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"Your Sky Bankers"
Aircraft Loan Specialists
for over 20 years
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| First National Bank of Clinton has more than 20 years experience in the general aviation business. As you may know, the process of purchasing and financing an aircraft can get complicated. We assist you with this process, from start to finish, making the airplane loan process simple and easy for you. |
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1-800-883-3365
Interest Rates: Rates are subject to change without notice
Effective April 06, 2010
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| $25,000 to $49,999 |
7.95% Fixed 10 Years |
| $50,000 to $74,999 |
7.25% Fixed 10 Years |
| $75,000 to $299.999 |
6.95% Fixed 10 Years |
| $300,000 to $500,000 |
6.85% Fixed 10 Years |
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**Above rates for Fixed Wing Aircraft** |
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NO Pre-Payment Penalties, Pre-Approvals Available
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AIRCRAFT FINANCING GUIDELINES |
| The structure of financing arrangements as below serve as guidelines, and are subject to deviation as may be permitted due to compensating factors and individual situations. Terms are subject to change without notice. Financing is not available for leaseback arrangements, Part 135 operations, experimental aircraft, home built aircraft, jets, or turbines. |
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| Length of Loan: |
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Older than 1950-Amortization will be determined case-by-case 1950 to 1959 - 7yr Amortization 1960 to 1969 - 10yr Amortization 1970 to 1979 - 12yr Amortization 1980 to Present - 15 yr Amortization New Aircraft - 20 year Amortization
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| Loan Amount: |
- Single Engine Aircraft @ 80% purchase price or Blue Book value, whichever is less on single engines. New Aircraft @ 85% of the purchase price. Maximum Loan Amount - $500,000 Minimum Loan Amount - $25,000
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| Loan Fees: |
| The borrower will be required to pay fees for a lien search, credit report, filing and recording fees, and overnight delivery fees that are incurred for your loan. Fees generally run in the $400-$500 range. |
| Pre-Approval Option: |
| Your loan application may be "pre-approved" within specific guidelines, to facilitate the purchase of your aircraft. |
| Application Process (the following must be provided to acquire a loan decision): |
- Complete aircraft application
- Personal & business (if applicable) financial statement(s) and 2 years personal and business tax records
- "Spec" sheet on the aircraft, detailing avionics, air frame times, engine times, etc.
- Picture(s) of the aircraft (if available) showing N#
- Photocopy of Pilot's License
- Photocopy of Driver's License
- Following loan approval and selection of aircraft, the bank will conduct a lien search on the borrower's behalf. When evidence is obtained to provide clear title, loan papers will be prepared and mailed.
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| PRIOR TO DISBURSEMENT OF FUNDS (the bank will require possession of the following): |
- Copy of engine & airframe log showing last annual and total time on engine & airframe
- Notarized originals of all loan documents
- Availability of the FAA Bill of Sale and Registration with original signatures
- Verification of insurance with hull and all peril coverage and Lienholder's Interest Endorsement
- **Note. The bank will file all documents with the FAA
- To be provided after closing: Complete copy of all airframe, engine, and prop logbooks; picture(s) of aircraft; copy of airworthiness certificate
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Interest Rates
