Documents needed for an approval

Adam answers in October’s edition. 

Question: I’m planning to purchase an airplane this month. I was reviewing the list of documents that you will need. I still do not have my 2016 tax returns. Will you accept my 2016 extension, along with my 2015 tax returns? Or will you need something else from me?

Answer: Our lenders will need two consecutive years of filed tax returns to verify income, cash flow, and calculate debt to income ratios. They are able to accept tax extensions until October 15th (assuming filing based on a standard calendar year). In addition to the filed extension lenders will require 2014 and 2015 complete tax returns and all available year-end statements for 2016 (W2s, 1099s, K-1s, etc). Lenders may also request copies of the 2016 tax returns prior to closing if closing occurs after October 15th. If providing business tax returns that run a fiscal year different than the calendar year, the two most current tax returns along with current financial statements will be needed. 

If you have any other questions about the documents needed for an approval, please give us a call, we’d be happy to speak with you.

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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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