Frequently Asked Questions

Most lenders prefer a minimum credit score of 650-680. However, we can work with scores as low as 600 depending on other factors. Your exact rate will depend on your credit profile.

Typically 20-30% down payment is required. Some programs allow as low as 10-15% with compensating factors. The larger your down payment, the better your interest rate.

Conventional aircraft loans typically close in 24-48 hours. SBA loans take 6-8 weeks. We can provide estimates based on your specific situation.

Yes! We finance both new and used aircraft. Used aircraft typically require a pre-purchase inspection, which is highly recommended regardless.

Current rates range from 4.0-8.5% APR depending on credit profile, aircraft type, and loan term. Better credit = lower rates.

Terms typically range from 10-20 years for conventional loans, up to 25 years for SBA loans. Longer terms mean lower monthly payments but more total interest.

Yes! Most loans have no prepayment penalty, so you can pay it off anytime without penalty. This can save significant interest.

If you want lower monthly payments, choose a longer term (20 years). If you want to minimize interest, choose a shorter term (10-15 years). We can run calculations both ways.

Yes, if you have a loan, your lender will require it. Even without a loan, insurance is highly recommended to protect your investment.

Costs vary widely but typically range from 0.6-1.0% of aircraft value annually. A $500K aircraft might cost $3,000-$5,000/year depending on your pilot experience and aircraft type.

On average, expect $15,000-$35,000 annually including fuel, maintenance, insurance, and hangar. A detailed ownership budget depends on your specific aircraft and usage.

At minimum, an annual inspection is required. Additional maintenance depends on aircraft age, hours, and condition. Budget 5-10% of aircraft value annually for maintenance.

Typically you'll need: valid ID, recent tax returns, proof of income, bank statements, pilot license, and information about the aircraft.

Yes! Our online pre-qualification takes 10 minutes and gives you a rate estimate. Full approval requires additional documentation.

Highly recommended, especially for used aircraft. While not always required for financing, lenders appreciate seeing inspection results. The inspection typically costs $1,500-$3,000.

We can keep your approval active for 60-90 days while you shop. If you find a different aircraft, we can typically redirect your loan with minimal delay.

Yes! We work with self-employed pilots and business owners. We'll typically need 2 years of tax returns and a current financial statement.

We work with borrowers in many situations. Factors like income stability, down payment, and time since past issues are considered. Call to discuss your specific situation.

Yes! Business use aircraft may qualify for SBA loans with better rates. Business use also provides tax deduction opportunities. Discuss with our team.

Often yes! If rates have dropped or your credit has improved, refinancing can lower your payments or shorten your term.

Entry-level aircraft like the Cessna 172 and Piper Cherokee offer best value. Look for 10-20 year old models to balance capability and cost.

Used aircraft offer better value for cash flow. New aircraft have warranty and latest technology but depreciate heavily in year 1. Most buyers choose used.

For singles: Cessna 182, Mooney M20, or Piper Saratoga. For multi-engine: Any of the twin models. For turboprops: King Air or TBM series.

Light sport and small training aircraft like Cessna 150/152 have lowest hourly costs (~$30-40/hour). Larger aircraft cost more per hour but often have lower per-mile costs.