To apply for a loan on a single-engine piston aircraft, you will need to gather some financial information for the lender to review to determine if you qualify for the requested loan amount.

Required documents include:

  • Most recent last two years personal 1040 tax returns and if self-employed and you file separate business taxes, those too need to be presented
  • Credit application completed so the lender has your authorization to pull a credit report
  • Most recent copies of your bank statements and brokerage accounts if applicable
  • Personal financial statement which may be incorporated in the credit application depending on the lender’s application format
  • An aircraft specification sheet listing

Upon submission of required credit information, the lender will pull a credit bureau report (CBR) for credit history and score, determine the debt-to-income ratio, verify liquidity is sufficient for the down payment with sufficient reserves, remaining other debt service and cost of living expenses, and evaluate the collateral’s value generally via use of a standard industry price guide.

Learn more about the Underwriting Process for an Aircraft Loan.