Owning a helicopter has many advantages. You can avoid traffic, travel to remote locations, and even land on your own property. But helicopters are expensive, so you may be wondering how long you can finance a helicopter. In this blog post, we’ll go through all the details of this process. Go on and keep reading!
What You Need To Know Before Getting A Helicopter Loan
How Does Helicopter Financing Work?
First, let’s look at how helicopter financing works. Helicopter financing is similar to other types of vehicle financing. The lender will give you a loan for the purchase price of the helicopter, minus any down payment.
The lender will then charge you interest on the loan. The loan terms will specify how long you have to repay the loan and what your monthly payments will be.
Loan Approval
The lender must begin its underwriting procedures before approving your loan application. The lender will almost certainly follow up with one or more questions and seek any missing paperwork, which is the underwriting process.
If the lender decides they can grant the loan, it will send you an Approval Letter that’ll state the terms and rates of the deal.
Common Terms & Downpayment
Down payment on an aircraft purchase can range from 10% to 25%, depending on the type and condition of the aircraft. Still, individual agreements may call for more or less. Typically, a loan term of up to 10 years with an interest rate between 4% and 6.5 percent is expected. Naturally, the helicopter will serve as collateral on loan.
Helicopter Insurance
You should insure your helicopter for up to 111% of the loan amount. You can also get a replacement-value policy by insuring the equity and the loan. Several major helicopter insurers, including brokers and agents, provide this coverage. Personal helicopter insurance is required if you fly for pleasure.
Financing Application Process
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Prepare Your Application Package
We aim to provide you with the fastest turnaround possible in the market. We strongly recommend that you submit the application with the requested details and supporting financial documents. Find the details here.
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Submit The Application Package
You can send the information through different email, mail, or fax formats. You can also upload it to our website.
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The Underwriting Process
Once we receive your application, we’ll contact you to confirm the receipt. If needed, we will contact you to ask additional questions or for any missing paperwork. After the underwriting, AirFleet will issue a formal Approval Letter with the rates/terms and any other conditions before closing.
For How Long You Can Finance A Helicopter With Us
With AirFleet Capital, you can get a private helicopter part 91 with a minimum loan amount of $100,00. The downpayment should be 25%, and you can cancel the debt from 10 to 15 years. This is a rough estimate, so don’t hesitate to contact us for more information. Find more details about our process.
Get a Great Deal With This Helicopter Loan Programs
At AirFleet Capital, we’re a leading aircraft financing company in the United States. We provide helicopter loans at great rates, and our helicopter loan programs will fit your budget. Our staff will guide you through our whole application process, ensuring it’s easy and uncomplicated.
Go ahead, browse our website and find our helicopter financing options today. We’re eager to welcome you to AirFleet Capital’s family. Fly high with our help!
