Personal loans can cost anywhere from $5,000 to $70,000 depending on the provider. However, it requires a much better score in comparison to traditional options. Personal loans are also a great avenue to purchasing aircraft. There are many alternative ways to pay for aircraft such as personal loans, aircraft leases, flight clubs & partnerships, and cash. Oftentimes users have to find financing for maintenance and other costs. Maintenance rules are more strict and variable expenses increase dramatically. A Jet Aircraft will set you back anywhere from $700,000 – $4 Million upfront. Jet Aircraft are the most expensive of the bunch. In addition, with two engines, maintenance costs can double. Multi-engine aircraft can range from $70,000 to $200,000 depending on the type and age. However, these are some of the most expensive options to get into when purchasing an aircraft. Multi-engine planes are an interesting category that appeals to people looking for redundancy and speed. These are surprisingly affordable you can usually get a Single Engine Aircraft for around $20,000 to $50,000 which is not much different than owning a car. The most common finance option is the single-engine aircraft They are the most popular choice for people purchasing their first aircraft. Light-Sport aircraft may be easier to find financing for but may level out when it comes to insurance costs. However, light sport aircraft come with reduced functionality in terms of weight and allowed flying conditions.
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These do not require a regular pilot’s license to fly which opens the barrier to entry. The cheapest Cessna aircraft is a Cessna Skycatcher (according to business insider) which is classified as a light-sport aircraft. Light sport aircraft are a cheap category of aircraft that you can purchase used on the low end for around $15,000 – $25,000. You can also check out our guide on How Much Does It Cost to Own A Plane here. Many online tools and resources provide guidance on determining the fair price of an aircraft. It’s important to do your due diligence when looking for an aircraft as often prices are not linear. Factors such as Age, Damage history, Avionics, and more.
There are many costs that make up the purchase price of an aircraft.
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