How to Get a Loan for an Airplane
Almost every aviation enthusiast has entertained the idea of purchasing an airplane, though the high cost of new and even used aircraft make the vehicle prohibitively expensive for many individuals, families and even small businesses. With some basic research, a good credit rating and a love of flying, though, you may find myriad financing options for almost any type of plane.
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Instructions
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Locate an airplane. Different pilots prefer different types of airplanes, and some pilots only maintain ratings for certain makes and models of planes. Before attempting to purchase a plane or secure financing, find the proper plane that meets your needs and fits your budget.
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Calculate monthly payments. Airplane financier eAircraftLoans encourages potential buyers to calculate monthly payments on aircraft loans before applying for financing. If payments on the airplane will not fit into your budget, you may need to find another, lower cost plane before applying for financing.
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Complete a loan application. A number of banks and specialty finance companies offer airplane loans, and the process always starts with completion of a loan application. If your selected finance company accepts online applications, you may either complete the application over the Internet or fill out a printed form. If you complete the application on hard copy, be certain to return the completed form to your bank's loan officer in a timely manner.
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Review the application with a loan officer. After receiving your application, the bank's loan officer may contact you with additional questions about your purchase. Answer each question honestly and accurately. If the loan officer approves your application, you will receive funding to complete the purchase of your aircraft.
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Tips & Warnings
Because banks consider airplanes recreational vehicles, many financiers will allow buyers to make payments on aircraft loans for up to 30 years.
After closing your loan, your bank will send you a payment book with instructions on remitting your monthly loan payments. Be sure to make all payments on time.
According to eAircraftLoans, the finance company may ask for up to two years of recent tax return information; be sure to have all tax return and other financial data available for the lender.
