Question: Does the age of an airplane greatly affect the rates of financing an aircraft? And, if so, is there anything to help offset the high rate?
Answer: Rates are primarily based on the amount being borrowed and credit worthiness. Since older aircraft tend to sell for less, the rates tend to be higher. Age of the aircraft does not affect rates, however, it can affect down payment. Typically older aircraft require more down. All lenders determine their age cutoffs differently, but a good rule of thumb is any aircraft manufactured prior to 1960 will require at least 20% down as opposed to 15% down for newer piston-singles.
If you would like to get a rate and term quote for a specific aircraft, give us a call at 800.627.5263. We can give you a quick quote and get you set up with an online application to begin the approval process.
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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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