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.
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