You Need a Plane Security Agreement

Owning an airplane for personal use or for your business is a significant investment. Some may compare to purchasing a car or even a boat, but the truth is that buying an airplane is a bigger deal. Often the costs are much more than anything else you will buy in your lifetime, perhaps even more than buying your house. It is not the average person or company that can just walk in and plunk down a pile of cash for an airplane. Usually, there needs to be some type of financial lender involved that helps you secure financing for your purchase. If this is what you need to do when you are buying an aircraft, you need to be sure that you file a plane security agreement along with your registration.

Understanding a Security Agreement

The security agreement is something that is a standard requirement by the Federal Aviation Administration (FAA). The FAA needs to be aware if there is another party involved in helping secure your interests in the plane and has a stake in the collateral. This collateral is the plane itself, but it may also refer to the engine and the propellers of the aircraft if they meet certain specifications. The paperwork notes that there is an agreement between yourself and the lender regarding the financing of the purchase. You need to file this form any time another party is involved in helping you to buy a plane.

Information for the Agreement

Finding the paperwork you must fill out for a plane security agreement is the first step you need to take. Tracking down this form can be frustrating sometimes, and once you find the form, you may not be sure just what information you need to provide. You will have to provide information about the plane itself, including the registration number, along with your name and address. You also must have the debtor’s information so that the FAA knows the source of your lending and can record it. Just the thought of paperwork like this may make you dizzy before you even start to fill it out.

Fill Out Your Agreement Faster

If you want the best way to file your plane security agreement, you want to come to us at the National Aviation Center. We are a private company that acts as a third-party intermediary between plane owners like yourself and the FAA. We provide all the FAA forms you may be seeking on our website so you can find them fast. Instead of having to print out pages, fill them out in ink and then mail them to the FAA, our site lets you do everything online. There is no confusion, no long process, no stamps, and no security risks at all. Your information comes to us over our encrypted system, so it is always safe, and we have experts look at everything before it gets sent to the FAA for you. With our assistance, you can file your agreement and have everything done for your plane so you can start using it without delays.