Recently, we highlighted the value of turboprops as the perfect niche aircraft between the passenger jet and the piston-driven propeller plane segments. But what if the use cases for turboprops don’t fit your needs? 

For new pilots and aviation enthusiasts, piston planes are the perfect class of aircraft. With fewer regulatory hurdles and less expensive operating costs, here’s a list of what to love about a simple, lightweight aircraft.

Purchase Costs 

In general, piston-driven aircraft are much less expensive than turboprops—and especially jets. 

As a general rule, general aviation models can be found for anywhere from $100,000 to $1 million, while turboprops typically start above the million-dollar mark. Depending on your budget, a piston-driven airplane can be many times more affordable and still meet your needs. 

Training 

For most turboprops, pilots are required to have additional training and certification (sometimes including multiengine and high-performance ratings).

Whatever certificate you hold, whether private, commercial, or ATP, you may need to obtain a multiengine rating or complete type-specific training in a flight simulator or qualifying aircraft.

The operational characteristics of even the lower-end turboprops are more complex than piston engines. As a new pilot or a hobby enthusiast, investing in that kind of certification may not be in reach or necessary, especially if you simply want to fly short distances in a single-engine piston plane.

Fuel Availability 

Even though turboprops and small passenger jets are able to land at relatively remote airports, some FBOs only carry 100LL, a high-octane fuel meant for spark-ignited piston engines.

Turboprops and other jets require specific jet fuels, which can limit your options for resupply.

Fuel Cost

For short flights, piston engines have lower fuel consumption rates than turboprops or jets.

Coupled with the lower cost of the fuel itself, this makes operating a piston-powered aircraft more economical for most personal and hobby use, or even potentially business use for someone who has the necessary licensing or only flies within a few hundred miles. 

Maintenance 

Turboprops and jets are inherently costlier to maintain or modify than piston engines and require your aviation maintenance technician (AMT) to have specialized skills and certification.

There are four primary types of aircraft maintenance: preventative maintenance, maintenance, alterations, and repairs. 

If you are already a Part 91 private, sport, or higher certificate pilot, the FAA allows you to do your own preventative maintenance as long as it does not involve “complex assembly operations.” 

For a list of what type of projects meet the FAA’s criteria, head to the 14 CFR Appendix A to Part 43.

Some of the more basic items approved by the FAA include the following:

• Servicing landing gear wheel bearings (for example, cleaning and greasing)
• Servicing landing gear shock struts (for example adding oil, air, or both)
• Lubricating items not requiring disassembly other than removal of nonstructural items (for example, cover plates, cowling, and fairings)
• Replenishing hydraulic fluid in the hydraulic reservoir
• Replacing safety belts
• Replacing bulbs, reflectors, and lenses of position and landing lights
• Replacing or cleaning spark plugs and setting spark plug gap clearance
• Replacing any hose connection, except hydraulic connections
• Replacing prefabricated fuel lines
• Cleaning or replacing fuel and oil strainers or filter elements
• Replacing and servicing batteries

Simple Design

Piston engines are typically designed with four to six fixed cylinders arranged in a horizontally opposed configuration, not unlike the internal combustion engines found in many other types of vehicles. Likewise, piston engines are often naturally aspirated, meaning there are no complex induction systems. 

These are time-tested designs that have been in common use for over a century. They operate with the same principles and basic mechanics as automotive engines, meaning if you have mechanical experience, much of it will transfer to maintaining your piston-driven airplane.

This doesn’t apply to everyone, of course, but it’s worth mentioning that the tools and training required to work on a piston engine are much less extensive than jet engines. 

Piston planes have a thriving community of aviation enthusiasts from around the world. Given their price point and lower bar for entry, piston engines will be in the skies for decades to come. The new and used markets for these single-engine aircraft are rich with options for whatever your budget or needs.

Check out FLYING Magazine’s thriving piston community and AvBuyer’s aircraft ownership guides for a plethora of resources. 

If you’re not sure about how much to finance and how much to put down, reach out to the FLYING Finance team today. You might be surprised to learn that your capital is better invested by financing an aircraft instead of paying cash, thanks to FLYING Finance’s interest rates, so there’s no reason not to get started and apply today.

The post Why Choose a Piston Plane? appeared first on FLYING Magazine.

The aircraft market is continuing to expand, and that means better options for the consumer. 

One of the largest growing segments in aviation is the turboprop—reliable, practical planes that fill the niche between high speed, high altitude jets and lower flying piston airplanes. 

Turboprop-powered aircraft are becoming more popular, and industry experts project that yearly turboprop sales are expected to grow by 2,450 aircraft before 2040. 

While every class of aircraft has its functions, you might be surprised how versatile and useful turboprops can be. If your business needs mean you take regular short flights to and from small airports, financing a turboprop could be a major time and money saver for you.

Turboprops Excel at Short Flights

In Europe and North America, roughly half of all private flights are less than 500 miles long. Critically, this is about the distance it takes for a turboprop to outperform a jet. 

At low to medium altitudes, turboprop engines are more efficient than jets, and cost savings of up to 40 percent are possible. Because every flight involves low altitudes at takeoff and landing, a high altitude cruise needs to be long enough for the turbofan engine to offset the disadvantage during start and landing. 

