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How to pay for a private jet

Get financing to skip the lines and fly in style.

It’s no secret that flying commercial is a huge pain, especially when you do it a lot. If you spend hundreds of hours in the air each year, buying a private jet could help you cut down on personal costs and time at the airport. We walk you through what you need to know about financing a new jet — and other options with less commitment.

Can I get a loan to buy a private jet?

You possibly could, but you’ll need to find a lender willing to let you borrow millions of dollars. Often, your best option is to reach out to a bank that’s familiar with your financial situation and ask if they’re willing to finance your private jet. You might be likely to get a better deal on rates if you go to a financial institution that knows and trusts you.

Another option is a secured personal loan. Backing your loan with personal assets can make you a more attractive candidate, getting you lower rates and a higher chance of approval for the funds you need.

Don’t want a personal loan? Consider lenders that specifically offer private jet financing or an aviation financing company. They offer loans specifically designed to cover the cost of a private jet and can offer services to help you through the process.

How much do private jets cost?

Private jets typically cost between $2 million and $100 million, though prices can sometimes dip below $1 million for used jets. Costs typically break down by aircraft size:

Jet sizeTypical cost rangeNumber of passengersModels
Light jet$2 million–$8 million4–8 passengersCirrus Vision, Hawker 400XP/400A/Premier I/Premier IA, Learjet 35/35A/40XR/45/75, Phenom 100/300, Pilatus PC 12/PC-12NG.
Midsize jet$9 million–$20 million7–9 passengersCitation XL/XLS, Hawker 800XP/850XP/ 900XP, Learjet 55/60/60XR/75, Falcon 50/50EX, Pilatus PC-24, Gulfstream 100/150.
Super midsize jet $16 million–$32 million8–9 passengersCitation latitude, Challenger 300/350, Citation X/Sovereign, Falcon 50EX, Gulfstream 200/280, Legacy 450/500.
Heavy jet$27 million–$100 million9–16 passengersChallenger 604/605, Falcon 2000EX/LXS, Gulfstream IV/IVSP/400/450, Legacy 600.
Turboprop$2 million–$8 million6–8 passengersKing Air 200/250/350I, Cessna 208 Caravan, Daher-Socata TBM 900/930, Piper M600, Piaggio Avanti P180 EVO.

Other private jet costs

Just because you bought a jet doesn’t mean you’re finished paying for it. You’ll need to pay for annual operation costs, which can add up to as much as $4 million a year. These costs can include:

  • Crew salaries. Expect to pay around $400 to $700 per person each day. Most private jet crew are contractors and get a daily salary. Domestic travel generally costs less than international travel.
  • Aircraft insurance. How much you pay in insurance per year varies, depending on your plane’s make, model, age, how often you fly your plane and where it’s registered.
  • Hangarage. You’ll pay anywhere between $100 and $15,000 per month to rent a hangar — a garage for your jet. Prices vary depending on where you are. And you may have to tack on extra money for hangar insurance.
  • Taxes and registration fees. Depending on where you live, you might have to pay around 8% in sales or use tax (similar to a sales tax but for purchases from non-dealers) on top of registration fees. Check with your local government to learn about tax rates, registration fees and exemptions.
  • Maintenance. Maintenance costs vary widely depending on the condition of your plane and wear and tear. Be prepared to shell out some cash — some parts can cost thousands of dollars.

You’ll also pay for fuel and landing fees each time you use your jet — costs that can be difficult to predict.

Compare personal loans for private jet expenses

Private jet down payments

Like any other type of vehicle loan, lenders that provide private jet financing typically require a down payment of around 20%. The upside is that you’ll pay less in interest. The downside is a higher upfront cost. Be sure to factor this in when budgeting your payments.

How else can I pay for a private jet?

