How to Buy an Airplane: Everything You Need to Know

Ever since the start of the coronavirus pandemic, the private plane market has been booming. And two years later, the market is still soaring. At first, a lot of people were buying their own planes to avoid possibly getting sick.

But now that people are traveling in droves, many are buying their own planes simply so that they can avoid paying inflated airfare prices. No matter what your reason is, there has never been a better time to buy an airplane.

But how can you actually go about buying your own aircraft? Keep on reading to learn more!

Come Up With a Budget

Whether you’re trying to buy a used or new plane, you’ll need to get good at comparing plane costs. A plane can cost you tens of thousands of dollars to tens of millions of dollars.

By starting with a realistic budget, you’ll be able to narrow down your search immediately and make sure that you don’t end up wasting your time or money.

Apply for a Loan

If you’re not paying with cash, then you’ll want to apply for a loan. It is very important that you go with an approved and trusted lender. Compare lenders to see what terms and rates you can get for various aircraft loans.

There are some lenders that specialize in airplane loans. Many of these institutions are members of the National Aircraft Finance Association.

If you want to buy a  single-engine plane, then you’ll probably have to put down at least fifteen percent. If the plane was built before 1960, then you’ll need to put a down payment of at least twenty percent.

Take Test Flights

You should be test flying planes so that you can see which one you enjoy the most. Of course, you’ll need to be licensed before you can do this.

Don’t just take the seller’s word that everything works properly. Buying and flying a plane requires a lot more responsibility than buying a car. So you want to make sure that you’re comfortable flying it before you hand over any money.

Prepare and Make the Offer

After you find the plane that you want and have secured financing, you’ll be ready to submit your offer. Before you make the submission, you should get the plane appraised to make sure that you aren’t being ripped off.

Consider giving a lower offer and negotiating your way up to a price that you’re comfortable with.

Buy an Airplane Today

Hopefully, after reading the above article, you now feel that you have the skills to buy an airplane with confidence. As we can see, it isn’t that hard to buy an airplane. You just need to make sure that you do your due diligence and find the right deal.

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