Not to mention, many people don’t realize that the speed advantage is marginal for faster jets due to the time spent ascending and descending. In a 500-mile flight, turboprops lose only a few minutes versus jets. 

If your business has you flying regularly between, say, Atlanta and Roanoke, Virginia, or Miami and Tampa, Florida, or even all the above, you’ll realistically make out better with all costs by owning a turboprop than a jet. 

Flexibility With Shorter Runways

Especially compared to jets, turboprops have exceptional short takeoff and landing (STOL) capabilities. Due to their stability at lower speeds and the drag created by propellers, these aircraft can easily decelerate to safe landing speeds for small airports and short runways, and that means that your options for travel open up—dramatically. 

Not every business is based near a large commercial airport. If you work in agriculture, manufacturing, tourism, ministry, or a plethora of other fields, chances are, you’ll need to visit smaller towns. 

With over 80 STOL ports in the U.S. alone, as well as thousands of other small airports around the country that can safely accommodate even the most advanced turboprops, there are plenty of use cases for planes that are capable of lower speeds. 

While owning a jet may not provide enough value for your company to justify the costs, especially without easy hangar or runway access, turboprops’ versatility makes them a much easier sell. 

Low Altitude = Less Turbulence

Like we’ve mentioned above, turboprops are designed for slower speeds and lower altitudes than jets. Why does this matter for your experience?

From 23,000 to 39,000 feet, at the edge of the tropopause, airspace is generally more affected by weather conditions and can often be much more turbulent. Because turboprops typically fly below 30,000 feet while jets generally stay above, most of your flights in a turboprop will be less bumpy than the equivalent ride in a jet. 

Comfortable air might not seem like a major factor, but it is if you spend enough time in your aircraft.

Safety and Reliability

We’ve talked about the benefits of turboprops compared to higher-end jets, but how about smaller, lighter airplanes? 

While some obvious benefits apply to turboprops, such as higher cruising speed and better efficiency, it’s also important to note that turboprops are much safer and more reliable than piston-driven propeller planes. 

Due to the fact that turboprop engines involve rotating mass rather than reciprocating mass, they’re mechanically safer in the case of any failure (and also less prone to catastrophic failure in the first place). 

Equally as vital, the redundancy of twin-engine turboprop models provides an extra sense of security over single-engine planes, including most piston-driven planes. 

Lower Carbon

It’s no secret that fuel prices are increasing. The cost of running a jet will only continue as legislation, such as the European Union’s Taxonomy Regulation, disincentivizes and restricts carbon emissions and consumption in the coming decades. 

In the not-so-distant future, the aviation industry will gravitate more and more toward low-carbon emitting aircraft. 

So we arrive again at the conclusion that turboprops are a practical, forward-thinker’s aircraft. 

Check Out a Wide Selection

Due to the popularity among business charters, there are plenty of options for turboprop buyers. The market has never been better for a range of tastes and needs—everything from luxury to sport to hobby use.

Many major manufacturers are producing turboprop aircraft:

• Cessna
• Beechcraft
• Piaggio
• Piper
• Pilatus
• Daher

If you don’t know where to start, look through AvBuyer’s turboprop guides. And if you’re not sure about how much to finance and how much to put down, reach out to the FLYING Finance team today and get the process started to beat the holiday crunch. 

The post Turboprops: Perfect for a Small Business Owner appeared first on FLYING Magazine.

If financing an aircraft is on your horizon, now is the time to secure your loan. The end of the year is fast approaching, and that means many individuals and businesses will be looking to finalize large purchases for tax offset purposes.

Getting preapproved in August or September is the smart move if you want to miss the hassle of buying during the holidays. As with any financial decision, timing is key.

Why Is There a Time Crunch?

According to Keller Laseter, Chief Commercial Officer at FLYING Finance, the answer is simple: holidays.

“The holidays are the biggest factor to our time crunch,” Laseter said. 

There are multiple bank holidays in the fourth quarter, and that significantly bottlenecks the process.

“When the banks are closed, we lose a lot of valuable time and your loan does not move forward,” Laseter said. 

While some salespeople and lenders may still be eager to close with you no matter the season, it’s an unavoidable fact that many banking and financial professionals will be planning vacations and focusing on family from October to early January—which means they won’t prioritize getting your loan closed. 

“The best way to avoid the busy season is to beat the crowd that’s late to the game,” said Laseter. “Being responsive, communicative, and having your ducks in a row will put you very high on the list.”

Why Start Shopping in August and September?

Waiting until Q4 can lead to delayed closings, aircraft being sold to cash buyers, and worse options and terms.

Typically, clients buying an aircraft for business reasons have complex financial documentation, meaning it takes time for lenders to underwrite them. The savvier and more prepared a client is, the more questions banks and lenders need to clarify. 

With many buyers going through this process at the same time, it can take longer for loans to be completed and can push some finalizations into the next year, which may not be ideal. 

Likewise, inventory is much more limited at the end of the year, with fewer options available for late buyers. The earlier you decide to take to the skies in a new plane, the more variety you’ll find and the more sellers and brokers will be willing to negotiate on terms in order to make those sales.

