Welcome to this weeks edition of Clearance to Fly. Let’s talk about one of the smartest moves you can make when you’re in the market for an aircraft: getting pre-approved for financing. Now, I know what you’re thinking – “I haven’t even found the plane I want yet!” But trust me, this step can be a game-changer in your aircraft buying journey.
As both a pilot and someone who’s spent years in the aircraft purchasing and financing world, I’ve seen firsthand how a pre-approval can give you a serious edge. So buckle up, and let’s dive into why you should consider getting pre-approved before you start plane shopping. This edition of Clearance To Fly is sponsored by FLYING Finance. Discover your low rate today and move through the process with ease!
Know Your Budget, Shop with Confidence
First things first – pre-approval helps you nail down exactly how much plane you can afford. It’s easy to get starry-eyed over that shiny new (or new-to-you) aircraft, but knowing your budget keeps you grounded. You can use our friendly Aircraft Finance Calculator and understand what your monthly payment could be. When you’re pre-approved, you get a clear picture of your spending limit, potential loan terms, and overall budget. This means you can focus your search on aircraft that fit your financial reality, saving you time and potential heartbreak down the road.
Serious Buyer Status: Unlock Better Negotiations
Here’s where it gets interesting. When you submit an offer on an aircraft with a pre-approval in hand, you’re not just another tire-kicker. You’re a serious buyer, and sellers take notice. This can give you a significant advantage in negotiations.
Think about it from the seller’s perspective. They’re looking at two potential buyers: one who says they can get financing, and another who already has pre-approval. Who do you think they’re more likely to take seriously? That’s right – the buyer with pre-approval has a clear edge.
This perceived reliability can often translate into more bargaining power. You might be able to negotiate a better price or terms because the seller sees you as a lower-risk buyer. They know you’re less likely to back out due to financing issues, which is a huge plus in their book.
Speed is Your Ally
In the world of aircraft sales, things can move fast. A pre-approval can help you keep pace. Once you find the right aircraft, you can move quickly to make an offer and close the deal. This speed can be crucial, especially in competitive markets where multiple buyers might be eyeing the same plane.
Moreover, the closing process itself can be faster when you’re pre-approved. Much of the paperwork and verification has already been done, which can significantly streamline the process once you’ve found your aircraft. Another great resource to have is our Spec Sheet ready to go! You can give this to the seller, or fill it out yourself. This means less waiting and more flying!
Fending Off Cash Buyers
Let’s address the elephant in the hangar – cash buyers. They often have an advantage in aircraft sales because of the simplicity and speed of their transactions. However, a solid pre-approval can level the playing field. It shows sellers that you’re just as serious and capable of closing quickly as a cash buyer. This can make sellers more willing to consider your offer, even if there’s cash on the table.
The FLYING Finance Advantage
Now, I wouldn’t be doing my job if I didn’t mention how FLYING Finance fits into all this. As an aircraft finance brokerage, we specialize in getting pilots like you pre-approved and ready to make strong offers. We’ve even got a handy pre-buy form that can kickstart your journey to aircraft ownership.
Our team understands the unique aspects of aircraft financing. We know it’s not the same as buying a car or a house. Aircraft have their own quirks when it comes to financing – things like the plane’s age, how you plan to use it, and your financial standing all play a role. We’re here to navigate those waters with you. You can start your application HERE.
Ready for Takeoff?
Getting pre-approved for aircraft financing is more than just a smart financial move – it’s a strategic one. It gives you clarity on your budget, boosts your negotiating power, speeds up the buying process, and helps you compete with cash buyers. Plus, it shows sellers you’re serious about making a purchase.
So, before you start scrolling through aircraft listings or heading to the next air show, consider getting pre-approved. It could be the difference between watching your dream plane fly away with someone else or taking off in it yourself.
Remember, at FLYING Finance, we’re here to help you navigate the pre-approval process and get you closer to owning your own aircraft. Don’t hesitate to reach out if you have any questions or want to get started.
Until next time, keep your eyes on the skies and your finances in order. Happy flying!
P.S. Got questions about aircraft financing or the purchasing process? Drop us a line at FLYING Finance. We’re always happy to chat about planes and how to get you into the cockpit of your dreams! 423-558-2024
Keller Laseter, Chief Commercial Officer, FLYING Finance
Bringing over 10 years of aviation experience and multiple years in finance, Keller Laseter combines both of those skills to be FLYING Finance’s CCO. His leading knowledge in all categories and classes of fixed wing aircraft helps guide you through the finance process with ease and will leave you knowing you’re in great hands. Keller holds type ratings in the Beechjet 400A/XP/NXT, Embraer E-175 and has many hours in King Airs, along with other high-performance aircraft. Throughout his career, he’s had the opportunity to enjoy the world of aviation and many different operations. As an ATP, CFI, and CFII, aviation is in his blood.
