Piper Cherokee Six Aircraft Financing

Finance Your Piper Cherokee Six

The Piper Cherokee Six is a six-seat family hauler that combines performance, capability, and value. Whether you're upgrading your aircraft or making your first purchase, we provide specialized Piper Cherokee Six financing solutions with competitive rates and flexible terms tailored to your needs.

Piper Cherokee Six Specifications & Performance

Specification	Details
Category	Piston Single-Engine
Price Range	$85,000 - $320,000
Typical Used Price	$165,000
Engine	Lycoming IO-540 (260-300 hp)
Cruise Speed	145 knots
Range	780 nm
Seats	6-7
Useful Load	1,550 lbs
Service Ceiling	15,000 ft

Why Finance a Piper Cherokee Six?

• Massive Useful Load - 1,550 lbs handles six adults plus fuel
• Spacious Cabin - Large double cargo doors for loading
• Reliable Lycoming Six - IO-540 engine proven across thousands of aircraft
• Affordable Six-Seater - Lower cost than Cessna 206 or Saratoga
• Versatile Platform - Family, cargo, or light commercial use

Piper Cherokee Six Financing Options

Competitive Interest Rates

• New Piper Cherokee Six: Starting at 6.5% APR
• Late-model used (2010+): Rates from 6.75% APR
• Older models: Rates from 7.5% APR
• Terms up to 20 years available for qualified buyers

Flexible Down Payment Options

• As low as 15-20% down for qualified buyers
• Higher down payments may qualify for better rates
• Trade-in equity can be applied to down payment
• Refinance options available for existing owners

Piper Cherokee Six Ownership Economics

The Piper Cherokee Six delivers exceptional utility and load-carrying capability at a reasonable price point. Understanding complete ownership economics helps buyers maximize this workhorse aircraft's value proposition for family flying, cargo operations, or commercial use.

The Lycoming IO-540 engine (260-300 hp depending on model) burns approximately 14-16 gallons per hour at normal cruise settings. With 100LL avgas averaging $6.50 per gallon, expect hourly fuel costs around $91-104. Engine reserves require planning, with the IO-540 TBO of 2,000 hours and overhaul costs ranging from $42,000-58,000. Conservative owners budget $25-32 per hour for engine reserves, creating manageable long-term costs.

Annual fixed costs include hangar rental ($3,000-9,000) or tie-down ($800-2,400), insurance ($2,200-4,800 for qualified pilots), annual inspections ($1,800-3,200), and registration fees ($300-500). The Cherokee Six's robust construction and simple systems keep maintenance costs reasonable. Total annual fixed costs typically range from $8,500-18,500.

For a financing example: A 1978 Cherokee Six priced at $165,000 with 20% down ($33,000) financed at 7.5% APR over 15 years results in monthly payments of approximately $1,225. Combined with direct operating costs averaging $145-175 per flight hour, the Cherokee Six delivers outstanding value for six-seat capability. Total hourly costs including financing (based on 100 annual hours) run approximately $290-325 per hour, exceptional for this aircraft's load-carrying ability.

Piper Cherokee Six Maintenance & Service Intervals

The Cherokee Six follows straightforward maintenance schedules typical of Piper's proven designs. Understanding these requirements helps owners budget effectively and maintain this utilitarian aircraft's value and reliability.

Basic maintenance centers on annual inspections ($1,800-3,200) providing comprehensive airframe and systems examination. Aircraft used commercially require 100-hour inspections ($1,200-2,000) between annuals. The Cherokee Six's all-metal construction, fixed landing gear, and simple systems create predictable maintenance requirements. Oil changes occur every 50 hours ($150-250), with routine inspections covering control systems, landing gear, and engine accessories.

The Lycoming IO-540 six-cylinder engine provides reliable service when properly maintained. At 2,000-hour TBO, the overhaul ($42,000-58,000) represents the aircraft's largest scheduled expense. Cylinder work may be needed before TBO, with individual cylinder overhauls costing $3,500-5,500 each. Most owners budget $25-32 per flight hour for engine reserves. The constant-speed propeller requires overhaul every 2,000 hours or specified calendar intervals ($4,500-7,000).

The Cherokee Six's large cabin and cargo doors make it popular for commercial operations, creating higher utilization and accelerated wear. Buyers should examine interior condition, cargo floor, and loading system carefully. Avionics upgrades are common, with many aircraft featuring modern GPS and autopilot installations. Overall maintenance costs remain reasonable for this aircraft's capability, with total hourly reserves (including engine, propeller, and airframe) typically running $40-55 per flight hour. Following manufacturer maintenance schedules and addressing squawks promptly maintains reliability and resale value.

Piper Cherokee Six Financing Rates & Terms

Cherokee Six financing follows patterns typical of older utility aircraft, with rates reflecting the aircraft's age and utilitarian mission profile. The Cherokee Six's strong utility market and proven reliability support reasonable lending terms for qualified buyers.

Current market rates for Cherokee Six aircraft vary significantly by age and condition. Better-equipped 1970s-1980s models with low-time engines and modern avionics see rates of 7.0-8.0% APR for well-qualified buyers. Mid-condition aircraft typically command 8.0-9.0% APR, while older or higher-time examples may see 9.0-10.5% APR. Commercial operators with revenue history may access better rates through equipment financing programs.

