I’m Pre-Approved. Now What?

What to do after securing your aircraft loan pre-approval

Think of a pre-approval as your authorization to begin shopping for an aircraft. Once issued, it typically gives you a defined window—often up to 90 days—to locate and complete the purchase of an airplane within an agreed-upon category and price range.

However, pre-approval does not mean you can purchase just any aircraft within that price range. Moving between categories—such as from a single-engine airplane to a multi-engine model, or from certified to experimental—can change lender requirements and loan terms. Before committing to a different type of aircraft, it’s important to confirm that your financing still applies.

Similarly, choosing an aircraft that is significantly above or below your approved amount may complicate or delay the transaction. Other factors—such as engines nearing TBO, unusually high total time, or aircraft that have not flown in many years—can also impact lender approval. For this reason, working within a clearly defined aircraft scope helps ensure a smoother process.

In competitive markets, desirable aircraft often attract multiple buyers. To strengthen your position, it’s important to have two additional elements ready: a purchase agreement prepared for signature (with contingencies for inspection and financing) and an escrow account established with a reputable title and escrow company.

AOPA Aviation Finance partners with established providers for title and escrow services and offers vetted purchase agreement templates. Having these resources prepared in advance allows you to move quickly when the right opportunity arises.

Why use an escrow account? Most lenders require one to complete the transaction, and it demonstrates to the seller that you are a serious buyer with committed funds. While it may not fully prevent losing an aircraft to a competing cash offer, it can significantly improve your chances. Escrow services also support due diligence by facilitating FAA records searches and coordinating the closing process.

Finally, contingencies in your purchase agreement are critical. Even with pre-approval, the aircraft itself must still meet lender requirements. A pre-purchase inspection ensures that you avoid rushing into a deal in a competitive market and helps confirm that the aircraft is airworthy before closing.

AOPA Aviation Finance can help guide you through each step—from pre-approval to closing—so you can move forward with confidence and clarity.

Great advice. Great rates. Helpful and responsive reps you can trust. Three good reasons to turn to AOPA Aviation Finance when you are buying or refinancing an airplane. If you need a dependable source of financing with people who are on your side, just call 800.62.PLANE (800.627.5263), or click here to request a quote.