Buying an aircraft is a major purchase with many considerations and financing can get complicated. The first step is determining what type of aircraft you need and understanding how much you can afford to spend. Fortunately there are many specialty lenders dedicated to aviation loans to make purchasing easier.
Key tips for when you want to find aircraft financing:
- Find out what incentives are available from various aircraft manufacturers. You may be able to secure a lower rate for buying a specific model that the manufacturer wants to move.
- If you are buying the plane for business use talk to your tax advisor about options for tax credits and using pre-tax funds to pay for the aircraft.
- Consider applying for pre-approval before you shop for the plane you wish to purchase as having financing lined up can make negotiations go smoother.
- Make sure you consider all costs of ownership when creating your budget. You will have storage costs, maintenance, insurance, and fuel costs to consider when flying your own aircraft.
Owning your own aircraft has a lot of benefits. Whether you are just looking to enjoy peaceful afternoons soaring above it all or you will be commuting to another city and avoiding commercial airports, having a plane or helicopter can give you a great sense of freedom.
Advice on finding the best aircraft financing:
Getting the best rate with the lowest monthly payment is the first thing on most people's minds when looking for aircraft financing. You also need to find out all of the terms including if there are penalties for early repayment and if you can finance the warranty or prepaid maintenance plans. Some lenders can even help you find the right aircraft to purchase and assess the value for you so you don't end up with a lemon. With a bit of research you should be able to find the aircraft financing that is right for you and your credit rating.
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