How long does it take to be pre-approved?

We can pre-approve your loan in less than 24 hours. With a pre-approval, you will find sellers much more responsive to your inquiries. Pre-approval puts you on an equal playing field with cash-buyers.

How long does it take from the application to closing?

There is a fair amount of variability in the timeline from the initial application to closing. Some of that timeline is under your control – how fast are you responding to lenders’ requests for information. Once all documentation is in place and any questions are answered the loan process can be as short as 5-7 business days. We work exclusively with aircraft lenders who understand the market, understand aviation, and make aircraft loans every day. Your local bank will likely take longer, if they are even able to finance aircraft at all.

How long can I finance my aircraft for?

Depending on the age of your aircraft, the type of aircraft, its usage and a few other factors the term of a loan can range anywhere from 5 to 20 years.

What are the down payment requirements?

Typical down payment terms are from 10% to 20% we have some lenders who will make loans for no money down, it depends on several factors so we always encourage our members to begin the financing process early so they are able to plan well.

What are the interest rates I should expect?

Aircraft lending like most other loan programs are competitive and Hangar67 has worked to have several lenders available to get you, our member, the best deal possible.

Are there closing costs?

Depending on the lender there can be some closing costs to cover items such as escrow, title process, or other items directly related to closing the loan.

Are there application fees?

We work with our lenders to make sure there are no fees for getting a preapproval. Some lenders have fees associated with the application process past the pre-approval stage to ensure they can offer you the best overall terms.

Can I work with more than one lender?

Yes, however, we work hard on the front-end to find you the very best deal so it usually is not necessary.

Are there any usage restrictions?

Your loan will detail how you plan to use the aircraft, if that changes you will need to work with your lender to keep them apprised. For example, if you borrow for an aircraft for personal use and begin a charter service or place the aircraft into a charter service you will definitely want to let your lender know ahead of time and get their approval.

What age of aircraft can I finance?

Generally most lenders want to work with aircraft that are under 20 years of age. We do have some lenders willing to lend against aircraft older than that, the terms may not be as favorable as a newer aircraft however.

What factors impact my ability to finance an aircraft?

Your credit, the age, make and model of the aircraft, what type of avionics the aircraft has, the usage of the aircraft, the aircraft’s history, how much of a down payment you are willing to put down, and the total loan amount are all some of the factors that go into determining a lender’s willingness to loan you money for the purchase of your next aircraft.

Is Hangar67 a loan broker?

We are not a traditional loan broker. We work with numerous banks and a small number of aviation brokers. Our primary mission is to find you the best rate and terms for your aircraft loan. We are paid a lead generation fee but our fee does not influences the loans offered to you.

How does my bank or brokerage join?

If your bank has provided aviation loans for at least 12 months or you have been an aircraft broker for more than 2 years, we would be happy to discuss a potential relationship. Please contact us to initiate a consultation.