What is the minimum credit score required to get a loan on an aircraft I own – Aviation Finance
June 8, 2022
Adam responds in the May issue.
Q: What is the minimum credit score required to get a loan on an aircraft I own? I have a 1967 Cherokee 235 that I’m rebuilding, so far I’ve attached the fenders with the engine, a lot of work has been done and I’m financially depleted so I need a loan. I still have to attach the propeller and the wiring for the control surfaces, I have all the parts.
A: Most lenders look for a minimum credit score of 700. However, credit score will almost always not be the deciding factor in getting a loan. Most often, this is the candidate’s debt-to-income ratio, liquidity, and/or comparable level of debt. Since the aircraft you are considering is a project and not airworthy, this poses a challenge (limits options) as most lenders will require the aircraft to be fully assembled and certified for flight and in full compliance with all ADs.
Do you have questions for Adam? He is happy to answer them. Submit your questions here. Excellent rates. Great terms. Helpful and responsive representatives. Three good reasons to turn to AOPA aeronautical financing when you buy an aircraft. If you need a reliable source of funding with people by your side, just call 800.62.PLANE (75263) or click here to request a quote.
Chairman of AOPA Aviation Finance
Adam Meredith, President of AOPA Aviation Finance Company, is an aircraft finance professional with over 15 years of experience in lending, small business management and customer service. Adam is a professional pilot with multi-engine and instrument ratings.