In today's harsh economic climate, the things that people used to take for granted are now approached with financial caution. That is the case with owning an aircraft, which is why many people have resorted to aircraft financing to allow them to enjoy the luxury of an aircraft without having to put the money upfront.

Aircraft financing or aircraft leasing is an available option to just about anybody who intends to finance any type of aircraft. This could include experimentals, twin engines, as well as turbine models. There is really no restriction on the type of aircraft that can be financed. In addition, most aircraft finance companies allow you to get financing for used as well as new models.

The Aircraft Owners and Pilots Association (AOPA) offers a very good aircraft financing program. In fact, it is the only program that has been endorsed by AOPA for the past 10 years. The financing options are excellent, as the AOPA Aircraft Financing Program offers low fixed interest rates as well as flexible auto-pay options.

The AOPA Aircraft Financing Program makes aircraft financing easy for first-time owners of new or used models. However, that program is not the only one available to people interested in leasing an aircraft with financing.

Other companies offer leasing facilities for potential aircraft owners. In many cases, a very small down payment is required for the financing to be approved, and most places will give between 10 to 20 years for the borrower to repay the loan amount. Those terms are usually quite attractive and impressive to potential aircraft owners.

An aircraft financing company has basic requirements for proceeding with the lease arrangement. They generally need the following things:

• Photographs of the aircraft to serve as some kind of proof that the airplane actually exists. After all, too often people try to defraud lending institutions.
• Acceptable insurance coverage for both the aircraft and the person intended to be the pilot.
• Pre-purchase inspection that ensures the aircraft is suitable for purchase as used or new.
• Signed contracts to guarantee that the seller is intending to release the aircraft to a potential buyer.

Options also exist to upgrade or refinance on an existing aircraft loan. In some cases, people who currently own an aircraft but want to use it as a steppingstone to own something else can also look for financing from the relevant companies. There is also the option to refinance your existing loan to get access to better rates and more flexible terms.

Aircraft financing is a suitable option in a time when the economy is volatile. Having an option available for you to lease an aircraft is suitable if you want to continue with the luxury without worrying about tying up your money.