Can Both Corporate and Personal Aircraft Owners Benefit?

 Absolutely! Actually, securing your aircraft loan early is the surest way to reap the benefits of depreciation and minimize your tax burden. 

“There’s always a rush of clients who approach the finance team in mid-December looking to complete a loan on a large purchase before the end of the year,” Laseter said. “That’s our busiest time, so while we do our best to satisfy this request, it can be difficult.” 

Both corporate and personal buyers can get ahead by submitting the necessary documents as early as possible. Once approved, it’s simple to get reapproved if any time lapses.

Why Have Financing Preapproved in the Fall?

Two of the biggest factors that prolong the financing process are submitting all financial documents in a timely and accurate manner and finding the right deal on the aircraft that suits your needs. Completing the financing side of the equation means you can focus on shopping with confidence in your financial situation. 

The bigger and more complex the airplane, the more in depth the process has to be. Pre-buy inspections, appraisals, logbook review, and other factors mean you’ll want to line up your loan as early as possible so you can be satisfied with a thoroughly vetted aircraft. 

Without preapproval, the time, energy, and money spent on choosing and inspecting the right aircraft can be wasted.

“Just like with buying a house, someone who has an approval in hand when making an offer on an aircraft will be taken more seriously than someone without,” said Laseter. “If you have an approval and the aircraft of your dreams pops up for sale, you can move quickly on the sale and have less risk of the seller going with a cash buyer.”

How to Get Started 

Depending on how your finances are arranged, it’s a good idea to reach out to any investment brokers, accountants, or wealth management firms you work with to get a complete picture of your assets and liquidity. Likewise, make sure you know the details on any existing loans or liabilities so you can go into the pre-approval process with realistic goals. 

If you aren’t sure what documents you’ll need, the FLYING Finance team is here to help you with any questions. Getting started today will get you into your dream aircraft sooner. 

Instead of spending the holidays struggling to finalize details, you can be flying and enjoying the skies.

The post Beat the Holiday Time Crunch: Get Preapproved for an Aircraft Loan Now appeared first on FLYING Magazine.

So I scrapped and schemed and worked a number of odd jobs through my teen years to pay for primary training and then went off to college and amassed an eye-watering level of student loan debt while completing my advanced ratings, all to graduate just after the 9/11 attacks. In retrospect I was fortunate. My seemingly poor timing put me in a very good position when the pilot shortage finally gathered steam, and as expensive as flight training seemed then, it has become even more so. It was also an era of easy borrowing and low interest rates.

If you, like me, lacked the foresight to be born into wealth and are now trying to finance your dream of becoming a professional pilot, you face greater obstacles than I ever did. Post-COVID inflation has made most things more expensive, and everything in aviation from used aircraft to engine overhauls to insurance has outpaced it. Meanwhile, interest rates have skyrocketed, with prime lending rates above 8 percent for a full year now and most unsecured loans at least 3 percent above that. Few reputable banks are offering noncollege flight training loans these days, and this void has been filled by lenders who can be described as little better than loan sharks. Predatory interest rates of 17 percent or more are common. 

Sadly, many of the flight schools appear to be willing accomplices, prominently advertising “easy” financing “as low as 4.5 percent” or some similarly unrealistic rate. Many of their partner lenders will not reveal actual rates or terms until the student has already been accepted to the training program, with a proposed start date. Every week there are posts on aviation forums by students who have just learned, shortly before starting training, that their proposed $130,000, 15-year loan will end up costing $250,000 or more, with monthly payments above $2,000. Unfortunately, many see little alternative but to sign on the dotted line, justifying the terms with optimistic career earnings projections and the perceived rush to get their ratings “before the pilot shortage is over.” It’s an effective trap for lower-income kids with a dream but not much financial literacy. 

Honestly, had I been put in that position at 18 years old, I probably would have signed on the dotted line myself. I was financially illiterate at that age too. I’ve learned a lot about money since then, though, and about the aviation industry. Let me offer some really sound advice:

• Be very wary of any flight school that requires significant money up front. There are many cases of schools suddenly closing or otherwise absconding with students’ funds or refusing or delaying repayment of the balance after the student has flunked out or quit midway through training. At the very least, they should require no more in your account than is required to complete the next block of training (e.g, private pilot certificate, instrument rating, etc).

• If a flight school’s preferred lender isn’t upfront about rates or terms, be very skeptical. Anyone who requires you to be accepted at the school and have a start date before revealing loan terms is likely springing a debt trap on you.

• A hard truth of aviation is that the majority of those who start primary training quit before earning their private pilot certificate, and the attrition rate for professional programs is similarly high. Not everyone will enjoy flying, and not everyone is cut out for it. You won’t really know if it’s for you until you’re at least through primary training. Don’t make any momentous financial decisions until then.

• Career earnings for a pilot can be high, but also vary quite widely depending on timing, keeping a clean record, maintaining a Class I medical, networking ability, and sometimes just plain dumb luck. Do not base financial decisions on best-case scenarios. And in any case, plan on several early years of earning less than $50,000, perhaps substantially less.

