You might be a budding pilot and have grown to enjoy flying. In fact you are spending quite a lot of flying rented planes that you are considering just taking out a loan and buying a plane that you can own. Thus before you take out any of several aircraft loans out there, do consider reading this article for some tips to help you decide on one.
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.
Try to determine at the very start if you will be getting a brand new plane or a used one. Many will think that the former will be more expensive than the latter, but in some financing schemes the opposite may actually be true. This is because manufacturers can give rebates for early amortization settlements as well as go into soft loan deals with banks so as to roll out the new models they want onto the market.
Prior to purchase, really take stock of the amount of time that you will be using the plane for and for what. Choose the plane that is of the best use for your needs and stick to it. Do not shop too extensively looking at this model and that for in the long run, you may even spend more than you need to for a plane that does not suit you. Fix a model in mind and focus on that.
Do not purchase a plane because it is the fastest of the lot. Sometimes faster means more expensive in terms of upkeep as it will consume more fuel. Always choose cost efficiency in terms of operating costs rather than speed as this will mean you get more bang from your buck.
It is a good idea to join a forum that deals with matters as regards aircraft purchase financing. Many veteran flyers will have ideas on what is the best strategy to do for you to get the best value for your money and time. Always get the opinions of your peers for information to assist you especially where big money is involved.
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.
Try to determine at the very start if you will be getting a brand new plane or a used one. Many will think that the former will be more expensive than the latter, but in some financing schemes the opposite may actually be true. This is because manufacturers can give rebates for early amortization settlements as well as go into soft loan deals with banks so as to roll out the new models they want onto the market.
Prior to purchase, really take stock of the amount of time that you will be using the plane for and for what. Choose the plane that is of the best use for your needs and stick to it. Do not shop too extensively looking at this model and that for in the long run, you may even spend more than you need to for a plane that does not suit you. Fix a model in mind and focus on that.
Do not purchase a plane because it is the fastest of the lot. Sometimes faster means more expensive in terms of upkeep as it will consume more fuel. Always choose cost efficiency in terms of operating costs rather than speed as this will mean you get more bang from your buck.
It is a good idea to join a forum that deals with matters as regards aircraft purchase financing. Many veteran flyers will have ideas on what is the best strategy to do for you to get the best value for your money and time. Always get the opinions of your peers for information to assist you especially where big money is involved.
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.
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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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