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This aircraft has closed. We're sharing it because the financing profile is relevant to anyone considering a similar purchase.
Make / Model
Piper PA-32R-300 Lance
Engine
IO-540-K1G5D
Lycoming, 300 hp
Cruise Speed
150 ktas
75% power
Rate at Closing
6.70%
Certified piston
About the 1978 Piper Lance
The PA-32R-300 Lance took Piper's roomy Cherokee Six cabin and added retractable gear and a T-tail, producing a six-seat single that could genuinely fill every seat and still climb and cruise respectably. The 1978 model year introduced the distinctive T-tail configuration that would carry through to the later Saratoga, giving this Lance a look and handling feel that set it apart from the standard-tail Six it replaced.
This particular airplane went to a Maryland buyer who needed real cabin-class capacity — club seating, a wide cargo door, and useful load that supports a full load of passengers and bags — without stepping up to a twin. Lances with documented landing gear maintenance and up-to-date avionics remain in steady demand among owners who fly with families or business groups.
How We Financed This Aircraft
Retractable-gear singles like the Lance draw close attention to landing gear maintenance history during underwriting, since gear-related squawks are the most common maintenance item on this airframe. We made sure gear swing records, any AD compliance on the gear system, and recent annual findings were documented clearly for the lender before moving to appraisal.
The buyer's time in complex aircraft and plan to use the Lance for family and light business travel supported a straightforward insurance quote, which kept the file moving on schedule. A 20% down payment aligned with standard expectations for a well-documented, four-decade-old complex single with strong demand in its class.
On a retractable Lance, gear maintenance history tells a lender as much as the airframe total time does.
What to Expect in the Process
A typical Piper Lance or comparable retractable-gear-single financing transaction includes:
- Pre-qualification: Establishes budget and loan structure before you start shopping for a specific airframe.
- Aircraft specification: Review of gear swing records, AD compliance, and avionics equipment.
- Pre-purchase inspection: A mechanic experienced with retractable Piper singles inspects the gear system, engine, and airframe.
- Title search: Standard for all transactions through the FAA Aircraft Registry.
- Insurance: Underwriters evaluate complex-aircraft time and total flight experience.
- Closing: Funds and title transfer through escrow once inspection and insurance are finalized.
The full process is covered on our loan process page.
Questions Buyers Ask About Piper Lance Financing
What do lenders focus on with a retractable-gear Lance? +
Gear maintenance history is a top priority, since gear-related issues are the most common squawk on this airframe. Clean gear swing records and documented AD compliance support a stronger appraisal and smoother underwriting.
Do I need a complex endorsement to finance a Lance? +
You don't need it to apply, but insurers will want to see it or a training plan before binding coverage, and loan approval typically follows insurance approval closely.
How much down payment is typical for a Piper Lance? +
Most transactions in this category see 15-20% down, with well-documented, well-equipped airframes tending toward the lower end of that range.
Is a six-seat single like the Lance harder to insure than a four-seat aircraft? +
Not inherently. Insurers price based on pilot experience, hull value, and intended use more than seat count alone, though higher useful load and passenger capacity are part of the risk conversation.
How does the Lance's age affect financing compared to a newer Saratoga? +
Lenders weigh logbook completeness, gear maintenance, and comparable sales more heavily than model year. A well-maintained late-1970s Lance can finance just as smoothly as a newer Saratoga in similar condition.
What loan terms are available for aircraft in this price range? +
Terms of 15-20 years are common for certified piston aircraft in the $150,000-$250,000 range, depending on aircraft age, buyer credit profile, and down payment.
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