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 secured pre-approval for aircraft financing but faced an unexpected challenge when their chosen plane, a Commander, was deemed an "orphan" by the initial lender because its manufacturer was out of business.
This experience highlighted the critical need to educate lenders on specific aircraft details, as their loan officer initially lacked knowledge about the Commander's unique status, leading to financing refusal.
Despite the setback, the author found a more understanding lender and proceeded with the pre-buy inspection of the desired Commander, demonstrating perseverance in their aircraft purchase journey.

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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.