Q: How long does the aircraft loan application process take at Dorr Aviation?
A: Typically, it takes one to two business days to get approval from our credit department. It may take longer on aircraft loans over $750,000 and on applications with complex financial profiles.
Q: Why does an individual have to fill out personal information on the credit application and a personal financial statement if the aircraft will be registered in a company name?
A: All aircraft loans have to be guaranteed by an individual and therefore we need personal information to get the approval.
Q: Does everyone listed on the note need to get pre-approved?
A: Yes, everyone who will be listed on the aircraft loan will need to fill out their own credit application and personal financial statement.
Q: Is there any documentation, other than the credit application and financial statement, required to get approval?
A: We require two years of personal tax returns (1040s), consisting of the first two pages and any schedule C, E, or F that you may have. We will also require corporate tax returns if a corporation is the borrower.
Q: Do you finance sales tax?
A: We do not finance sales tax. It is your responsibility to pay any sales tax associated with the purchase.
Q: What are the lender's insurance requirements?
A: They are:
- 30 Day notice of cancellation
- Lienholder with breach of warranty (must cover the loan amount) and loss payee coverage
- Insured value that covers the loan amount
- Motion / not in motion deductibles
- Pilots, if different than name of insured
- If the aircraft is registered to an entity, the entity must be listed as an insured party
Q: Which airplanes and engines must register with the International Registry?
A: They are:
- Airframes that are type certificated to transport at least eight people, including crew, or goods in excess of 6,050 pounds (2,750 kilograms).
- Helicopters that are type certificated to transport at least five people, including crew, or goods in excess of 990 pounds (450 kilograms).
- Jet propulsion aircraft engines with at least 1,750 pounds of thrust or its equivalent.
- Turbine-powered or piston-powered aircraft engines with at least 550 rated take-off horsepower or its equivalent.
Q: Who has to apply to file on the International Registry?
A: All parties who are involved in the aircraft financing transaction - the buyer, seller, and lender.
Q: Is title insurance required for all International Registry filings?
A: Title insurance is not required but available. We can obtain a quote for you at your request.