I decided to write a post to describe everything that transpired during the purchase of our airplane.
Find the Plane
As I mentioned in a previous post, it took a while to find an airplane I liked. After driving all over the state looking at airplanes that seemed broken down and unsuitable, I finally found this one on Trade-A-Plane, Like with the other attempts, I drove down to Ashland to take a look – but this time I was pleasantly surprised!
Do The Pre-buy Inspection
After making the deposit on the initial visit, I drove back down on Veterans Day to do the pre-buy inspection. I found a mechanic that could do it for me. He met me at the Ashland Fixed Base Operator, Skinner Aviation and was allowed to use a hangar to perform the inspection. I was able to participate in the inspection as well. He did all sorts of examinations, and it took almost the whole day. The most interesting portion to me was how he used a scope to look into the cylinders of the engine for the health of the pistons. After getting a positive result from the Pre-Buy inspection, I initiated the process of getting a loan.
Find a Lender
I knew I could afford a payment, but I didn’t have enough cash to buy the plane outright. So I started to look for lenders. Finally, I found a lender: Pilot Bank. They do quite a bit of lending for aircraft. I had to negotiate the cost of installing the ADS-B equipment as part of the loan. Next thing I knew, they opened escrow and the process had begun!
Find an Insurer
As part of the escrow period, one of the requirements is to obtain insurance for the airplane. I used my membership with the AOPA to find an insurer. I have had an AOPA membership since 2004 when I started my private pilot training – and now I’ve found it invaluable to help with the purchase of an airplane – after all, it’s in the name Aircraft OWNERS and Pilots Association.
Title and Aircraft Registration
Another task during the process of escrow is to get the title search and registration of the aircraft completed. Luckily the escrow company handles all of that. They gather all the signatures from both the seller and buyer and process all the paperwork. It was a very smooth process!
State Registration
Oregon also has a registration process to complete. Since this is my first and only aircraft purchase, I don’t know if other states have a similar procedure.
So that’s it! I am now a real-live aircraft owner!