First you will have to complete a Battle Creek State Bank application. Specify the aircraft you are purchasing along with the aircrafts specifications. Additional information maybe requested after review of the application such as; financial statements, tax returns, current payroll stub, or other financial information. This process usually takes less than 48 hours.
Battle Creek State Bank will look at financing aircraft regardless of age in most circumstances.
Battle Creek State Bank will look at not only financing new and used aircraft loans, but we also do refinancing of existing aircraft loans. Additionally, we will do loans for upgrading new avionics, new engines or overhauls, plus refurbishments to the interiors and exteriors of the aircraft.
Confirmation of coverage must be sent to Battle Creek State Bank prior to funding the loan. Additionally, Battle Creek State Bank must be listed as the Loss Payee. The policy must contain a 30 day written notice of cancellation to the loss payee along with a breach of warranty endorsement to Battle Creek State Bank for the amount financed.
You will need to provide Articles of Incorporation, the Operating Agreement for LLC, tax ID number, and a Certificate of Good Standing from the State of Incorporation.
Typically you can finance up to 90% of the purchase price or the fair market value. Depending upon the terms and conditions of the loan, the down payment requirement may vary a little more or less than 10%.
The loan could take as little as two days. One day to prepare the closing documents and one day to sign and return the documents. Battle Creek State Bank will need at closing, photos of the aircraft, copy of the pre-purchase inspection, signed and notarized documents, proof of acceptable insurance and a check for the closing costs (This typically does not exceed $350 and will be limited only to the banks out of pocket expenses).
Battle Creek State Bank will handle most of the paperwork for you including filing out the necessary FAA documents.
Battle Creek State Bank complies with the USA PATRIOT ACT which is a federal law and mandate governing all banks. When you open a new loan account we will verify and record information that identifies new customers. The information that will be required will be your name, address, date of birth, taxpayer identification number, and other information that will allow us to identify you, such as your driver's license or other identification documents. In ALL situations customer's information and identity is confidentially held and protected.