It is no secret that your average person is not someone that is going to be the owner of a private plane or a business that makes use of aircraft. Purchasing a plane takes time, effort, and you need to have money behind you to make the deal happen. For most people, the agreement is not going to be done by just handing over a stack of cash for the plane. Instead, you are going to need to secure a loan and have some form of collateral to secure the loan. You can obtain a mortgage from one of the many financial institutions around today, and in many cases, you can use the plane you intend to buy as the collateral for the loan. Using FAA form AC 8050-98 is the most common way for you to do this and knowing what you need to do with this form and how to fill it out matters, so the process goes smoothly.
The Security Agreement Form
This form is often referred to as the aircraft security agreement. Just as you would if you were making a large purchase like buying a home, when you make an agreement with a lender for a mortgage for your plane, you agree to pay off the mortgage before the lien is removed. The form itself acts an agreement between you as the buyer and your financial institution as the lender. You would fill out the form with the appropriate information regarding the transaction and each party will need to supply supporting identification and information so that it can verified by the FAA.
Completing the Form
Many interested parties struggle with form AC 8050-98 because they are not quite sure what information is needed. The language of the paperwork from the FAA can seem confusing and complicated at times, and it can be easy for you to make a mistake in what you submit. The problem is you pay fees to submit the document, must mail it in to the FAA, and if there are errors the paperwork is returned to you and you must do the form all over again, costing you more time and money. It can all be very frustrating for you as you try to get through the purchase process.
Help is Here with the Form
The last thing you want to do is deal with delays when buying an aircraft, so if you want the best way to complete form AC 8050-98, you want to come to us here at the National Aviation Center. We are a third-party company that specializes in FAA forms and can provide you with the best methods and assistance you need. We put all the forms online, including AC 8050-98, so that you can fill everything out electronically. We make the language clear to understand and simplify the process so you can complete it correctly and submit it to us. We check each submission to make sure there are no mistakes, and if you have questions or need help completing the form, you can call us at (800) 357-0893 so one of our experts can walk you through so you can get your plane without troubles or delays.