Member Products

What type of aircraft do you finance?

Factory production aircraft — new and used from single-engine pistons to small business jets
Helicopters that are used for personal and business use

Do you finance Light Sport aircraft?

We finance several light sport aircraft, please call 800.62PLANE to find out if we finance the aircraft you are considering.

Do you finance Experimental/Kitbuilt aircraft?

We finance several experimental/kitbuilt aircraft once they are airworthy, please call 800.62PLANE to find out if we finance the aircraft you are considering.

How do I apply for an aircraft loan?

You may apply at www.aopa.org/loans
You will receive a credit decision by the next business day

What financial documents do you require for an aircraft loan?

Non Self-Employed Applicants – Co-Applicants- Guarantors

Personal financial statement
Last 2 years' signed personal tax returns to include all schedules
Current pay stub
Last year's W-2
Aircraft specification sheet

Self-Employed Applicants – Co-Applicants-Guarantors

Personal financial statement
Last 2 years' signed personal tax returns to include all schedules
Last 2 years' signed business tax returns to include all schedules
Current interim statements
Aircraft specification sheet
Brief written history of the company

The above information is provided for informational purposes only. Your specific application may require more or less information. Please consult your loan underwriter if you have any questions.

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.

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 will provide funds to help support the fight to save GA airports and to keep our airspace open.

How do I benefit from using Bank of America?

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.

What if I need extra cash to improve or upgrade my aircraft?

If you need to have additional work completed on the aircraft, we can quickly reevaluate your application to see if you qualify for the additional funds.
We require copies of the work orders to process your loan application

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.
In some cases, the underwriter may require an appraisal based upon loan size or aircraft type.
New aircraft normally do not require an appraisal.

Will Bank of America finance sales tax? How about financing of any other fees?

No, it is your responsibility to pay for sales tax.
Closing fees 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.

What type of aircraft insurance does Bank of America 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 must be named as "loss payee" and be protected by a "lien holder's endorsement."
Although Bank of America does not require you to utilize the AOPA Insurance Agency, we do recommend them. Please call 800/622-2672.

Will you make a loan to a flying club? What about in a corporate name or for leaseback?

The AOPA Aircraft Financing Program regularly makes these loans.
Loans made in the name of a corporation, LLC, or flying club are still made based on the INDIVIDUAL'S credit history and require a PERSONAL guarantee.
There are some exceptions on leasebacks, depending on how the aircraft will be used.