You are reading this article right now because you have been flying around for some time. You have also been doing this using a lot of chartered planes, and now you are considering if it may not be better that you own a plane outright. You will be wanting to avail of several aircraft loans out there, but before you do, finish off this article.
It may be a good idea to prepare a checklist first before signing on the dotted line. A checklist is very useful, especially where big ticket item purchases and costs are involved. By having one, you can rest assured that you will not leave out anything to be desired especially when it comes to crucial information you need for an informed decision.
First on your list is to decide if you will be getting a second hand or used plane or a brand new one. Sometimes loans for the latter are cheaper than the former. This is because sometimes manufacturers will give rebates when early settlement of monthly or annual dues are met, and sometimes there are tie ups with banks to give soft loan conditions as part of marketing to get new stock rolling out of the factory.
Try to gauge if you will be using the plane frequently and for what purpose. Make sure you will really use it 90 percent of the time and it will not remain idle for a majority of the time. If you have decided on a plane which you need, stick to that and do not look at too many alternatives, for more often than not you may be swayed into a more expensive and impractical option.
Always choose a plane that is more cost efficient rather than one that is fast and will get you there in record time. Sometimes faster is not always better, for faster planes will mean that you consume more fuel and thus a higher operating cost per mile. It is practical that you get all possible calculations in terms of operations and consumables that you will need per flight so you can get an idea if it is a practical plane for you or not.
It may also be a good idea to join a pilot forum as regards the purchase financing of new aircraft. Plenty do exist out there, but sadly for first time buyers they do not take advantage of these areas of vast information. You can get the best information from these forums from veteran flyers and also others who went through a financing scheme. As them the pros and cons of getting a loan and where the best one is.
Take a test flight of the plane that you have in mind before you take out a loan for it. Most of the time, people will buy on a whim without even making a test flight. When taking a test flight take note of the performance and ask as many questions as you can about the plane. Include in your queries warranties, servicing, parts and maintenance information and other related information.
And lastly but more importantly, let your accountant look at the figures that you will be working on from the loan document and get an opinion. Ask if it is workable given your finances and see if it can be modified to adjust for inflation if needed, and if a fixed or market rate will be beneficial for you in the long run.
It may be a good idea to prepare a checklist first before signing on the dotted line. A checklist is very useful, especially where big ticket item purchases and costs are involved. By having one, you can rest assured that you will not leave out anything to be desired especially when it comes to crucial information you need for an informed decision.
First on your list is to decide if you will be getting a second hand or used plane or a brand new one. Sometimes loans for the latter are cheaper than the former. This is because sometimes manufacturers will give rebates when early settlement of monthly or annual dues are met, and sometimes there are tie ups with banks to give soft loan conditions as part of marketing to get new stock rolling out of the factory.
Try to gauge if you will be using the plane frequently and for what purpose. Make sure you will really use it 90 percent of the time and it will not remain idle for a majority of the time. If you have decided on a plane which you need, stick to that and do not look at too many alternatives, for more often than not you may be swayed into a more expensive and impractical option.
Always choose a plane that is more cost efficient rather than one that is fast and will get you there in record time. Sometimes faster is not always better, for faster planes will mean that you consume more fuel and thus a higher operating cost per mile. It is practical that you get all possible calculations in terms of operations and consumables that you will need per flight so you can get an idea if it is a practical plane for you or not.
It may also be a good idea to join a pilot forum as regards the purchase financing of new aircraft. Plenty do exist out there, but sadly for first time buyers they do not take advantage of these areas of vast information. You can get the best information from these forums from veteran flyers and also others who went through a financing scheme. As them the pros and cons of getting a loan and where the best one is.
Take a test flight of the plane that you have in mind before you take out a loan for it. Most of the time, people will buy on a whim without even making a test flight. When taking a test flight take note of the performance and ask as many questions as you can about the plane. Include in your queries warranties, servicing, parts and maintenance information and other related information.
And lastly but more importantly, let your accountant look at the figures that you will be working on from the loan document and get an opinion. Ask if it is workable given your finances and see if it can be modified to adjust for inflation if needed, and if a fixed or market rate will be beneficial for you in the long run.
About the Author:
Find a list of the advantages of taking out aircraft loans and more info about a reputable loan provider at http://www.milehighmoney.com today.
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