Things To Consider Before Taking Out Aircraft Loans
| 02:41:00 |
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.
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.
Determine if you will be maximizing the use of your plane. Put into your mind the exact kind of plane that you want and for what purpose. Stick to this plane and let no other model sway you, as sometimes when we buy from the market we will be enticed to buy a plane that is totally out of our practical needs and sometimes out of our budget.
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 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.
Determine if you will be maximizing the use of your plane. Put into your mind the exact kind of plane that you want and for what purpose. Stick to this plane and let no other model sway you, as sometimes when we buy from the market we will be enticed to buy a plane that is totally out of our practical needs and sometimes out of our budget.
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 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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