Having aircraft financing needs?  AmRock Financial can help you soar to new heights if you are considering buying an       aircraft for your business, one possible way to get financing  is with an equipment loan.

Are you ready for take-off? Here are the top 7 tips to keep in mind when applying for aircraft financing:

1. Credit Score and Financial History

Lenders will consider your credit score and financial history when determining whether to approve you for financing. It’s important to have a strong credit score and a history of responsible financial management to increase your chances of approval.

2. Type of Aircraft

The type of aircraft you want to finance can impact the terms and conditions of your loan. Generally, lenders prefer to finance new or nearly new aircraft, as they offer less risk of mechanical issues and depreciation.

3. Collateral

The aircraft itself will usually serve as collateral for the loan. You may need to provide additional collateral, such as a personal guarantee or a lien on other assets.

4. Down Payment

Lenders may require a down payment of 10-20% of the aircraft’s purchase price. A larger down payment can reduce your monthly payments and improve your chances of approval.

5. Terms and Conditions

Be sure to carefully review the terms and conditions of the loan, including interest rates, fees, and repayment schedules. Consider working with a financial advisor to help you understand the details and negotiate the best terms possible.

6. Maintenance and Insurance

Lenders may require you to carry certain levels of maintenance and liability insurance on the aircraft to protect their investment.

7. Lender Requirements

Different lenders may have different requirements for aircraft financing. Consider shopping around to find the lender that best fits your needs.

Overall, aircraft financing can be a complex process, and it’s important to do your research and work with knowledgeable professionals to ensure that you make informed decisions and secure the funding you need.