The good news is that aircraft are selling faster and for higher prices than at any other time in recent memory. The bad news is that buyers must be ready to close the deal when they find the airplane they want. That’s why being prequalified has become a requirement in today’s market.
But, obtaining financing from a typical bank can lead to more problems than solutions. AOPA Aviation Finance can streamline the process and get you the best rates available.
“Nearly 60 percent of our loans last year were to first-time aircraft buyers,” AOPA Aviation Finance President Adam Meredith said. “Given that inventory levels are so low and demand is so high, pilots have been very interested in getting preapproved so that they can act fast.
“The loan approval process can take a few days,” he added. “That time can mean the difference between getting the airplane you want and missing out.”
Not every loan is the right loan.
Yes, any bank can fund your loan, but Meredith cautions that simply securing the loan may not lead to the best long-term outcome.
“If you go to a regular lender, they’ll only give you the types of loan structures they typically do,” he said. “Because of the size and volume of transactions we handle, we’re able to obtain the most comprehensive and favorable aircraft financing options available.
“Along with finding the lowest rates, on most loans there are no additional fees to the borrower,” Meredith added.“And we can obtain financing on pretty much any aircraft type from a light piston-single up through a larger-cabin business jet. Every owner has different needs, and we use our experience to create the financing solution that enables buyers to get the aircraft they want.”