Frequently Asked Questions:
Q: How do I access Dorr’s Secure Customer Portal?
A: Start by requesting a finance quote. You will receive an email with an invitation to create a Dorr Secure Customer Portal account. Sign up for a Secure Customer Portal Account with the same email address you used to submit your request.
Q: How are the loans structured?
A: Our loan programs are fixed simple interest with no penalties for prepayment, whatsoever.
Q: What determines the downpayment, rates, and terms of the loan?
A: We often finance up to 85% of the cost or value of the aircraft (whichever is less). Rates and terms are determined by the year, make and model of the aircraft and not based on your personal credit history. The rate can also depend on the usage of the aircraft. For example, an aircraft that is used in a lease-back program will require a higher downpayment and shorter term due to the greater depreciation in value associated with higher usage.
Q: I am applying with co-applicant(s); do I need to submit more than one application?
A: If you are applying with your spouse, you only need to submit one application, just add your spouse to the co-applicant box on the application. We require a copy of your spouse’s government issued photo ID. If you are applying with a non-spouse co-applicant, you are required to submit a separate signed and completed application with supporting documentation for each co-applicant.
Q: Why do I need to submit two years of complete federal tax returns including schedules, K-1s and W-2s?
A: We ask for these documents because we want to understand your entire financial profile.
Q: How long does the closing process take from start to finish?
A: Closing typically takes between 5-7 business days. Once we receive your complete application packet, our underwriters usually render a decision between 1-3 days. Once we have the approval, you will be assigned a closing coordinator to guide you through the closing process. Obtaining all the documents for closing can take between 3-4 business days. In many cases however, we can complete a transaction in 3 days, start to finish.
Q: I want to register the aircraft to an LLC, what documents do I need to submit?
A: If registering an aircraft to an LLC., we require 1. Articles of Organization, 2. Operating Agreement, and 3. the EIN number. If your state does not require an operating agreement for a single member LLC, this office can prepare a management statement at your direction.
Q: Why do we need to use an Aviation Title and Escrow company?
A: We require the use Aviation Title and Escrow companies based in Oklahoma City to facilitate the transfer of ownership and release of funds to the seller. These companies have access to Federal Aviation Administration records and will ensure that paperwork filed at the FAA on your behalf is complete, accurate and recordable. This ensures that the title is transferred to you on the date of closing without having to worry about any unreleased liens or clouds on the title.