Member Products
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What type of aircraft do you finance?
We finance factory production aircraft-new and used from single engine pistons to small business jets for personal use. We finance aircraft that appear in V-Ref, which is found here or Bluebook online, if you have access. If you don't have access, you may call 800.627.5263 and speak with an aircraft associate to ensure we finance the aircraft you are considering.
We do not finance aircraft 50 years of age or older. We also limit the financing of jets to no older than 10 years and twins & turbo props no older than 15 years. Additionally, we cannot finance aircraft in Hawaii or Alaska.
Do you have a to be a US citizen to apply?
You do not need to be a US citizen to apply however we do require you to be a permanent resident of the US. At this time, non US citizens are unable to apply online, if you are interested in applying, please send an e-mail to aircraftfinancing@bankofamerica.com with your contact information, an associate will call you or you can print an application and fax it to 888.263.6262
How many people can be listed on the same loan? How do more than 2 people apply to be on the same loan?
There are different combinations that we can accommodate on our loans: Up to (4) people can be listed as co-borrowers on the same loan; for a business registered loan, it allows for the business name and up to (3) people to be listed as co-borrowers.
Currently, the application is set up to only allow (2) people to apply for a loan. If you would like to have more than two people apply, please send an e-mail to aircraftfinancing@bankofamerica.com with your contact information, an associate will call you to add the additional applicants.
What if I'd like to make improvements or upgrade my existing aircraft?
We will finance engine and avionic upgrades. If you currently owe money on your aircraft and you'd like to make upgrades, we would re-finance your existing loan with the upgrades added in. If you own your aircraft outright, we would finance just the upgrades.We do require copies of the work orders to process your loan application.
Do you allow leasebacks of an aircraft? How about Charter, Flight Schools, flying clubs? What about a corporate name?
We do not allow aircraft to be used for commercial purposes.
How do I apply?
Click here for a full description of our application process and required financials.
What documents are needed to obtain an aircraft loan?
Click here for a full description of the loan process and the required documents to process your loan.
Is there a pre-payment penalty on this loan?
There is no pre-payment penalty for repaying this loan early.
Do I receive a tax deduction with this loan?
We recommend you have a tax advisor or your accountant review your particular situation. They are best qualified to evaluate your tax status.
Will Bank of America, N.A. finance sales tax? How about financing of any other fees?
No, it is your responsibility to pay for sales tax. Closing fees are based on financed amount and will be financed directly into your loan. If you are a Florida resident or registering your plane in Florida, you are required to pay a Florida Doc Stamp fee, which is a percentage of your loan amount. This is financed directly into your loan.
If your aircraft purchase is Capetown eligible, an additional fee will be charged, and you are required to work through escrow. This fee cannot be financed into your loan.
Is an aircraft appraisal required to establish a loan?
In most cases a description of your aircraft, the avionics, any special equipment, and the engine and airframe time will suffice. For all loans over $250k, a copy of the pre-buy inspection is required. Full appraisals are typically requestd on aircraft over $1 million. New aircraft normally do not require an appraisal.
How do I benefit from using Bank of America, N.A.?
This is the only aircraft financing program endorsed by AOPA, supporting GA while assisting in maintaining and enhancing member services. Bank of America will pay your basic annual membership dues for the life of your loan.
Does AOPA benefit from this loan?
All AOPA Member Products are unique in that they benefit both you and your association. With every new loan, Bank of America, N.A. will provide funds to help support the fight to save GA airports and to keep our airspace open.
What type of aircraft insurance does Bank of America, N.A. require?
You are required to maintain full ground and flight insurance as well as "Breach of Warranty Insurance" for the amount of the loan.
Bank of America, N.A. must be named as "loss payee" and be protected by a "lien holder's endorsement."
Although Bank of America, N.A. does not require you to utilize AOPA Insurance Agency, we do recommend them. Please call 800.622.2672.
For more information:
Call 1.800.62.PLANE to speak with a Loan Specialist. Monday through Friday: 8 a.m. to 5 p.m. ET. Or apply online at any time day or night.
