How do I apply for the loan?
You can apply right here by clicking the Start Application button below.
How quickly will I hear back from the lender in terms of a decision?
You should receive a decision within 1 business day.
What documents will I need to complete the loan process?
Before you get started here’s a list of things you will need to complete the application process:
- Complete street address, phone number and email address
- Social Security Number
- Copy of valid ID and proof of income (paystub, W-2 or signed tax returns)
What term should I select?
You should determine what monthly payment you can afford then choose the corresponding term. Please refer to the sample monthly payments chart on the Rates & Terms tab above. Also note, shorter terms result in less overall interest paid and have lower interest rates.
How will I receive the money?
This will be worked out with the lender during the closing process, you have two options. An account will be created, and then you may request a:
- Check or
- Debit card and/or checking
Do you have to be an AOPA member to apply?
Yes, you must be a member to apply. Please click here or call Member Services at 1-800-872-2672 to sign up or renew today. Mention you are applying for a Flexible Aviation loan and you will be eligible for a discount!
Do I need to make a down payment?
No, a down payment will not be required.
Is there a maximum amount I can borrow?
Yes, the maximum loan amount is $100,000.
Why are the rates higher than on my car loan or mortgage?
Our Flexible Aviation Loan is a “non-secured” loan, meaning there is no automobile, home or property to repossess if the loan is in default. As a result of the increased risk, lenders charge a higher interest rate. Compared to other similar loan products, the Flexible Aviation Loan is very competitive with rates and terms.
What type of flight training can this loan be used for?
Our Flexible Aviation Loan can be used for any flight school and any certificate or type rating.
What does the timeframe look like in terms of when I will actually receive the funds?
Timeline: 1 business day for decision, if approved, 2-3 business days to funding (once documentation has been received).
If I am a foreign student, am I eligible for a Flexible Aviation Loan?
Foreign students are eligible to apply for the Flexible Aviation Loan, however each loan will be reviewed on a case by case basis. The term of the loan cannot exceed the length of the student visa.
How will the interest be accrued on this type of loan?
Interest accrues on a daily basis, but is charged monthly. In addition, interest only accrues on the amount that is advanced, not the amount approved.