Owning an aircraft for commercial or personal use can be a great dream before retirement for many people. However, if you haven’t been saving throughout your work-life for this large purchase, you may be wondering when the best time to finance an aircraft is and how to do it.
Here, we’ll give you tips on the best time to finance an aircraft before retirement, as well as what to look for in an aviation finance program. Keep reading!
Things To Consider Before Financing An Aircraft
There are a few key things you’ll want to keep in mind before financing an aircraft.
1) You’ll need to decide if you want to purchase or lease the aircraft: If you’re planning to use it for commercial purposes, it’s usually best to buy the aircraft outright. However, if you’re only looking to use the aircraft recreationally, you may consider leasing an aircraft instead of purchasing one.
2) Consider the type of aircraft you’re looking to finance: Different aircraft have different price tags and operating costs. For instance, a small, single-engine airplane will be less expensive to purchase and maintain than a large corporate jet. You’ll need to ensure you can afford the aircraft you’re interested in financing.
3) Consider your credit score and history: A good credit score will help you secure better interest rates on your loan. If you have a relatively low credit score, you may still be able to get into an aircraft finance program. However, you could have to pay a higher interest rate.
When Is The Best Time To Finance Your Dream Aircraft Before Retirement?
The best time to finance your aircraft will depend on a few factors, including your income, credit score, and the type of aircraft you’re interested in purchasing. If you have a good income and a great credit score, you may be able to finance an aircraft sooner than if you have a lower income and poor credit.
However, if you’re planning to retire, you must start and close the process before doing it. This is because financing companies care about cash flow. They also want to ensure you can cover the price of the loan and your personal expenses.
Get The Best Deals By Working With AirFleet Capital
If you’re interested in aircraft loans, AirFleet Capital can help you. We’re a leading company in the aviation finance industry. Our staff is highly experienced and proactive. They’ll guide you through our process and ensure you’re clear about everything you need.
With our aircraft loan programs, you can get helicopters, jets, turboprops, and pistons. Most of the time, we require a down payment of 20-30%. AirFleet Capital offers minimum loan amounts starting from $65,000 up to $100,000. Go ahead and contact us!
