Financing a turboprop can be a daunting task. There are many different factors to consider, and the process can seem overwhelming. But don’t worry, we’re here to help! This article will explain how turboprop financing works and walk you through the process step-by-step. Keep reading!
FAQs About Turboprop Aircraft
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What Are Turboprops?
It’s similar to a turbojet, except that it has an extra turbine. It’s located behind the combustion chamber; it spins through a shaft and speed-reducing gears to drive a propeller at the front of the engine.
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How Does Turboprop Financing Work?
Turboprop financing works by financing the aircraft purchase through a financial institution. The financial institution will then lease the aircraft to the customer. The customer will make monthly payments to the financial institution, and the financing terms will vary depending on the type of aircraft and the loan size.
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Turboprop Insurance
Turboprop planes fly higher and faster, carrying more people. It’s essential, then, to consider the associated dangers. Every time a turboprop aircraft flies a mission, its insurance coverage is different.
Even if the turboprop aircraft is only used for Part 91 purposes, it’s vital to understand the variations between the FAA rules and your insurance policy. The insurance company should help you develop the most comprehensive policy to fit your needs.
Our Turboprop Loan Program‘s Financing Process
- Complete The Application Package
You can see all the requirements here. We request a few things to help us respond quickly and operate at peak efficiency, like submitting the application with all of the requested information and supporting financial documents in full and on time.
- Send The Information To Us
You’ll have to email, fax, or mail the data after it’s completed. You can also upload and submit all the data to AirFleet Capital’s website.
- Underwriting Process
Once we’ve received your application, we’ll get in touch with you to inform you that we received it. We’ll contact you if there are any issues or if more information is needed from you. AirFleet will send a formal letter to you after the underwriting process is completed, containing all the details, interest rates, and terms.
How Long You Can Finance A Turboprop With AirFleet Capital
With AirFleet Capital, you can get a private turboprop part 91 with a minimum loan amount of $100,000. The downpayment should be 15-20% of the aircraft’s price, and you can extend the financing for up to 20 years for aircraft from 1994+.
You can also get a commercial turboprop with a minimum loan amount of $100,00 and a downpayment of 30%. You can also extend the financing time from 10 up to 15 years.
Spread Your Wings & Reach The Sky With AirFleet Capital
AirFleet Capital provides competitive turboprop financing options for part 91 and commercial use. We’re here to help you get the most out of your aircraft purchase, so don’t hesitate to reach out to us today and deep dive into our process’ details!
We’re a leading aircraft financing company, and aircraft enthusiasts and former pilots form our team. We understand your situation, needs, and goals like no other. Working with AirFleet Capital will get you the best possible service and financing options available. Wait no more and contact us!