• Do not, under any circumstances, accept any substantial loan at more than 12 percent interest. It will be a millstone around your neck. Unlike most debt, student loans are not dischargeable in personal bankruptcy. Having to repay a crippling amount of high-interest debt early in your career will cause a high level of stress and may well lead to career decisions that prioritize short-term earnings over long-term advancement. 

• There was a period during the pilot shortage when it made some sense to spend more and even accept less than satisfactory loan terms in order to finish training quickly and reach the airlines ASAP. In my opinion, that period is over. Hiring is starting to return to traditional norms, and there’s even a bit of a glut of low-time pilots. It’s difficult to be hired at regional airlines at 1,500 hours right now, for example. 

All of this points to doing your training in a way that minimizes borrowing until interest rates come down. First, get as far into your training as you can while paying cash. If you have a decent job now, pay cash to train toward a private pilot certificate at a local flight school while still working. Make the decision to quit and take on debt only once you have your certificate. If you don’t have a job that will pay for primary training, put major effort into securing aviation scholarships and grants. Most aviation organizations offer them, and you should apply for every single one. Some are relatively small, but the dollars add up, and there’s a multiplicative effect as your name gets out there. In fact, this is a fantastic way to get a head start on networking.

When you reach the point that you simply have to finance your training, shop around. You’ll be surprised to find there’s a fair amount of variance among private student loan lenders—not all are loan sharks. If your intended school is pushing use of a predatory lender, I’d be very skeptical about training there. After all, when the lending is more lucrative than providing the actual training, that makes the training a loss leader—and quality is likely to suffer accordingly.

• READ MORE: 6 Mistakes to Avoid When Looking for Pilot Training Loans

Rates vary significantly based on credit scores and history. If you know that you’ll be applying for loans in the next few years, put a strong effort into increasing your credit history and scores now. Alternatively, you’ll get better rates by having a cosigner with good credit. This doesn’t need to be a parent, but given that they’ll share responsibility for the loan with you, you had best have a good relationship and proven yourself trustworthy to anyone you ask to cosign on a loan.

The Federal Reserve is expected to start lowering interest rates next summer. As long as your lender does not tack on substantial origination fees, you may well be better off taking multiple smaller loans throughout your training, versus one big loan at the start. And while variable rate loans can be a gamble, I think they’re a decent bet now, so long as yours is adjusted monthly or quarterly and is tied to a fair index (the former standard, London Interbank Offered Rate [LIBOR], has been discontinued, and Secured Overnight Financing Rate [SOFR] is the best replacement). 

Finally, the best interest rates going these days in the U.S. are for federal direct subsidized and unsubsidized Loans. For the 2023-24 school year, they’re set at 5.5 percent for undergraduate students and 7.05 percent for graduate/professional students. The catch is these loans can only be used at nationally accredited institutions, which largely limits you to college flight programs (both four-year and two-year). With pilot supply and recruiting returning to normalcy, however, I think that college programs will become attractive again.

Even if the major airlines do not reinstate their long-standing degree requirements, a degree will always be preferred and may well make the critical difference as the hiring process becomes more competitive.

The post Financing the Pro Pilot Dream…Without Getting Scammed appeared first on FLYING Magazine.

On Tuesday, flying car company Jetson Aero, manufacturer of the electric vertical takeoff and landing (eVTOL) Jetson One personal aircraft, closed a $15 million seed funding round headed by will.i.am and “pioneering angel investors from around the world,” including Jetson board director Luca Spada and senior board adviser Rikard Steiber.

The investment will support Jetson One’s eventual launch and see will.i.am, a Jetson customer, train to become one of the first flying car pilots in the world. As the Black Eyed Peas song goes: “Let’s Get It Started.”

“I’m proud to be a part of the Jetson family and support the company’s mission to democratize flight, opening the skies to all,” the artist said in a statement. “Personal aircraft ideal for short point-to-point flights will soon be a reality.”

Jetson said the seed round is a precursor to the firm’s launch of a Series A financing campaign, which will support its stated mission to democratize flight and “make everyone a pilot.” Stéphan D’haene, CEO of Jetson, said the company’s approach to the urban air mobility (UAM) market leverages Jetson One’s ability to fit into existing regulatory frameworks, akin to the FAA’s Innovate28 plan for early eVTOL operations.

“This may be the biggest opportunity in aviation since the Wright brothers took flight,” said D’haene, who previously spent a decade working in Bombardier’s recreational products division. “Today, there is an existing market that is a profitable business for a single-seat recreational aircraft. We are starting the first shipments already next year and will open our [Series] A round soon to accelerate our growth.”

Jetson One’s design was inspired by race cars, with a lightweight aluminum space frame and a Carbon-Kevlar composite body. The aircraft uses simple joystick controls and relies on a flight computer to stabilize it in the air, which the company claims allows any prospective customer to learn to fly it in a matter of minutes.

The eVTOL is powered by eight electric motors running on high discharge lithium-ion batteries. This configuration gives it a 20-minute flight time and a top speed of 63 mph (55 knots), making it best suited for short hops.

Whether or not it can be considered accessible depends on the customer. In its current form, Jetson One cannot be flown by a pilot weighing more than 210 pounds, limiting taller or heavier users. And with a $98,000 price tag, the model is more expensive than many single-seat ultralight aircraft already on the market, which can cost as little as $8,000. That figure is what around 300 Jetson customers paid down just to reserve their serial numbers.