Private jets are expensive. Even for the 0.1%, it’s difficult to justify such a huge expense if you don’t fly more than 150 hours a year. Consider these other options if you don’t hop on an airplane regularly — or just don’t want to deal with financing through a third party:

  • Leasing. Rather than buying your own jet, lease one from one to five years by paying a monthly fee. Leasing gives you many of the same benefits of ownership, plus the ability to walk away after a few years, when the value of the plane depreciates.
  • Air charter. Rent a private jet for one-time flights. Charter flights are popular for group tours like sports teams, musicians or private travel companies.
  • Jet cards. Jet card programs allow you to prepay for a certain amount of hours on a jet so that you can easily rent one at a moment’s notice. Jet cards typically hold a minimum of $50,000 to $100,000 — or around 25 hours of flying time.
  • Fractional ownership or share programs. Companies like NetJets allow you to buy a share in an aircraft, allowing you a certain number of hours you can fly — kind of like renting. With a share program, you usually don’t need to commit to any particular aircraft, hire a crew or worry about maintenance.
  • Membership plans. Similar to share programs, you can become a member of a private club like Jumpjet, which charges a membership fee that can cost thousands of dollars a month in exchange for access to private jets.
  • In-house financing. Some retailers provide personal loans that allow buyers to pay for their private jet in installments. It’s a more streamlined process since you don’t have to go to a third party for financing, but rates might not be as competitive.

5 tips for buying a private jet

  1. Be sure it’s worth it. Planes are expensive and often not worth the price tag if you don’t fly at least 150 hours a year — or more for pricier planes.
  2. Pay attention to size. How many passengers will you typically need to carry? How far do you plan on traveling? Smaller planes have fewer seats and travel shorter distances before needing to refuel.
  3. Not an expert? Hire a consultant. Most people aren’t experts in planes and don’t know the best places to find one. Hiring a consultant to find a good deal and negotiate for you could be a better bet if you’re new to aviation.
  4. Find a lawyer. Aviation tax law is extremely complicated, as are FAA compliance rules. It could be worth hiring an attorney to help you navigate these rules and make sure you aren’t inadvertently breaking any laws.
  5. Consider an aircraft management company. Instead of buying fuel, hiring staff and other necessities yourself, an aircraft management company can do all of that for you for a fixed price.

Business jet financing

Looking for a private jet for your business? You’re not alone. Companies are the largest users of private jets. Financing a business jet is nearly the same as paying for a private jet for personal use. The main difference is you can also borrow from lenders that specifically offer private jet financing for businesses.

Your application requirements might be slightly different. Underwriters for business loans typically consider business rather than personal finances and might ask to see balance sheets, business plans and other proof of revenue.

It’s become increasingly common for businesses to rely on fractional ownership or membership plans rather than buying a private jet, however. It offers more flexibility and doesn’t come with the responsibility of overseeing maintenance or keeping your plane up to code.

Compare personal loans

The lenders below can’t get you millions of dollars in financing but if you need funding for a loan you can start your comparison here:

Rates last updated April 24th, 2018

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Name Product Product Description Min. Credit Score Max. Loan Amount APR
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
580
$100,000
3.09%–35.99% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
620
$50,000
5.96%–35.97% (fixed)
Prosper
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
640
$35,000
5.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
5.98%–35.89% (fixed)
CompareFirst Personal Loans
An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
580
$50,000
2.99%–36% (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640
$35,000
5.99%–29.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (fixed)
Laurel Road Personal Loans
Get a personal loan with no application or origination fees and a rate discount for autopay.
680
$45,000
5.5%–11.74% (fixed)
LendingPoint Personal Loans
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
600
$25,000
15.49%–34.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$25,000
typically around 18.49%* (fixed)

Compare up to 4 providers

Bottom line

Banks, secured loans private jet lenders and in-house financing are your top options when looking for a private jet loan. The rise in fractional ownership and jet cards, however, means that you can enjoy private air travel without having to commit to the whole menu of costs that come with owning a jet.

Interested in a private jet loan? Start with our guide to personal loans to begin comparing your options.

Frequently asked questions

Anna Serio

Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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Even Financial Personal Loans

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Prosper

Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

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A peer-to-peer lender offering fair rates based on your credit score.

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