Aircraft Financing - The Best Way to Own an Aircraft

Aircraft Financing - The Best Way to Own an Aircraft

Owning an aircraft might seem like a thing of the past, especially due to how bad the economy has become. However, people can now continue to enjoy the luxury of owning an aircraft through aircraft financing from a wide range of entities. People no longer have to worry about losing the ability to enjoy life a little in the midst of the economic crisis.

Aircraft financing is available through various programs, as well as from different financial institutions. One such program is the AOPA Aircraft Financing Program, which is endorsed by the Aircraft Owners and Pilots Association (AOPA). This program is particularly enticing to people interested in aircraft leasing, because it offers very low fixed rates to purchasers. In addition, this financing program also offers auto payment options, which allows your monthly repayment amounts to be deducted from your account.

Apart from the AOPA Aircraft Financing Program, there are several other programs available to allow people the flexibility of aircraft financing. In most cases, these financing options extend loans to people interested in any type of aircraft. This includes experimentals, turbines, twin engine models, as well as single engine models. And, the good thing is that used aircraft financing is also available. Therefore, you do not have to worry too much about whether or not you will be able to afford a new model.

In many cases, the financing options extend between 10 and 20 years to borrowers for repayment. In addition, most ask for a very small down payment and extend flexible repayment terms.

In general, these financing companies will require certain things to process your financing. These include:

- Photographs of the aircraft as proof that it actually exists. There have been too many cases where individuals have tried to defraud lending institutions. Considering that aircraft loans are much more significant than say car loans, financing institutions make sure to protect themselves.

- Acceptable and full insurance coverage for the passengers, crew as well as the aircraft itself.

- A pre-purchase inspection done to ensure that the aircraft is fit for sale. Once it passes the requirements, the financial institution will proceed with financing.

- Signed contracts indicating that the existing owner is ready to sell to the person borrowing the money.

Aircraft financing is an ideal way to own an aircraft and have the luxury of flying around at your own pace without worrying about having all the money up front. As bad as the economy is, there is still the option to enjoy some luxury without worrying too much about where the entire amount of money is going to come from.

Choose aircraft financing if you are an aircraft lover who really does not want to give up your passion because of the limits of your pocket.