AOPA Pilot Magazine - March 2015 - 106

NEWS & NOTES

AVIATION FINANCE

Speeding up aircraft loans
Five reasons to get preapproved
WHEN YOU ARE PREAPPROVED for an
aircraft loan, the lender will provide a specific dollar limit it is willing to lend you
based on your financial situation. With
most preapproved loans, you can lock in
the rates for a specific period. For example, AOPA Aviation Finance lenders can
lock in your rates for 30 to 60 days. Here
are some factors to consider when determining whether a preapproval makes
sense for you.
1. Applying for a preapproval helps you
narrow your search. Finding the right airplane can be overwhelming. When you
apply for a loan in advance, you will have a
financial dollar limit and a set plan for the
type of aircraft. You'll know exactly how
much you are able to spend.
2. You'll spend more time looking for that
one airplane that's exactly right for you.
Since the financing portion has already
been set, you can maximize your search

for and research of airplanes that fit your
mission.
3. You'll avoid disappointment, frustration, and embarrassment. You can avoid
the broken heart of finding the right airplane only to find out you aren't approved
for that amount of money. Also, certain aircraft can require more stringent financing
terms, making the purchase impractical.
Finding out at the last minute is a huge
disappointment-not to mention the
potential embarrassment if you've told
other pilots, family, and friends about the
airplane you're about to own when the
deal can't be made.
4. A preapproved loan increases your
negotiating power with the seller.
With a preapproved loan, the seller has
ON THE

WEB

confidence that the sale won't fall through
at the last minute because the buyer
isn't approved. In fact, when there are
multiple offers for the same airplane, the
seller is more likely to go with a buyer who
has already been preapproved, because
there should be no surprises down the
road.
5. You'll have a faster closing. With
paperwork and application processing completed, you will be able to move
quickly to the prepurchase inspection and
the purchase.
AOPA Aviation Finance can help you
get preapproved loans. All net income goes
back into AOPA to protect our freedom to
fly, support the general aviation infrastructure, and grow the pilot population.

Visit the website (www.aopafinance.com) to start the process with a quick online form, or call 800/62-PLANE (75263).

CONTACT AOPA
AOPA FOUNDATION
ADDRESS CHANGE?

Send your new address and AOPA
membership number to AOPA:
421 Aviation Way
Frederick, Maryland 21701-4798
Fax: 301-695-2375
www.aopa.org
TOLL-FREE PILOT
INFORMATION CENTER

800-USA-AOPA (872-2672)
www.aopa.org

AOPA AIRCRAFT INSURANCE

AIR SAFETY INSTITUTE

AOPA AIRCRAFT PARTNERSHIP PROGRAM

AOPA CREDIT CARD PROGRAM

AOPA PILOT PROTECTION SERVICES

AOPA AIRCRAFT FINANCING

AOPA RENTAL CAR PROGRAM

800-955-9115
www.aopafoundation.org
800-638-3101
www.airsafetyinstitute.org
800-523-7666
www.aopa.org/creditcard
800-627-5263
www.aopafinance.com

800-622-AOPA (622-2672)
www.aopainsurance.org
800-622-AOPA (622-2672)
www.aopa.org/aircraftpartnership
800-USA-AOPA (872-2672)
www.aopa.org/pps
866-315-9155
www.aopa.org/cars

AOPA PILOT INFORMATION CENTER HOURS

Do you have questions or need information about an aviation topic? Access the team of aviation experts in our Pilot Information Center
during our convenient weekday hours. Call 800-USA-AOPA (872-2672) Monday through Friday, 8:30 a.m. until 6 p.m. Eastern time, with
your questions and our staff will be happy to assist you.
WEB Visit the website (www.aopa.org/aopapremier) to learn about upgrading to the AOPA Premier membership.

106 | AOPA PILOT March 2015

http://www.aopafinance.com http://www.aopafinance.com http://www.aopafoundation.org http://www.aopainsurance.org http://www.airsafetyinstitute.org http://www.aopa.org/aircraftpartnership http://www.aopa.org http://www.aopa.org/creditcard http://www.aopa.org/pps http://www.aopafinance.com http://www.aopa.org/cars http://www.aopa.org http://www.aopa.org/aopapremier

AOPA Pilot Magazine - March 2015

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