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Adam Answers

May 2016

Adam Meredith, president of AOPA Aviation Finance Company, is an aircraft finance professional with more than 15 years lending, small business management and customer service experience. Adam is a commercial pilot with multi-engine and instrument ratings.
photo of adam meredith

Q: What’s the longest term for a turboprop?

A: It depends. Term is typically not longer than 20 years. However, if you are able to put more than the typical 15-20% down, we’ve facilitated loans with as many as 24 years in amortization. Just for clarification, term is the length of the loan; amortization is the period over which payments are made. 

Q: Can I obtain a pre-approval if I have not picked out a plane yet?

A: Yes, you can get pre-approved. You will need to narrow down the general age, make and model of the aircraft. Financing options are different for a piston twin vs. a comparable high performance single. Approvals will be good for 90 days and the rate will be locked for 30 days.  

Q: Are there any age restrictions on aircraft?

A: No, not really. The only age restrictions are typically on jets and some turboprops and are model specific. It’s a good idea to check what options are available if you are trying to finance a jet or turboprop more than 20 years old.   

Have questions for Adam? He is happy to answer them. Submit your question here.

Great rates. Great terms. Helpful and responsive reps. Three good reasons to turn to AOPA Aviation Finance when you are buying an airplane. If you need a dependable source of financing with people who are on your side, just call 800.62.PLANE (75263) or click here to request a quote.

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Topics: AOPA Aviation Finance Co, AOPA Products and Services

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