NetJets, the fractional-share provider, has announced that it will directly originate loans at “competitive” rates to businesses that want to finance their jet shares. The Columbus, Ohio-based company claims that because no bank or other third party is involved, credit approval can take as little as a few days.
According to NetJets, the loans will be offered at fixed rates and will require a 0,000 minimum purchase with 20 percent down. Terms will be up to five years with an amortization schedule of 20 years minus the age of the aircraft, with a balloon payment at the end. The financing will be available for shares in all NetJets aircraft types, but only for business entities, not individuals.