1.
What type of aircraft can I finance
or refinance?
2. Can I finance a Helicopter?
3. Does your financing program include
experimental aircraft?
4. Can I obtain a loan for a corporation,
LLC, or for lease-back?
5. How long will it take to find
out if I am approved of an aircraft loan?
6. If I am approved, how long will
I remain qualified?
7. Is the purchase of an airplane
tax deductible?
8. Is an appraisal of the aircraft
I wish to finance required?
9. Can the sales tax on an aircraft
purchase be financed?
10. Can I get an aircraft loan to
improve or upgrade my existing aircraft?
11. Am I required to have insurance
coverage at the time of acceptance of the loan?
1. What
type of aircraft can I finance or refinance?
We have the ability to locate financing and refinancing
for any factory production aircraft built on or
before 1970.
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2. Can I finance a Helicopter?
Yes, financing of helicopters is a loan option,
meeting the same criteria as other aircraft.
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3. Does
your financing program include experimental aircraft?
Unfortunately, at this time financing for experimental,
home-built, antique, kit built, military surplus
and ultralight aircraft is not part of our financing
availability.
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4. Can
I obtain a loan for a corporation, LLC, or for
lease-back?
Loans made to a corporation, LLC, or for lease-back
are acceptable, but they are still made based
on the individual’s credit history and will
require a personal guarantee.
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5. How
long will it take to find out if I am approved
of an aircraft loan?
Within 24 hours from the time of submission and
receipt by the lender your loan will be decisioned.
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6. If
I am approved, how long will I remain qualified?
Your qualification will remain valid for up to
60 days from the time of approval.
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7. Is
the purchase of an airplane tax deductible?
There are definitely times when an aircraft purchase
is tax deductible; however, we strongly recommend
that you contact your tax advisor and or accountant
to review your personal tax status situation.
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8. Is
an appraisal of the aircraft I wish to finance
required?
In some cases a loan officer will require an appraisal
of the aircraft prior to making a dollar value
call on the loan depending on the loan size and
aircraft type you wish to purchase. On other occasions
it will only be necessary to provide a description
of your aircraft including any special equipment,
engine and airframe time along with the avionics
to the lender for decision.
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9. Can
the sales tax on an aircraft purchase be financed?
In most cases, it is the responsibility of the
purchaser to pay for sales and usage fees.
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10. Can
I get an aircraft loan to improve or upgrade my
existing aircraft?
Yes, we offer aircraft improvement loans for overhauls
and upgrades to your existing aircraft.
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11. Am
I required to have insurance coverage at the time
of acceptance of the loan?
You will be required to maintain full ground and
flight insurance as well as “Breach of Warranty
Insurance” for the amount of the aircraft
loan. Your chosen lender will be named as the
“loss payee” on the title and will
be protected by a “lien holder’s endorsement.”
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For additional frequently
asked questions regarding RV Loans or Boat Loans,
please follow the link.
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