Q: What are the min credit score requirement to get a loan on an aircraft I own? I have a 1967 Cherokee 235 that I’m rebuilding, so far I got the wings attached along with the engine, lots of work been done and I’m being drained financially so I need a loan. I still need the propeller to be hanged and the wiring of control surfaces, I have all the parts.
A: Most lenders are looking for a minimum of 700 credit score. However, credit score is almost always not going to be the deciding factor in obtaining loan. More frequently it’s a candidates debt to income ratio, liquidity and/or whether they have had comparable debt experience. Given the airplane you’re looking at is a project and not in airworthy condition, that poses a challenge (limits options) as most lenders will require the airplane to be fully assembled and certified for flight and within full compliance with any ADs.
Have questions for Adam? He is happy to answer them. Submit your questions 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.