FINANCING ~ without tax returns

Tanille DeLair

Tanille DeLair

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Tanille
Anyone had any success financing their aircraft? Anyone have a lender to recommend that will consider financing?

I can pay 30% down payment and my credit score is high seven hundreds. If you know a lender that may consider - please let me know!
 
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I've only financed one plane, through Dorr Aviation, and they did require 2 years' tax returns, so scratch them from consideration.

I think it is common to use HELOCs for this if, for example, you're self-employed. The standards for those seem quite.... relaxed. :D
 
I have financed a few airplanes, always had to provide tax returns.
 
Gee, I've never show a tax return for financing anything, house, car or airplane. I guess I could understand it if you were self-employed, but I suspect with a regular job and decent credit history, they figured they could find it themselves. Never heard anybody calling my company (small that it was at the time) and verifying salary. Might have verified that I worked there.

My airplane was financed through the AOPA system (MNB/MBNA/NationsBank/BofA, same office, just got transferred from bank to bank with various mergers and such). Obtaining the loan with them was easy, they'd write anything they could get a bluebook value with. The loan servicing on the other hand was always a disaster. I still had unresolved issues that had been occurring for years despite promises to get to the bottom of it. I finally paid off the last $7000 in cash to get rid of the idiots.
 
flyingron said:
Gee, I've never show a tax return for financing anything, house, car or airplane. I guess I could understand it if you were self-employed, but I suspect with a regular job and decent credit history, they figured they could find it themselves. Never heard anybody calling my company (small that it was at the time) and verifying salary. Might have verified that I worked there.

My airplane was financed through the AOPA system (MNB/MBNA/NationsBank/BofA, same office, just got transferred from bank to bank with various mergers and such). Obtaining the loan with them was easy, they'd write anything they could get a bluebook value with. The loan servicing on the other hand was always a disaster. I still had unresolved issues that had been occurring for years despite promises to get to the bottom of it. I finally paid off the last $7000 in cash to get rid of the idiots.
Click to expand...
 
Their money their rules lady. This inquiry actually reminds me of that classic scene:

:D:D
 
Tanille DeLair said:
Anyone had any success financing their aircraft without tax returns? Anyone have a lender to recommend that will consider financing?

I can pay 30% down payment and my credit score is high seven hundreds. If you know a lender that may consider - please let me know!
Click to expand...

Must be nice to have cash for a down payment, a great credit score and no income.
 
I financed through Wings Financial Credit Union. They didn’t ask for my tax returns, but did require that I show paystubs. My loan was for $50K, so perhaps that was the threshold for not requiring a tax return. Don’t know... but you can call them and find out. Good luck!
 
I’ve had to provide copies of my W-2s for loans before but never my tax returns. This was only for mortgages and car loans though as I have yet to buy a plane.
 
Lightstream requires very little substantiation, relies almost entirely on credit report/history.
 
Tanille DeLair said:
Anyone had any success financing their aircraft without tax returns? Anyone have a lender to recommend that will consider financing?

I can pay 30% down payment and my credit score is high seven hundreds. If you know a lender that may consider - please let me know!
Click to expand...

How much ya need? Send pic of kneecaps
 
They usually only require tax returns if you don’t have a paycheck , so you have to show history of income.
 
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