subject: Types Of Appraisals For Financing An Aircraft [print this page] Types Of Appraisals For Financing An Aircraft
Once you have found your lender and have obtained your appraisal, you are well on your way to obtaining your Aircraft Financing and eventually being the owner of your own aircraft.Of course, my husband, wanting to be a good neighbor, agreed instantly and plans were made. The long awaited for day arrived and the weather cooperated with a beautiful clear sky and we all headed off to the hangar. Upon arrival, our neighbor showed us his plane and my husbands eyes lit up like a little boys at Christmas. We climbed into the airplace for the long anticipated ride. My husband sat in the co-pilot seat and from that moment when he entered the cockpit, he wanted his own plane.Wanting to have an aircraft might seem like a serious matter most likely the process of searching the right price, especially due to how bad the economy has become. However, people can now continue to enjoy the luxury of owning an aircraft through aircraft financing from a wide range of entities. People no longer have to worry about losing the ability to enjoy life a little in the midst of the economic crisis.At this time, we contacted our local bank to inquire on what the procedure is to obtain Aircraft Financing and found that this type of financing is usually a specialized loan, needing an Aircraft Financing expert. It isn't that your local bank can't loan you money for the aircraft, it is just that they usually aren't as informed about Aircraft Financing. I found that an expert will be able to understand what aircraft you are purchasing in addition to be able to advice you on the best way to finance your aircraft based on your personal situation.When obtaining an aircraft financing, whether it be commercial aircraft financing or for personal use, you'll need to prioritize or make a checklist as to what you'll require or request an appraisal on the aircraft you wish to purchase in order to undertake the aircraft finance loan process. This is important to do if you want to receive a loan that gives you satisfactory aircraft financing rates and subsequently affordable and manageable payments. *A "Desktop Appraisal" might also be somewhat unkindly called a "Quick & Dirty" appraisal. You provide the basic aircraft information, but the appraiser will work with you to ensure adequate info is supplied. A "Fair Market Value" is then estimated. This type of assessment will not be acceptable to most government agencies or where you might be trying to settle a legal dispute or an accounting issue. *A "Certified Appraisal" is really the only true way to determine an aircraft's "Fair Market Value". A visual inspection is carried out by PTA and a detailed condition report established. The log books are also subjected to an equally thorough review. Compliance against Airworthiness Directives and Service Bulletins is also established, if required - its highly recommended but can be an option. All this work is carried out as far as possible to pre-agreed mutually acceptable timeframe and cost. A detailed certified report is the deliverable. Never forget however that you will only ever get "An opinion". Expert it might be, but perhaps in some cases more than one independant valuation is called for.With the helpful information in hand, you should be able to secure aircraft financing that will give you the courage to proceed financially with the purchase of your aircraft.
