WHAT DOES IT mean to be "preapproved" when it comes to aircraft financing? A preapproval simply allows you to walk into a potential airplane deal already armed with the financial backing of a lender. It provides you leverage to act quickly and decisively, particularly in a tight seller's market like this one. The typical loan application process can take four to six weeks or more from start to finish. That process includes finding an airplane, vetting the airplane, and vetting the buyer. By the time all is said and done, you may have missed out on multiple airplanes.
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