Finding Your Ideal Aircraft: You Know What They Say About ‘Best-Laid Plans’

Aircraft financing is unique when compared with home or car loans.

Jonathan Welsh

Monday, October 24, 2022 at 04:24 PM ET

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On our way to the pre-buy inspection. [Credit: Jonathan Welsh]

Key Takeaways:

The author faced an unexpected financing hurdle when their initial lender denied a loan for a Commander 114B aircraft, classifying it as an "orphan" because its manufacturer was out of business.
This experience revealed that buyers might need to educate lenders on specific aircraft details, as financial institutions may lack knowledge about manufacturer support status and its implications for loan eligibility.
Despite the initial rejection, the author demonstrated persistence by finding a more sympathetic lender to continue the purchase process for their desired aircraft.
The article conveys the author's strong emotional connection to the Commander, highlighting the joy of flying it and the determination to overcome obstacles to acquire it.

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When my wife and I got serious about buying an airplane, one of the first steps was to secure pre-approval for financing. That would allow us to shop with confidence and make an offer as soon as the right candidate appeared.

We also understood the importance of keeping our lender updated on the aircraft we were considering, because the exact terms of the transaction would change with varying market values of different aircraft. What we did not know was that we might need to educate the lender regarding certain details of the aircraft we intended to buy.