More info about the program
Borrower: Must be an individual (or individuals) who is a legal resident of the U.S.A. Borrowers will be required to provide sufficient information to confirm their identity and financial capacity.
Loan amount: The program is intended to finance all completion costs after the borrower’s initial 50% deposit paid to Samson. This includes, with limitations to be determined, the cost of paint (at Samson-approved vendors) and flight training/ licensure (through Samson). However, the total loan amount cannot exceed $150,000.00.
Collateral: The Samson Switchblade being purchased.
Term: Loan funding and vehicle purchase to occur at vehicle completion and delivery to the buyer/borrower. Repayment to commence 90 days after funding/delivery (to allow time for paint). Then 120 monthly
payments. Fully amortized (no balloon at maturity). Based on a loan amount of $150,000.00, you would make 120 monthly payments estimated at $1,885.79.
Loan Fees: 1% of loan amount + third party costs/fees. Fees may be financed.
Rate: Fixed rates as low as 8.5% (8.72% Annual Percentage Rate, based on a loan amount of $150,000), depending on qualifications.
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Please note this information is for discussion purposes only and does not represent a commitment to lend on the part of Oregon Coast Bank. This is a summary of proposed terms and conditions which are currently under consideration. Additional due diligence and reviews will occur prior to final credit decisions. The terms and fees presented are subject to change.
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