What documents do I need to provide in order to start the loan application process?
We will need to have a completed Comprehensive Financial Network application along with a "spec option sheet" on the aircraft you are purchasing and two years of tax returns. If you are self-employed we will need the business returns as well (previous two years).
How much money can be borrowed on an aircraft?
You can finance up to 90% of the purchase price or the fair market value, whichever is less. The loans are all simple interest loans with no prepayment penalty.
How long does it take to get finance approval, and can I be pre-approved?
Normally, we can have an answer for you in 24 to 48 hours of receiving your application, providing all of the documents that we need are included with the application, and yes, we are happy to do pre-approvals. A pre-approval loan is valid for 60 days from the date of the approval.
What type and age of aircraft may be financed?
We are able to provide financing for almost all types of aircraft, and age is normally not a factor. Please note the word "normally", because age sometimes does become a factor. Please allow us to make a call on a case-by-case basis on older aircraft.
I want to register my plane in an LLC or a corporate entity, what additional paper work is needed?
We will need to have a copy of the Articles of Organization, the Operating Agreement, a Certificate of Good Standing from the state of incorporation, as well as the Registered Tax ID number.
When do I need to provide proof of insurance?
Proof of insurance must be provided prior to the time that the loan is to be funded. The policy needs to contain a Breach of Warranty, with the actual Lender listed as Loss Payee, along with a 30 day notice.
Will CompFiNet arrange financing for Experimental aircraft?
We have the ability to finance experimental aircraft, either in "kit" form or as completed flying aircraft. We do require that there be at least 25 completed aircraft flying in the United States before we can consider a loan.
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