AOPA Pilot Magazine - March 2014 - 100

SURVEY

NEWS & NOTES

55%

of AOPA members own or lease an aircraft
personally or in partnership.

AOPA AVIATION FINANCE

Financing is not just for aircraft purchases
Upgrades, avionics, and mods also can be financed
WHEN YOU THINK OF AIRCRAFT FINANCING, you most likely think
of obtaining a loan to buy a new or previously owned aircraft.
But, with the cost of many upgrades to an existing aircraft running into the thousands of dollars, AOPA recognized a need in its
members to finance these aircraft renovations which for many
are cost-prohibitive.
AOPA Aviation Finance can secure a loan for members for
engine overhauls, avionics upgrades, paint and interior-pretty

preapproves the work. Yet, Meredith adds, "In some circumstances, you can get a loan even after the work is done."
Meredith says that AOPA will place your request with several
of its dozen lenders, depending on a number of conditions-the
amount, the purpose, your own financial history-to ensure you
get the best deal. Loans can be amortized from seven years to 20
years, depending on the amount. Meredith adds, "A bare minimum loan would be $10,000."

AOPA Aviation Finance can secure a loan for members for engine
overhauls, avionics upgrades, paint and interior-pretty much
anything you want to do, such as a glass panel or even a new engine.
much anything you want to do, such as a glass panel or even
a new engine. Adam Meredith, president of AOPA's aviation
finance division, says, "You just have to make a note in the application regarding the purpose of the loan."
Meredith stresses the flexibility of these loans. He says you
can apply before, during, or after the work is complete. He
says a routine amount for these loans is between $20,000 and
$40,000-an amount thatis too small for many conventional
financing companies. That makes aircraft owners turn to credit
cards or a home equity line of credit to finance aircraft upgrades.
Applying for the loan is easy. Of course, you must provide
typical financial information, along with tax returns. A lender
will require some sort of invoice or cost estimate and typically
HOW MAY WE HELP YOU?
The AOPA Pilot Information Center has gathered resources
for aircraft owners and potential purchasers:
* Vref-Use AOPA's aircraft valuation service, provided by
Vref, to perform an aircraft valuation online.
* Tips on Buying Used Aircraft-Read before you buy.
* Financing an Aircraft-AOPA Aviation Finance LLC.
* Insurance-AOPA Insurance Services.
* Aircraft Fact Sheets-Comprehensive database on nearly
100 aircraft.
www.aopa.org/Pilot-Resources/Aircraft-Ownership.aspx

100 | AOPA PILOT March 2014

To start the process, contact AOPA Aviation Finance
Company at 800-62-PLANE (75263) or contact them through
the website (www.aopafinance.com). Its friendly staff will
speak your language and take the confusion out of securing
a loan to upgrade a current airplane. Don't forget that using
AOPA Aviation Finance not only helps you but helps AOPA in
its mission to keep GA airports open and support your right
to fly.
AOPA Aviation Finance has a staff of knowledgeable
specialists to help find solutions for your lending needs
and answer all your aviation financing questions. Call
800-62-PLANE (75263) to speak with a specialist.

ANSWERS FOR PILOTS

IT'S TAX TIME, AGAIN!
AOPA HAS REVIEWED its online publication, "The Pilot's
Guide to Taxes." Find out what's changed regarding
aircraft ownership and operations for tax year 2013
in this month's Answers for Pilots (www.aopa.org/
Pilot-Resources/Answers-for-Pilots.aspx).

http://www.aopafinance.com http://www.aopa.org/Pilot-Resources/Answers-for-Pilots.aspx http://www.aopa.org/Pilot-Resources/Answers-for-Pilots.aspx http://www.aopa.org/Pilot-Resources/Aircraft-Ownership.aspx

AOPA Pilot Magazine - March 2014

Table of Contents for the Digital Edition of AOPA Pilot Magazine - March 2014