Aircraft Loans Frequently Asked Questions

We recommend you have a tax advisor or your accountant review your particular situation. They are best qualified to evaluate your tax status.

We have an aircraft improvement loan that can be utilized for various upgrades and improvements to your aircraft. If you need to have additional work completed on the aircraft we can quickly re-evaluate your application to see if you qualify for the additional funds.

In most cases a description of your aircraft, the avionics, any special equipment and the engine and airframe time will suffice. In some cases, the underwriter may require an appraisal based upon loan size or aircraft type.

No, it is your responsibility to pay for sales and usage fees.

You are required to maintain full ground and flight insurance as well as "Breach of Warranty Insurance" for the amount of the loan. Bank of America must be named as "loss payee" and be protected by a "lien holder's endorsement."

Loans made in the name of a corporation, LLC, or flying club are still made based on the INDIVIDUAL'S credit history and require a PERSONAL guarantee. There are some exceptions on lease-backs depending on how the aircraft will be used.

We will have a decision by the next business day following the receipt of your online application. If you prefer to apply via telephone, you may have a prequalification decision in minutes. Call 1.800.62.PLANE (1.800.627.5263).

prequalifications are good for 60 days and may be extended based on your needs.

The Aircraft Owners and Pilots Association (AOPA) is a not-for-profit individual membership association. The AOPA is the largest, most influential aviation association in the world, and provides member services that range from representation at the federal, state, and local levels to legal services, advice, and other assistance. AOPA Member Products provides a wide range of insurance and financial services that can help you finance or refinance your aircraft.

For more information, visit: www.aopa.org/info/memberproducts or call

• The AOPA Insurance Agency  1.800.622.2672
• AOPA Aircraft Title Services   1.800.872.2672
• AOPA Legal Services Plans     1.800.872.2672
• Pilot Assistance Hotline          1.800.872.2672