Member Products

What type of aircraft do you finance?

• Factory production aircraft — new and used from single-engine pistons to very light jets
• Kit-built to experimental and light sport
• Warbirds on a case-by-case basis
• Helicopters that are used for personal and business use

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.
• The aircraft loan specialists at Bank of America are highly qualified, many having over six years of experience in closing loans for AOPA members.
• Bank of America will pay your basic annual membership dues for loan amounts of $20,000 or more for the life of your loan.

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

• We have an aircraft improvement loan that can be utilized for various upgrades and improvements to your 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.

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.

How long will it take to find out if I am approved?

• Upon receipt of your Internet application, we will have a decision by the next business day.
• If you prefer to apply via telephone, you may have a pre-qualification decision in minutes. Call 800/627-5263.

How long is the pre-qualification valid?

• Pre-qualifications are good for 60 days and may be extended based on your needs.

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Apply by Phone: 1-800/62-PLANE (1-800/627-5263)
Please mention priority code AAAT when calling.
Hours of Operation: Monday-Friday: 8 a.m. to 5 p.m. ET