Adam Answers

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.

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.