No Income Verification FAQs: What are your credit score requirements

Q:	What are your credit score requirements for the NIV aircraft loans, and do any of your lenders accept personal bank statements as proof of income
A:	David, our NIV, or No-Doc Program as we call it, is available for Aircraft loan transactions up to $250,000. The minimum FICO requirement for both applicant and co-applicant, if there is one, is 720. The beauty of this program is that there is no need to submit any type of income verification or liquidity statments, however, in the event that the lender does require some form of income verification, bank statments reflecting direct depostis are acceptable. Other No-Doc program requirments include a minimum 10 year credit history, maximum loan advance of 90%, maximum debt to income of 40%, the applicant must have comparable credit equal to 50% of the requested airplane loan amount and finally this program is not avaialbe if the airplane is going to be used for leaseback/charter operations. Please let us know if we can assist you with your airplane financing nees by calling us at 888-656-9400 and ask to speak to one of our aircraft loan specialists.