Interest rates are at all-time lows and likely lower than when you first obtained your loan, so it’s worth looking into refinancing. We’ve helped many members reduce their interest rate and lower their payments.
Rates are dependent on the loan amount, usage and type of aircraft. For example, a loan balance between $50,000 and $75,000, for personal and/or business use on a 1970s 172 have typical structures of 5.5% interest amortized over 15 years. If your current balance is over $75,000, then we can generally fix the rate over a 20-year amortization, depending on the aircraft and usage. Currently, we are seeing fixed 20 year rates as low as 4.65% (4.25% fixed rate for 5 years). The specific age, type of aircraft and type of usage also factor in to the final loan structure.
Call one of our aviation loan specialists today to see how we can help save you money on your monthly loan payments.
Call us now! 800.627.5263 or fill out our form to get a quote.
Refinancing is a good option if you want to lower your interest rate, extend your loan term, or finance upgrades.
There are a few ways to reduce your monthly payment. You could pay down your loan, extend loan term or get a lower interest rate.