Jetson builds its aircraft at a production and research and development facility in Arezzo, Italy. About 50 miles to the northwest, just outside Florence, the company operates a private airfield containing an industrial facility and a 2,600-foot airstrip, which it uses for daily flight testing. The airfield is also home to a customer experience center and pilot school.

By 2024, the company hopes to have expanded to the U.S. market. It’s weighing several locations for its future U.S. headquarters. Meanwhile, Tomasz Patan, Jetson co-founder and chief technology officer, is expected to conduct the company’s first U.S. test flights later this month.

“Jetson is on a mission to redefine the future of air mobility and transportation,” Patan told FLYING. “We are enabling new and exciting ways of travel, which will solve many problems, ultimately making our cities a much better place to live. I think the U.S. market is a great opportunity for Jetson.”

Boom Boom Pow

The involvement of will.i.am is arguably the most fascinating piece of Jetson’s investment.

The artist made a name for himself with the Black Eyed Peas. But between the group’s split in 2011 and reunion in 2015, he reinvented himself as a tech entrepreneur and creative consultant.

“Leveraging his early experience in the consumer electronics industry, will.i.am has continued to launch a range of his own tech-based companies focused on software and operating systems incorporating AI, natural language understanding, voice computing, creativity & productivity, customer-service apps, as well as consumer-tech products,” reads a description on the i.am Angel Foundation website. 

The foundation, launched in 2009, supports K-12 science, technology, engineering, arts, and mathematics (STEAM) education programs for more than 12,000 disadvantaged youth in Southern California. The actor and musician is also a board member of FIRST Robotics Competition, an annual international high school robotics contest.

In 2011, will.i.am was named director of creative innovation at Intel, where he advised the development of technologies such as smartphones, tablets, and laptops. He has also served as chief creative officer of 3D printing firm 3D Systems since 2014 and has worked as a futurist and creative adviser for companies such as Honeywell, General Electric, and AirAsia.

He is the owner of machine learning company Sensiya and Internet of Things (IoT) platform Wink and is also a member of several World Economic Forum committees focused on technology. The artist has even worked with NASA’s Jet Propulsion Laboratory, with which he partnered in 2012 to become the first artist to stream a song from the surface of Mars. 

Now, will.i.am will look to make history again by becoming one of the world’s first flying car pilots. And while his seed funding contribution to Jetson was a one-time investment, the Black Eyed Peas frontman has made several multimillion-dollar investments and acquisitions over the past decade. Perhaps he’ll continue to give flying cars a lift.

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The post Artist will.i.am Headlines $15M Investment in Flying Car Company Jetson appeared first on FLYING Magazine.

The first bank we worked with while shopping for an aircraft and looking at a number of better-known, factory-supported models, told us the Commander’s orphan status was a deal-breaker. Others balked because they felt the airplane was overpriced. Some insurers expressed similar reservations. We named her Annie because of the “orphan” theme.

• READ MORE: Instrument Rating Can Expand Your Travel Horizons

I assured the banks and insurance companies that Commanders, like many discontinued aircraft, have a strong support network of owners, mechanics, and parts suppliers dedicated to keeping them in the air. In return, I sensed a distinct lack of confidence in this brand of community activism. Fans of oddball airplanes know that communities are essential.

An example of this arose last week while I was preflighting Annie and heard the resolute chug of a Lycoming approaching. I looked up to see another Commander on the taxiway, headed toward my instructor’s hangar. This was a surprise because the model is a rare sight, with production totaling fewer than 1,500 aircraft.

There is, however, what you could call a cluster of Commanders in northern New Jersey. Someone might argue that “handful” more accurately reflects the true number, but really any gathering of two or more is a big deal. The owner of the one I spotted had flown the 22 nm from Blairstown, New Jersey (1N7), to Sussex (KFWN) for a flight review. I taxied immediately to meet him, figuring I could photograph Annie, the visiting Commander, and my instructor’s machine, in which I received my high-performance and complex endorsements. Three Commander 114s in one place is an occasion worth recording.

Unfortunately, one of my instructor’s partners had flown his 1976 model to North Carolina’s Outer Banks for the week, so I had to settle for a picture of two instead of three. Still, the meeting was more than worthwhile. The other pilot alerted me to regional fly-in gatherings of Commander owners that come up regularly. My instructor, who recently had to replace a failing landing gear power pack on his airplane, talked about the pros and cons of rebuilt and factory-new parts.

We discussed the differences between their Commanders, built by Rockwell in the 1970s, and my “second generation” 1992 model from Commander Aircraft Co. My airplane has a redesigned engine cowling and other aerodynamic modifications that give it extra speed. This is a valuable upgrade because earlier Commanders had the reputation of being “slow.” The 1990s models are also known for their paint schemes. The visiting airplane’s previous owner had it repainted in a design similar to Annie’s, which looked sharp.

We compared notes on panel upgrades, useful load, finding the best power settings, and more. I still have to find out how the other owner gets his airplane down to 10 gallons per hour in cruise when Annie’s limit seems to be 14. I suspect he is flying at a significantly lower power setting and in no rush to get anywhere. Or perhaps he is a master of lean mixtures. Either way, the discussion sent me back to my POH for review to see what I might be missing.

