Financing Upgrades Only

Adam Answers

Question: I own a 1960 Cessna 182 C with numerous avionics and interior upgrades. I currently own the aircraft outright. Is it possible to do an initial financing now to cover the cost of an engine overhaul? Based on V Ref  –  I would estimate the value of my airplane to be about $85-90 K and I’d want to borrow about $40-50 K. to finance the engine overhaul and accessories. Of course, that would increase the value of the aircraft to well over 100k. I’d appreciate your advice on this.  

Answer: Yes, we would have options for financing upgrades. We will prepare a valuation on the aircraft as is and a second valuation with the proposed upgrade(s). You can borrow up to 85% of the new higher value. Funds will be held in escrow until completion of the installation and then disbursed directly to the shop or A&P. The aircraft will be used as collateral and a lien will be filed at the FAA. Please feel free to give my team a call at 800.627.5263 so we can discuss your specific situation further.

Have questions for Adam? He is happy to answer them. Submit your questions here. Great rates. Great terms. Helpful and responsive reps. There are three good reasons to turn to AOPA Aviation Finance when buying an airplane. If you need a dependable financing source with people on your side, call 800.62.PLANE (75263) or click here to request a quote.