Purchasing a private aircraft differs vastly from other big-ticket-item transactions you’ve likely completed, and the differences may surprise you. First, for some context, we’ll discuss private aircraft financing, covering piston singles through light jets—aircraft mostly flown/ operated by the owner.
The private aircraft loan process is best described as a hybrid between buying a car and a house. Aircraft lenders will examine some of the same criteria as a home mortgage lender, including credit and income, but the analysis is generally performed much more quickly than a home mortgage. Depending on the size of it, an aircraft loan can be approved within a week or two and close as quickly as a few days thereafter.
