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Loans

Aircraft Loan Details

Carter County Bank offers flexible terms and attractive rates for both new and used aircraft. Loans are available for purchase money as well as to refinance existing debt.

Terms: Up to 120 months - Aircraft up to 20 model years old

Loan Amount: $50,000 minimum amount

Advance Policy: New-90% of Selling Price - Used-80% of Selling Price/Value

Territory: Territory shall include all of the Southeastern United States

We offer simple interest financing for individual and corporate borrowing financing. Financing is not available for commercial use and revenue-producing aircraft. A copy of the complete aircraft equipment and avionics along with a photocopy of the aircraft purchase agreement signed and dated by the buyer and seller must accompany the application.

Financial Information Requirements

At Carter County Bank, our goal is to make applying for an aircraft loan as fast and easy as possible. In order to prevent delays in processing your loan request, please complete the application in detail and sign and date supporting financial statements and tax returns. Remember to include all supporting schedules with both personal and business tax returns.

The following information is required:

Individuals, Guarantors
  • Loan Application
  • Personal Financial Statement
  • Previous 2 years' tax returns

For corporate borrowers, we require the information listed below on each corporation. All loans to closely held corporations require a personal guarantee by the major stockholders.

Corporations
  • Loan Applications
  • Most current year-to-date Balance Sheet and Income Statement
  • Previous 2 years' Federal Tax Returns

Aircraft Insurance Requirements
All aircraft financed by Carter County Bank must be insured by the owner. Confirmation of coverage must be in writing and sent to Carter County Bank by mail or fax machine and come from the insurance company or underwriting company. Evidence of insurance must be in hand prior to disbursing any loan proceeds and must include the following information
  • Policy must include the name of the registered owner as a primary insured.
  • Aircraft must be identified by year of manufacture, manufacturer, model number and FAA registration number.
  • Coverage must include all risks of physical damage, in flight or on the ground.
  • Coverage should be for the aircraft value and be at a minimum for the amount financed.
  • Deductibles cannot exceed 10% of the insured value.
  • Policy must include Breach of Warranty endorsement to Carter County Bank for the amount financed.
  • Policy must include 30 days written notice of cancellation to Carter County Bank.
  • Policy must include loss payable to Carter County Bank as the lender or mortgagee.
  • contact us
  • 423.543.2131
  • 877.725.5222
  • info@cartercountybank.com