By the time we headed out on our separate missions, I had gathered a bit more information about my airplane that is not in the manual. I also got the names of two more nearby Commander owners and their home airports. My community is growing.

The post Active Aviation Communities Make Owning ‘Orphan’ Aircraft Easier appeared first on FLYING Magazine.

Ampaire Builds Momentum with New Orders from MONTE and Global MRO Support from Air France/KLM

Full story here https://t.co/fNl9Eacs6M#MONTE #ecocaravan #sustainableaviation #greentech #cleantech #hybridelectric #partnerships #aviation pic.twitter.com/8HqmuNsu1U

— Ampaire (@AmpaireInc) October 25, 2022

It provides financing and leasing solutions for zero-emission technology to regional aircraft operators. That also means helping aircraft operators retrofit fleets with solutions such as electric, hybrid, or hydrogen propulsion technologies as they are developed. It says its goal is to become the world’s first carbon-neutral aircraft leasing company by 2027.

In this deal with Ampaire, Monte made a firm order for 25 Eco Caravans, with an option to purchase an additional 25. Ampaire’s Eco Caravan is a hybrid-electric upgrade of the Cessna Grand Caravan.

The aircraft marks the “starting point for a revolution in air travel,” bringing a slew of benefits, Ampaire CEO Kevin Noertker said in a statement.

“It brings the cost per available seat mile down to the range of driving, benefiting operators and their passengers. It dramatically shrinks the aircraft’s carbon footprint.,” Noertker said. “The propulsion technology is scalable, and we intend to quickly move toward larger regional aircraft and even the single-aisle jet market over time.”

According to Ampaire, the Eco Caravan can reduce fuel and emissions by as much as 70 percent on shorter trips and 50 percent on longer ones without sacrificing room for people, cargo, or overall range. Moreover, the company said the aircraft could lower operating costs by 24 and 40 percent of the unmodified Cessna Grand Caravan. Additionally, Ampaire noted that because the Eco Caravan can recharge its batteries in flight, its selection of airports that it can fly into aren’t limited to those with ground charging capabilities.

“Monte is looking to build a fleet of low emission and zero emission aircraft to lease or finance for regional aircraft operators worldwide,” Monte’s investment director, Timothy Eyre, said.

Last year, Monte signed a cooperation agreement with Tecnam Aircraft Limited to provide bespoke financing and leasing solutions to customers of Tecnam’s P-Volt Electric Aircraft. Eyre called Ampaire “the leading hybrid-electric technology provider” and said, “its Eco Caravan will be very attractive for a segment of our operators, thanks to its wide performance envelope and ability to operate without ground charging infrastructure where necessary.”

Ampaire Nearing Certification

Ampaire has stated that the Eco Caravan will make its first flight later this year. The nine-passenger aircraft is currently undergoing ground power tests and has entered the certification process with the FAA, with a supplemental type certification for the upgraded aircraft expected in 2024, according to the company. 

• READ MORE: Ampaire and Tamarack Announce MOU on Aerodynamic Upgrades

Last week during NBAA-BACE, the company signed an MOU with Tamarack Aerospace Group to develop aerodynamics upgrades for Ampaire’s hybrid electric aircraft fleet. Ampaire will have access to Tamarack’s SMARTWING winglets on all alternative energy variants of the Cessna Caravan 208, de Havilland Twin Otter, and Beechcraft King Air.

The post Monte Inks Deal For Up to 50 Ampaire Hybrid-Electric Aircraft appeared first on FLYING Magazine.

We also understood the importance of keeping our lender updated on the aircraft we were considering, because the exact terms of the transaction would change with varying market values of different aircraft. What we did not know was that we might need to educate the lender regarding certain details of the aircraft we intended to buy.

Don’t they know this stuff already? Not necessarily.

After checking out a number of Beechcraft Bonanzas, we found a Commander 114B that seemed just right for us. As I had done previously, I contacted our loan officer to let him know about the new prospect just before seeing the aircraft in person for the first time. “Let me know what you think of the Commander,” he said. There was no sign anything was amiss—yet.

• READ MORE: Finding Your Ideal Aircraft: Roll With The Punches

After an encouraging visit with the Commander, I let the loan officer know we wanted to move forward on the deal. We had a tentative agreement on an offer, and we were ready to send a deposit to the escrow agent. Then the phone rang—a rare occurrence in these days of electronic text  communication. The finance guy was on the line. His voice was shaky.

He informed me that his company could not make a loan for the Commander because it is an “orphan,” meaning its manufacturer is no longer in business. He apologized and admitted that he was new to the job and simply did not know exactly what a Commander was. Well, clearly his boss knew and put the brakes on the deal.

Commanders have an active, resourceful owner’s group, and there is still a substantial, if finite, supply of original parts available. Still, that is not the same as a Cessna, Piper, or Beechcraft model with an active company supporting it. And that difference apparently gives lenders pause.

We would have to look elsewhere—and quickly, because we had already set up a pre-buy inspection with hopes of closing just afterward. We already had dreamy images of receiving the Commander’s keys and flying it back to our home airport from the mechanic’s shop, stopping at a favorite lunch spot on the way.

