All things you should know about Aviation Finance
What is Aviation Finance?
Aviation finance refers to financing for the purchase and operation of aircraft. At Chatsbrook we support our client’s ambitions by individually assessing your circumstances and requirements in order to tailor make an aviation package to perfectly suit you.
What type of Aircraft can I finance?
The typical assets we finance range from exclusive jets, vintage aircraft and helicopters to gliders, simulators and ground handling and airfield equipment.
It should be of note that we are unable to provide finance for military aviation and scheduled passenger/cargo transport.
Do you offer Aviation Mortgages?
Yes, we do. If you are interested in obtaining an aviation mortgage, please feel free to speak to our experts on 01603 733500.
Is there a limit on the age of the Aircraft for Mortgage purposes?
The limitation of age for aircraft is dependant on the lender supporting your purchase, and the type of aircraft itself. For example, the maximum age at the end of term for a Light Fixed Wing aircraft is 40 years. Whereas, the maximum age at the end of term for a Corporate Jet is 20 years. To find out more about mortgages for your specific aircraft, contact Chatsbrook on 01603 733500.
Do I need a professional survey and valuation?
If you are purchasing second-hand, we recommend you contact an accredited surveyor. Check their professional standing and make sure they've got Professional Indemnity Insurance before they start.
What is the process to obtain finance?
Within this instance, clients will usually approach our services with an idea of the type of aircraft they wish to purchase as well as its intended use. In order for the process to move swiftly, clients will have to be pre-approved. If this is something you wish to know more about, or would like to begin the journey to aviation finance, touch base with our team at firstname.lastname@example.org . At the point of application, we shall wish to see a completed asset and liability document completed.
Do I have to earn a certain amount of money to qualify for finance?
No, you do not. You do, however, need to prove that you can afford the repayments as well as maintenance, insurance and hangarage of the aircraft. If you are a business, there is the option to match the price against the value of your assets.
Over what term time can I finance?
The typical aircraft loan will be over 5 years, but loans terms between 12 and 84 months are possible.
Do you offer aviation finance to private individuals and/or business owners?
We offer aviation finance to both.
How can I register my aircraft?
More information can be found on these websites:
- UK Civil Aviation Authority (CAA)
- US Federal Aviation Administration (FAA)
- Isle of Man Aircraft Registry
- Irish Aviation Authority (IAA)
- Transport Malta - The Civil Aviation Directorate
Can I purchase from a private seller or am I restricted to dealers?
You can purchase from both, although we do recommend that the necessary checks are completed by an accredited surveyor, especially on aircrafts being sold by private individuals.
What type of insurance do I need for my aircraft?
All aircraft must be comprehensively insured with a UK insurer, with the lenders interest noted on the policy.
Are there restrictions on the amount I can borrow?
As a business which works with a panel of lenders, we have the ability to facilitate agreements from £100k with no upper limit.
How many people can be listed on the same loan?
We are happy to finance partnerships of up to 4 individuals. As a partnership, you will need to agree on how you will register the aircraft and all partners will need to be available to sign closing documents.
If you have an ambition to fly, start your journey with Chatsbrook.
Our experts offer unrivalled service and knowledge to help support you on your mission to the stars.
Contact 01603 733500 today- you will not regret it!
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