How to Find Aircraft Loans

Check with your current bank. Be aware, however, that your local bank probably doesn't have the expertise to evaluate and make loans for airplanes. Even so, your bank is the first place you should go when looking for airplane financing. You might not get the loan there, but your banker may be able to recommend other loan sources to you. She has financial community contacts that you don't, so you might as well take advantage of her specialized knowledge.

Talk to the dealer you are buying the aircraft from about financing. If you are buying the plane directly from a private party, ask him where he got his financing. If the airplane was financed before, the same lender might be willing to finance it again for you.

Check out the Aircraft Financing Program offered by the the Aircraft Owners and Pilots Association (AOPA). It offers financing provided by Bank of America for new and used aircraft. Additionally, the AOPA website (see References for a link) has many resources for potential owners, including tips on finding and inspecting aircraft for sale, an airplane valuation tool, information about partnerships and clubs, and total ownership cost estimators.

Look at the Services/Misc section of the Trade-A-Plane website (see Resources). You'll find a number of financial institutions listed for aircraft loans.

Visit Aircraft Shopper Online and look at its list of aircraft lenders, which includes Dorr Aviation and Van Bortel Aircraft Financing.