It could still work out. We found a more sympathetic lender, and there was no room on the inspection schedule until this week, so time appears to be on our side again. The seller and I flew the Commander to the mechanic, which gave me time at the controls. I tried to be cool and unemotional about the occasion, checking the functions of every instrument, switch, button, and light bulb.

Once flying, though, I was nearly overcome by the childlike giddiness of someone who has waited decades for something he wants very badly. It was no surprise that the airplane was a joy to fly—smooth and harmonious. It seemed happy to fly straight and level but absolutely encouraged me to practice steep turns.

If this deal works out, the flight home in our new Commander will be anything but direct.

The post Finding Your Ideal Aircraft: You Know What They Say About ‘Best-Laid Plans’ appeared first on FLYING Magazine.

Undoubtedly, the expense of attending a flight school often scares people from becoming pilots. Thankfully, there are a few ways to cover these bills, such as loan financing. This article comprehensively explains the best ways to finance flight school, outlining the top flight school loans to consider to pay for your flight school.

Federal Student Loans for Flight School

Two categories of loans are available for students attending an accredited program at a university or college: federal student loans and private student loans. Federal student loans typically offer flexible repayment plans, lower interest rates, etc. University and college students who qualify for such loans would fill out the Free Application for Federal Student Aid (FAFSA) form to get started. Generally, there are four types of Federal Student Loans for universities and colleges with flight training programs:

1. Federal Direct Subsidized Loans

Students with proof of financial needs can apply for this loan. For this loan, the government pays the accrued interest while schooling, the first six (6) months after graduation, and during deferment. Although federal direct subsidized loans have significant borrow limits, your flight school determines, and the extent of your financial need determines how much you can borrow.

Pros

• Doesn’t require a credit check.
• Offers the lowest loan fees and interest rates among other types of federal student loans for flight school.

Cons

• Parents cannot directly apply for the federal direct subsidized loan.

2. Federal Direct Unsubsidized Loans

Also for students with proof of financial need, the federal direct unsubsidized loans, unlike subsidized loans, include financial need requirements students must fulfill to qualify. The major difference between federal direct subsidized and unsubsidized loans is that for the latter, the federal government doesn’t pay the accrued interest during school or grace period unless added to the loan balance during repayment.

Pros

• Doesn’t require a credit check
• Includes lower interest rate.
• Allows access to all federal benefits.

Cons

• Includes loan fee
• Students might not be able to borrow enough

3. Federal Direct PLUS Loans

This type of federal loan for flight training conducted within a college or university program is available to graduate students and parents of undergraduates.

Students often take federal direct PLUS loans after borrowing the maximum in federal unsubsidized direct loans, while parents take the loan to help their child finance flight school costs or need the programs the loan offers, such as Public Service Loan Forgiveness, Income-Driven Repayment Plans, etc.

Pros

• Although limited, the repayment option is usually flexible.
• Offers interest rates lower than private student loans for flight school.
• Parents with kids in colleges and universities authorized by the government for federal aid can apply.

Cons

• Fewer repayment options.
• Require credit check.

4. Federal Direct Consolidation Loans

Federal direct consolidation loans allow student borrowers to combine their federal student loans into one, plus a fixed interest rate, an average of the interest rates on all federal loans rounded off to the nearest 1/8 of a percent. However, this doesn’t translate into a lower interest; instead, it opens all forgiveness and repayment options.

Pros

• Fixed interest rate.
• Multiple repayment options.
• One payment.
• No minimum to qualify or maximum amount for consolidation.
• Automatic debit.

Cons

• Interest is usually higher over time.
• No do-overs.
• No grace period.
• Private loans can’t be consolidated.

Private Student Loans for Flight School

Private flight schools outside of a college or university program are ineligible for student loans offered by private lenders because they aren’t attached to a university and aren’t offering degree programs. Nonetheless, a few lenders still count them eligible for their private student loans to cover flight school costs. Below are two (2) of these private student loans available for flight schools:

1. Sallie Mae Flight School Loan

This loan is specially designed for students attending schools that offer trade certificates or professional training. Flight schools can fall under this umbrella. A Sallie Mae flight school loan lends $1,000 up to 100% of your school’s cost of attendance with terms from ten (10) to fifteen (15) years.

Pros

• Offers 0.25% as a discount on autopay.
• You can borrow 100% of your school’s cost of attendance.

Cons

• Doesn’t disclose minimum credit or income requirements.
• Includes only two repayment options.
• It can be difficult to qualify in recent years.

2. Wells Fargo Flight School Loan

The Wells Fargo Flight School Loans offers both fixed and variable interest rates and includes strict borrowing limits. Borrowers or their cosigners must also have a great credit history to qualify for a flight school loan from Wells Fargo. The major advantage of this loan is its zero application or origination fee.

Pros

• Doesn’t include an application or origination fee.
• Wells Fargo may forgive parent loans for a disabled child.

Cons

• There’s a strict limit to how much you can borrow.
• Rates are usually higher than other private and federal loans for flight schools.
• Includes just one repayment option.

