How long does it take to be pre-approved?

Once the lender has your completed application, pre-approval usually takes one to two business days. A pre-approval shows you your budget before you shop and tells a seller you are a serious buyer.

How long does it take from request to closing?

The lender usually gives a pre-approval within a few business days of receiving its application. A clean file can close within a couple of weeks after that; the biggest variable is how quickly questions are answered. Aviation lenders understand aircraft; a local bank often cannot finance one at all.

How long can I finance my aircraft for?

Many aircraft loans run 10 to 20 years, and 20 years is a common maximum for certified aircraft. The longest term a lender offers depends on the aircraft's age, type and use and on the loan amount; older aircraft and types that lose value faster, such as turbines, twins and helicopters, often have shorter limits. Within that limit you choose: a shorter term pays the loan off sooner with less interest, while a longer one lowers the monthly payment.

What are the down payment requirements?

It depends on the aircraft, your credit and how you structure the purchase, so there is no single number. The lender works out the options for your aircraft and situation, which is one more reason to start the conversation early.

What are the interest rates I should expect?

Rates depend on the aircraft, the term, your credit and the lender. The lending partner quotes the rate; Hangar67 does not set or publish rates.

Are there closing costs?

Depending on the lender there can be closing costs for escrow, title work or other items tied to closing the loan.

Does it cost anything to send a request?

No. Sending a request through Hangar67 is free. If the lender charges a fee, such as an origination fee, it tells you before you accept its offer.

Are there any usage restrictions?

Your loan describes how you plan to use the aircraft. If that changes - for example you put the aircraft on a charter certificate - tell your lender first.

What age of aircraft can I finance?

Older aircraft are financed every day. An older aircraft can mean a shorter loan term rather than a no, and condition, logbooks and damage history count as much as the year. The lender looks at your specific aircraft.

What factors impact my ability to finance an aircraft?

Your credit, the aircraft's age, make, model, avionics, use and history, your down payment and the loan amount all factor into a lender's decision.

Is Hangar67 a loan broker?

No. Hangar67 is a marketplace for aircraft, not a lender or a loan broker. We match your request with an aviation lender suited to it, and the lender may pay Hangar67 a referral fee. You pay Hangar67 nothing.