Question: First-time buyer here. My wife and I are looking to purchase our first plane, and I am not familiar with the process. If we can secure a loan through you, are we able to purchase a plane through a private seller on a site such as Trade-A-Plane? Any information you could provide would be greatly appreciated as we are ready to start our loan process.
Answer: Yes, you can use listing sites. Our lenders can work with private sellers, brokers, and OEMs. We suggest getting a pre-approval in place prior to reaching out to a seller. Pre-approvals are good for 90 days with the rate locked for 30 days. When completing our application, you will be able to indicate the range (age, make/model, and price) of the aircraft you are looking to purchase. Once you have identified an aircraft, a valuation will be prepared and a search for damage history will be conducted. The lenders in our syndicate will require 3rd party title and escrow services, as well as aircraft insurance. AOPA has partnered with Aero-Space Reports and Assured Partners to provide these services to members. The title company will prepare a title search and work with you, the seller, and the lender to coordinate closing and funding. For a complete picture of the process, I would recommend visiting our website at aopafinance.com/first-time-buyers. As you get closer to purchasing, please give us a call, we would be happy to answer your questions and walk you through the process, 800.627.5263.
Do you have a question about aircraft financing? Our team has the answer for you! Submit your questions here. Great terms. Helpful and responsive reps. Those are the 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.
