If you’ve been dreaming of flying away in your own plane for a while now, but you aren’t sure how to fund that dream, we have a solution for you. Oftentimes, getting a loan for anything can be scary and overwhelming – and we’re here to tell you that it can actually be a fun and exciting process when you are working with the right lender, and you can receive a fixed simple interest aircraft loan. So, you may be wondering – what exactly is a fixed simple interest aircraft loan? Let’s break it down.
What does it mean if it’s a “fixed simple interest loan”?
In short – it means that no matter what happens in the economy, your interest rate for your aircraft loan will not change. Most aircraft loans are for 20 years, and as you already know – a lot can change in two decades. You will have some peace of mind knowing that when you acquire a loan with fixed simple interest, you’ll know exactly what you owe each month, as the rate will never change.
Benefit #1: You’ll never have to worry about your interest rate increasing randomly or over time.
Don’t you hate when you get a letter in the mail that tells you that you’ll be paying more for something you’ve been loyally paying off for years with no rhyme or reason? With a fixed simple interest aircraft loan, that will never be the case. Your interest is guaranteed to stay the same over your entire loan term. If you choose to pay off your loan early, you won’t have to pay interest for the time that you were supposed to have the loan for.
Benefit #2: There are no hidden fees.
Plain and simple, what you agree to pay in the closing process is what you will pay on a monthly basis for the entire life of your loan, unless you decide to pay it off early. You’ll never be hit with a surprise fee at the end of the loan or during the term of your loan.
Benefit #3: Your rate will not be based on your credit score, but rather, it will be based on the year, make and model of your aircraft.
When applying for a fixed simple interest loan with a trusted loan provider like here at Dorr Aviation, you don’t have to worry about your credit score affecting your loan rate.
At Dorr Aviation, we offer one kind of loan – which is a fixed simple interest loan. We do this for our clients as there are many benefits for them. We also do not have any hidden fees or penalties that come along with our loans, to ensure a stress free process for our clients. With our fixed simple interest loan, you’ll be ready to take off in no time!
Ready to get a fixed simple loan for your aircraft?
If you have any questions, our loan officers are more than willing and happy to help you and support you throughout the process. Get a quote or fill out an application to apply today!