Spend time flying the type of airplane that you plan to buy. Have all of your licenses handy when you try to purchase an airplane.
It’s also often easier to qualify for a bank loan to buy a new airplane. A longer financing period also means that down payments are often lower for buying a new plane.
Don’t assume that just because the plane was flown by the previous owners that it’s in good flying condition. Older planes will become more expensive to maintain as they age, and replacement parts can become harder to find.
You can also look up financing companies that specialize and lending for airplane purchases. Look online for financing companies that you can speak to about your options. A big consideration when you’re buying an airplane is how you plan to pay for it. Be sure to do your research before you get tied into a long-term loan.
Your advisor can list out any deficiencies and discrepancies that could change your mind about purchasing the plane or allow you to negotiate a reduced price. Hire your own airplane mechanic to inspect the plane to ensure you get an unbiased opinion.
Hire an attorney to review your purchase agreement before you sign it to make sure it’s fair and equitable. If you got a loan for the airplane purchase, you’ll also have to sign a purchase agreement to list the schedule and amounts of each of your payments.
Title transfers are often a part of the purchasing process, but you can find a licensed title transfer company near you by searching online. Search online for an insurance company that specializes in airplane insurance. Don’t fly your plane until it’s insured to avoid any potential liability issues.
Used jets are cheaper, but if you have to pay to convert it to meet regulations, it can drive up the costs.
Use an independent inspector to view the jet you plan to purchase.
Get connected with a lender through your bank so you know they’re reputable. Contact a lending group that provides aviation loans
Search online for aviation lawyers near you or contact a local attorney for a referral to an aviation lawyer. Have your lawyer go over all of the paperwork with you so they can explain it before you sign anything.
Management companies have design options you can choose to customize the amenities and interior of your jet. Search online for jet management companies or ask your attorney to recommend one.
