Buying an aircraft for business travel – whether new or used – demands a thorough understanding of the factors at work that could affect your purchase. The stakes are high so it’s prudent to seek guidance from experienced aviation professionals such as the team at AOPA Aviation Finance. Working with members who have been through the process many times over, they have established a breadth of experiences. They will guide you through the process and be on your side. Working with AOPA Aviation Finance is like having your own Aircraft Purchasing Department. Start your financing today by contacting AOPA Aviation Finance at 800.62.PLANE (75263) or via email at [email protected].
Obtaining a pre-approval is the same process as an approval with the exception of having to provide an aircraft spec sheet. You won’t provide the spec sheet until a specific aircraft has been identified. You will need to provide the lenders with a general loan amount, type and model. Once you receive the pre-approval, the rate will be locked for 30 days, and the approval will be good for 90 days.
Rate and loan terms will be determined largely by the loan amount. Currently, we are seeing loan terms from 5 to 20 years (20 years only available on loans of $75K and above) and rates between 4.38%-7%.
Aircraft lenders will require a minimum down payment of 15% on aircraft newer than 1960 and 20% for older aircraft.
Typically, our lenders will consider multiengine piston aircraft manufacture from 1970 and newer. Some lenders will make exceptions for older aircraft.
Depending on the age of aircraft, minimum down payments can range from 15% to 30%.
Most lenders will finance multiengine aircraft for maximum terms of 10-15 years.