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Aircraft Financing Options

The purchase price of an aircraft varies on the type, age and condition, but is almost always above $10,000. Due to the high cost of purchase, many aircraft owners choose to finance instead of paying cash. Individuals looking to purchase an aircraft should be aware of the myriad of financing options available to them. Aircraft loans are available through aircraft financing firms such as Airfleet Capital, NAFCO and the Aircraft Owners and Pilots Association.

AOPA
- AOPA offers aircraft loans through Bank of America, N.A. You can use AOPA loans to finance new or used aircraft. AOPA gives loans for many types of aircraft, including jet airplanes, piston airplanes and helicopters. To finance, AOPA requires that aircraft meet maximum age requirements: 10 years for jets and 15 years for non-jets. Down payments vary based on credit history and income. AOPA does not finance the purchase of experimental aircraft.
  
  You must be a U.S. citizen or permanent resident to apply for an AOPA loan. To apply for a loan, AOPA requires detailed tax and income information including pay stubs and W-2 forms. To apply for a loan, you can print an application at AOPA's website and fax it to 888-263-6262.
NAFCO
- The National Aircraft Finance Co., or NAFCO, issues loans for piston airplanes, jet airplanes, experimental aircraft and helicopters. Unlike AOPA, there are no aircraft age requirements. NAFCO's loan terms are typically 15 to 20 years and require at least a 15 percent down payment. You can apply online at NAFCO's website. Like AOPA, NAFCO requires tax returns, pay stubs and income information. NAFCO also requires proof of insurance.
AIrfleet Capital
- Airfleet Capital offers loans for piston airplanes, jet airplanes and helicopters. Airfleet grants loans for new and used aircraft that are at least $25,000 in value, and there are no aircraft age limits. Term periods range from five to 20 years. Down payments vary based on credit history and income. Detailed tax and income information including tax returns and pay stubs or earnings statements are required.

Aviation