Question: What do you need to get started in financing? I am going spend around 150k-200k, and want to know the next steps?
Answer: If you are salaried the process is simple, you will need to complete an application and supply your last two years’ tax returns, last two years W2s, a current paystub and photo ID. If you have a specific plane selected, you will also need to provide an aircraft spec sheet. Otherwise, for pre-approvals you will need to know the make, model and approximate year aircraft you are looking to purchase.
In addition to the above, if you are self-employed, you will need to provide business financials; last two years’ business tax returns.
We have a number of articles about aircraft financing on our website, www.aopafinance.org, including a quick read called 8 Tips for Financing Your Aircraft. Please check it out and call one of our regional account executives at 800.62.PLANE to speak with someone in more detail.
Question: I'm new to flying, and absolutely love it. How do I go about getting financing to buy a plane? Thanks!
Answer: I would highly recommend that you talk to a financing professional early on in the process to set expectations for rates/terms and assistance in budgeting. If you are beginning the search we recommend that you get preapproved while you are shopping. Many of our lenders will provide 60-90 day pre-approvals and the rate will be locked for 30 days, similar to a home loan. Once you complete an application, it can take 1-2 business days for the approval and then once you have an aircraft selected another 5 business days to close the loan. Many first time buyers are surprised by the complexity of aircraft financing, however if you start the process early and get preapproved, it will allow you to focus on finding the right airplane.
We have a number of articles about aircraft financing on our website, www.aopafinance.org, including a quick read called 8 Tips for Financing Your Aircraft. Please check it out and call one of our regional account executives at 800.62.PLANE to speak with someone in more detail.
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.
Have a specific aviation finance question you would like to see in future articles? Submit it here, and it may be highlighted in an upcoming content piece.
