Financing, Or Refinancing Your Aircraft

There are a few different factors that will affect the terms of an aircraft loan whether you are purchasing a new aircraft, or refinancing. Listed on this page is the general information that we need to know before we move forward with a client's application. We have also listed the finance process from start to funding.
 

Factors That May Affect Your Loan Terms

BORROWER
•   Corporate / Private Borrower
•   Income, Net Worth, Contingent Liabilities
•   Previously Owned Aircraft

AIRCRAFT
•   Year, Make, Model
•   Aircraft Total Time
•   Is the Aircraft on an Engine Maintenance Program

AIRCRAFT USAGE
•   Part 91 / Part 135 Operation
•   Annual Usage in Hours
•   Aircraft Domicile

DOWN PAYMENT
An industry standard of 20% - 25% down payment is required. In some cases the down payment can be as low as 10%. 
The down payment may affect the interest rate, payment and amortization schedule.
 

How The Finance Process Works

UNDERWRITING
Once we have received a complete Credit Package, our underwriters will do an initial review. After our initial review, we will send a Term Sheet to the client. After the client approves of the terms outlined, we will move forward with our underwriting. How long underwriting takes varies depending on the complexability of the client's financial situation, but it generally takes between 3-10 business days. To make sure that timing is met by all parties, we will give the client an estimate on timing once we have reviewed the Credit Package. 

CLOSING
You will receive a formal Loan Approval from us after being approved. Once approved we will conduct an appraisal after which we will start with the closing process. Our closing process generally takes 2-5 business days depending on when the appraisal will take place.  We will work directly with any other parties involved such as insurance agent, title / escrow company and seller's representative to make sure that we have a smooth closing process.