This type of logic holds true whether you want to use an aircraft finance loan to "propel" you into the purchase of a VLJ (Very Light Jet), a corporate turbine, a single or twin engine plane or even go as far as using monies for experimental aircraft financing purposes. Whatever destination you're intending to take with regards to an aircraft finance loan, you need to make sure you understand how to pool your financial resources together so one day you can safely arrive at your financial destination without difficulty.
When obtaining any aircraft financing, whether it be commercial aircraft financing or for personal use, you'll need to prioritize or make a checklist as to what you'll require in order to undertake the aircraft finance loan process. This is important to do if you want to receive a loan that gives you satisfactory aircraft financing rates and subsequently affordable and manageable payments.
Using the following measures in effect can save you a great deal of money and "heartache" down the proverbial road or "runway," in this case, by "aborting" any unforeseen problems. These problems can include needed avionic upgrades, unknown damage and liens on the aircraft you're planning to acquire.
To avoid future difficulties then, you'll need to gather information with regards to the history of the plane you're planning to finance. What damage has the craft had if any? How many hours have been logged on the air ship? Damage done to a "big bird" even from twenty years back can devalue it.
Typically, a run through either the FAA or NTSB database can give you your answer. Don't pre-buy your airplane only to discover its overall valuation is actually 10% less than your total finance. That can be quite a bit of money when you're making such a significant expenditure as is involved with the acquisition of any aircraft.
As indicated, as well, when initiating any general or commercial aircraft financing, it's also important to implement a title search. However, don't spare any expense in getting this process under way as it can cost your significantly more if you don't. Make sure a thorough title search is completed on your chosen aircraft. Don't leave any stone unturned as far as making certain there are no liens still attached to the plane. It will save you a lot of stress and strain later on if you make certain any preceding debts have since been paid.
With regards to titling the aircraft yourself, you can title the name under your name, as a limited liability corporation or a corporate entity. Any loan you procure can be enforced for a plane used for charter services, flying instruction, or personal or business.
With the above information in hand, you should be able to secure aircraft financing that will give you the courage to proceed financially with the purchase of your aircraft.