Aircraft loans may now be cheaper through Bank of America
July 12, 2011, 12:53 pm
For anyone who may have been reluctant to purchase their own aircraft and subsequent pilots life insurance policy due to costs, Bank of America may offer a new solution to the problem, according to the Aircraft Owners and Pilots Association.
The AOPA's Aircraft Financing Program, which receives financing from the banking institution, has recently lowered its rates and closing fees. Applications can be made online, and the AOPA online loan payment calculator can help potential customers figure out their loan payments ahead of time, the media outlet reports.
Bank of America offers financing for factory production aircraft, warbirds, kit-built and experimental aircraft and helicopters that are used for both business and personal use, according to its website. They also offer aircraft improvement loans for individuals who need to make upgrades and enhancements
The bank will not penalize customers for paying off their loan early and they will pay their customers' AOPA dues throughout the lifetime of the loan, the AOPA reports. Individuals must carry full ground and flight insurance, as well as breach of warranty insurance during the loan period.
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