Question: I am looking at financing a light sport/experimental plane. I believe at this point it's almost impossible. I have tons of equity, but because I live within my means. I've never had a credit card. I'm curious if you have a program that will help.
Answer: We work as a broker and have many different lending options to consider. While each lender has slightly different capabilities or requirements, most of them focus on three main things: Income, Credit, and Liquidity. If an applicant doesn’t meet the minimum requirements in each of these three areas, it is often difficult to get approval. Aircraft lenders are focused on making sure you can service the debt with your existing income sources, handle known expenses like the down payment, up-front insurance costs, and maintenance reserves for unforeseen expenses like an unexpected overhaul, and that you have a well-established credit history showing a history of your ability to paying various types of debts on time. Getting approved for an aircraft loan is often unlikely if you haven’t had other types of loans for similar amounts in the past. A credit history that includes years of on-time payments for mortgage or auto/recreational vehicle loans is the most likely way to ensure your credit will meet the minimum qualifications for an aircraft lender. Please give us a call at 800.627.5263, we would be happy to discuss your situation in more detail.
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.
