Frequently Asked Questions
Find answers to common questions about aircraft financing and ownership
How much do I need for a down payment on an aircraft loan?⊕
Most lenders require 20-25% down payment. Some aircraft loans may be available with as little as 15-20% down depending on your credit and the aircraft.
What credit score do I need to qualify?⊕
Most aircraft lenders require a minimum credit score of 650-700. A higher score typically qualifies you for better rates.
How long does the approval process take?⊕
The process typically takes 2-4 weeks from application to closing, depending on the aircraft appraisal and inspection timeline.
Can I get an aircraft loan if I am self-employed?⊕
Yes, self-employed individuals can qualify. You'll need to provide 2 years of tax returns and business financial statements.
What documents do I need to apply?⊕
You'll need identification, proof of income, bank statements, personal financial statement, and details about the aircraft.
How much does aircraft insurance cost?⊕
Aircraft insurance ranges from $500-$2,000 annually for small single-engine aircraft, to $5,000-$15,000+ for high-performance aircraft.
What maintenance costs should I budget for?⊕
Budget $800-$1,200 per flight hour annually. This includes annual inspections, oil changes, avionics repairs, and engine reserves.
Can I use the aircraft for business purposes?⊕
Yes, but you'll need commercial insurance and your lender may have specific requirements. Discuss this with both your lender and insurance broker.
What is the typical loan term for aircraft?⊕
Aircraft loans typically range from 3-20 years depending on the aircraft age, type, and your preferences.
Do I need a pilot's license to get an aircraft loan?⊕
Not necessarily, but if you'll be flying the aircraft yourself, you'll need a valid pilot certificate and medical certificate.