .....i took aloan out against my own aircraft for 600k approx
but now i cant use the other 1million as security is this correct and if so why ...? 

Dookz

  • Former member
Re: help a noob wit the loans
« Reply #1 on: February 09, 2010, 10:56:12 PM »
You cant use leased aircrafts as security assets. You have to be the owner of the aircraft.

theguv316

  • Former member
Re: help a noob wit the loans
« Reply #2 on: February 09, 2010, 10:58:13 PM »
as i said  i Bought my 1st aircraft outright so this is confusing me as to why all its value is tied up in a small 10 year loan

d2031k

  • Former member
Re: help a noob wit the loans
« Reply #3 on: February 09, 2010, 11:20:16 PM »
as i said  i Bought my 1st aircraft outright so this is confusing me as to why all its value is tied up in a small 10 year loan

Does it not depend on your credit rating?  I think you have to show evidence of profits before you can take more out, even though you have an asset.

Jake43

  • Former member
Re: help a noob wit the loans
« Reply #4 on: February 09, 2010, 11:43:59 PM »
You can only use a plane as a security in ONE loan at a time. You would have to pay off the 600K Loan that your owned A/C is currently a security in and then you could get a loan  for the full 1.6 Million.

theguv316

  • Former member
Re: help a noob wit the loans
« Reply #5 on: February 09, 2010, 11:46:54 PM »
 how do i pay off a loan early

d2031k

  • Former member
Re: help a noob wit the loans
« Reply #6 on: February 09, 2010, 11:49:08 PM »
Go into Office then Loans. 

Click on the little magnifying glass next to your current loan.  Some options then appear

Dookz

  • Former member
Re: help a noob wit the loans
« Reply #7 on: February 09, 2010, 11:50:37 PM »
as i said  i Bought my 1st aircraft outright so this is confusing me as to why all its value is tied up in a small 10 year loan

Apologies missed that part but what Jake said is correct. I just tested it on beginner worlds. You cant use the same aircraft to take out another loan, I dont know why though which is what I think you are asking?  I was wondering if there is a limit on how much loan you can take with a secuity asset that isnt tied to your credit rating. I know that there is a little notice suggesting you use use a security that's atleast 80% of the value of the loan.
« Last Edit: February 09, 2010, 11:55:53 PM by Dookz »

Jake43

  • Former member
Re: help a noob wit the loans
« Reply #8 on: February 09, 2010, 11:56:10 PM »
You cant use the same aircraft to take out another loan, I dont know why though
It is because in the event that the airline went BK, in order to cover the costs, the bank would take control of the airplane used on the loan security. However, if two different loans were taken out (and in the real world, with multiple banks) with the same plane as the asset, two banks can't share one plane to recoup their money.

theguv316

  • Former member
Re: help a noob wit the loans
« Reply #9 on: February 10, 2010, 10:49:25 AM »
ok but in real world i could take a a bigger loan with bank "B" to pay off bank "A" and therefore have a larger loan
I dont really mind what happened just learned from my mistake should have waited an extra week or so to take out my
big loan

 

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