Other Ways to Pay for Flight School

Apart from the various federal flight school loans and private flight school loans discussed above, below are a few other ways you can cover your flight school costs:

1. Flight School Scholarships

Several organizations offer scholarship funds for students to pay for flight programs. However, scholarships typically have specific requirements applicants must fulfill, including proof of interest in aviation, specific skill sets, underrepresented demographics in the industry, etc.

We have highlighted some of the flight school scholarships you can apply to sort flight school costs:

• Experimental Aircraft Association (EAA) Flight Training Scholarships: EAA offers more than twelve (12) scholarships yearly, cut across different flight training stages. Therefore, there are varying deadlines, depending on scholarship types. Unlike most organizations, the application is also open to non-members of the association, although the scholarship is only valid for flight schools in the U.S. The EAA flight training scholarship awards vary based on the scholarship types: the lowest amount awarded is $5,000.
• AAERO Aviation Scholarship Program: The application is open to aspiring aviators who haven’t obtained a private pilot certificate, and can finish a program within twelve (12) months if selected. The AAERO scholarship is always open for application in May every year: applicants must be 18+, residents of the U.S., have a student pilot certificate, and have enrolled in flight school before the date of application. AAERO scholarship awards range between $1,000 to $2,500.

2. Airline Training Tuition Reimbursements

Some airlines make financial contributions to helping certain students fund their flight school costs. These reimbursement programs feature varying rewards and different eligibility requirements, depending on the airline. Below are some of the most popular airlines offering airline training tuition reimbursements:

• SkyWest Airlines Airline Training Tuition Reimbursements: SkyWest Airlines offers a tuition reimbursement program in partnership with ATP Flight School and more than 50 other flight schools, creating a solid pathway to SkyWest Airlines for aspiring pilots. This tuition reimbursement program offers students up to $11,000 to cater to their flight school costs.
• ExpressJet Airline Tuition Reimbursements: ExpressJet Airlines also offers eligible students up to $11,000 in tuition reimbursement.

3. Pilot Training Financing

Many finance providers and specialists offer financing for aspiring pilots to cater to their training school costs. AA Credit Union and family resources are two popular examples of other finance pathways to help solidify students’ financing for flight school and becoming a pilot.

• Family Resources: Though not an actual bank, nonetheless, parents and other family members have proven to be excellent sources of finances for student pilots.
• AA Credit Union: This financing option helps students borrow up to $40,000 with a repayment structure spread over 120 months. Thankfully, applicants do not need to be an employee of American Airlines.

Ready to Find the Best Flight School Loans?

Flight schools can be very expensive; however, flight school loans are instrumental in helping students reduce their cost burdens. Do you want to stay updated on the latest aviation content? If so, sign up for a FLYING Magazine subscription today.

The post Flight School Loans: 3 Ways to Finance Flight School appeared first on FLYING Magazine.

The company has secured €180 million in new financing from American investors, it announced on Wednesday.

Rebound Strength Leads to Repayment

In June 2020, Daher received an original loan amount of €170 million backed by the government—in a category called “Prêt Garanti par l’État” or PGE—to ensure its cash flow needs were covered. The move was twofold, to both ensure the company’s stability during the COVID-19 pandemic and to position it for growth upon the recovery from the crisis.

An initial amount of €60 million had been repaid to its original banking pool by Daher by June 2021, one year later, specifically because of healthy logistics and aircraft manufacturing positions and the rebound in air traffic witnessed globally by that time.

The remainder of the PGE that Daher had accessed was reimbursed this spring based on that continuing strong performance.

New Funding from American Investors

In February, Daher moved to acquire Triumph Group’s aerostructures business unit in Stuart, Florida to boost the company’s manufacturing presence in the U.S.

The acquisition added to Daher’s purchase in 2019 of the Kodiak assets and facilities in Sandpoint, Idaho, and its service and sales center in Pompano Beach, Florida.

With this footprint and proposal for continued growth in the U.S., Daher was able to attract its next round of financing in part from an American consortium of investors, to the tune of €105 million. An additional €75 million was secured in loans from its original banking pool, for a total new round of €180 million. The company sought €150 million, but attracted more as a result of its strategic position, according to Daher.

“Beyond the recognition of the good management at Daher during the COVID-19 crisis, we were able to convince our historic investors—as well as new American investors—of our realistic prospects, particularly the project to acquire a facility in Florida that produces and assembles large aerostructures and subassemblies,” said Daher CEO Didier Kayat in a statement. 

“This confidence is based on Daher’s solid foundations, as well as its innovation-focused corporate culture, along with its family shareholding and its governance.”  

Future Investment Stateside

Daher’s chief financial officer, Jean-Philippe Grégoire, also weighed in, “The PGE was a very useful tool while going through the crisis, but it was defensive in nature. With the Euro Private Placement in 2021 and the U.S. private placement in 2022, Daher benefits from much more flexible means that are adapted to its more offensive strategy.”

With deliveries of its TBM and Kodiak turboprop lines hitting new high marks in 2021 returning to prepandemic levels within the year’s time, the OEM looks to aim higher from the position of strength. 

With the debut of the EASA-certified TBM 960 in April, Daher continues its plan to iterate its turboprop models every two to three years to retain their appeal to its customer base, as Kayat noted in a recent podcast.

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