If you purchase a small private plane, how long does it generally take to pay it off?

What are monthly payments generally like? Any info is helpful...Also Im joining the army infantry and want to get as many hours in a plane as possible, because I want to be a commercial pilot later on, woiuld it be wiser to buy or rent a plane in this case?If you purchase a small private plane, how long does it generally take to pay it off?If you are not going to be around to fly every day, do not buy yet, just rent. Besides the monthly payment, you have insurance, and have to pay someone to store it unless you have your own strip and hangar. When you rent, the owner has to come up with the extras. Rent to learn, and when you have time to fly more, buy your own to build time. I am not too enthused about renting out my personal plane as when I am gone, I have no control over who uses it. Plus, when I get back the 100 hour inspection may be due, and that comes out of my pocket. If I am the only one flying, no 100 hour inspection is required.

To get an idea of how long it will take t opay off, Google 'aircraft loans' and look at the options. There are many:

Results 1 - 10 of about 713,000 for aircraft loans. (0.25 seconds)If you purchase a small private plane, how long does it generally take to pay it off?
Like any loan, it depends on the purchase price, how much you can put down, your credit rating and the interest rate. The good thing about aircraft loans, if you qualify, is that you can take up to 10 years to pay it off. You'll also be required to carry full insurance, and depending on the pilot certificates you hold and flight experience you have the cost is highly variable. Annual premiums must also be paid in full up front, no monthly payments like you can do with a car. A $25,000 airplane loan with 10% down will cost you around $325 a month in loan payments at 7% and about $100 per month or so for insurance if you are a low time private pilot. Then of course there will be tie-down or hangar expenses and maintenance on top of that. A good rule of thumb is if you can't fly at least 100 hours per year in an airplane you own, it's cheaper to rent. While 100 hours is only 2 hours a weekend, most people can't seem to manage that much. No time, bad weather, fuel costs and other things often get in the way. The national average for airplane owners is under 50 hors per year. (surprising, isn't it?) Bottom line, if it flies, floats or fornicates it's usually cheaper if you rent.If you purchase a small private plane, how long does it generally take to pay it off?Most people never "pay off" the loan on an airplane. Can't be sure if buy or rent is right for you. If you join the army, you won't want a long term loan. Over all it costs less to buy. You can even rent it out to help defray expenses, when you aren't flying it. (Yeah, good luck with that one) Flying is expensive, and airplanes are "money pits".If you purchase a small private plane, how long does it generally take to pay it off?
If you buy a new plane, the term can be up to 20 years. Plan on monthly payments in the $2000 to $3000 range for something like a 172SP.



If you buy a used plane the numbers will be different. A decent used 172 or Cherokee costs about the same as a nice car.If you purchase a small private plane, how long does it generally take to pay it off?rent time/the purchase is the same as any other installment contract/money down and payments/depends on purchase price

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