Sample financing scenario 1: $245,000 well-equipped 1980s model, 20% down ($49,000), 7.5% APR, 15-year term = $1,815/month. Sample scenario 2: $165,000 mid-condition 1970s aircraft, 25% down ($41,250), 8.5% APR, 12-year term = $1,325/month. Sample scenario 3: $115,000 basic aircraft, 25% down ($28,750), 9.5% APR, 10-year term = $1,110/month.

Lenders typically offer 10-15 year terms for Cherokee Six aircraft depending on age, condition, and engine time. Aircraft approaching engine TBO (within 500 hours) may face reduced terms or required escrow for upcoming overhaul. Some lenders impose minimum loan amounts ($50,000-75,000), potentially affecting smaller transactions. Down payments of 20-25% are standard, with commercial operators potentially requiring larger amounts. Complete logbooks and detailed maintenance history strengthen financing applications for these often heavily-utilized aircraft.

Piper Cherokee Six Ownership Alternatives

Before purchasing a Cherokee Six, evaluate alternatives that might better suit your specific requirements and budget.

Competing six-seat singles like the Cessna 206 Stationair offer similar capability with different characteristics. The 206's high-wing design provides easier loading and better visibility, though typically commanding higher purchase prices ($225,000-450,000). The Beechcraft Bonanza A36 delivers superior speed and handling but with higher operating costs and less useful load. Buyers should compare total ownership costs, mission requirements, and operating economics when evaluating alternatives.

Partnership arrangements provide paths to Cherokee Six ownership with shared costs. Two or three partners dividing purchase costs ($55,000-82,500 each for a three-way partnership on a $165,000 aircraft) and annual expenses create accessible economics. The Cherokee Six's robust construction and good availability make it well-suited for partnership operations. Clear written agreements addressing scheduling, maintenance responsibilities, and upgrade decisions are essential for successful partnerships.

Rental or flying club membership offers Cherokee Six access in some markets. Hourly wet rates typically range from $185-265 depending on location and aircraft equipment. For pilots flying fewer than 60-80 hours annually, rental may prove more economical than ownership when considering fixed costs and maintenance reserves. However, Cherokee Six rental availability is limited compared to smaller trainers, and commercial operations require different arrangements.

Piper Cherokee Six Red Flags & Lender Concerns

Lenders scrutinize specific aspects of Cherokee Six transactions given the aircraft's age and typical utilization patterns. Understanding these concerns helps buyers navigate financing successfully.

Airframe condition and total time significantly impact financing decisions. Many Cherokee Sixes accumulated high flight hours through commercial operations, cargo hauling, or skydiving use. High-time airframes (5,000+ hours) require thorough inspection for structural fatigue, corrosion, and hard landing damage. The large cargo doors and belly panels need careful examination for cracks, repairs, and proper rigging. Any history of hard landings, nose gear damage, or propeller strikes requires detailed repair documentation.

Engine time dominates value assessment. Aircraft approaching TBO (within 500 hours) face reduced loan-to-value ratios or required escrow for upcoming overhaul. The IO-540's reputation for reliability helps, but proper maintenance history is essential. Cylinder compressions, oil analysis trends, and borescope results provide important condition indicators. Complete engine logbooks with consistent maintenance from qualified technicians strengthen financing applications significantly.

Commercial use history requires careful evaluation. Aircraft previously operated for skydiving, cargo, or heavy commercial use may show accelerated wear. Lenders prefer aircraft with consistent private or corporate ownership and good maintenance documentation. Any gaps in logbooks, missing maintenance records, or undocumented major work raise serious concerns. Buyers should obtain pre-purchase inspections from experienced Cherokee Six mechanics familiar with typical issues including corrosion in lower fuselage areas, wing spar concerns, and landing gear fatigue. Demonstrating thorough pre-purchase evaluation and realistic maintenance budgets strengthens financing applications for these hardworking aircraft.

Frequently Asked Questions - Piper Cherokee Six Financing

What credit score do I need to finance a Piper Cherokee Six?

Lenders typically require a minimum credit score of 680-700 for Piper Cherokee Six financing. Borrowers with scores above 720 receive the best rates. The Piper Cherokee Six's strong market demand helps secure favorable financing terms for qualified borrowers.

How much down payment is required for a Piper Cherokee Six?

Down payments typically range from 15-20% depending on aircraft age, condition, and buyer qualifications. Well-maintained aircraft with modern avionics may qualify for lower down payments. Your credit profile and experience also influence requirements.

What loan terms are available for Piper Cherokee Six financing?

Typical loan terms range from 15-20 years for newer models and 12-15 years for older aircraft. Amortization can extend to 20 years with flexible balloon payment structures. Your final term depends on aircraft age, value, and your financial profile.

What insurance is required for a financed Piper Cherokee Six?

Lenders require liability coverage (minimum $1M) and hull insurance covering the full loan amount. Annual premiums range from $1,800-$5,000 depending on pilot experience, hull value, and whether the aircraft is used for business or personal purposes. Insurance costs are generally reasonable for this aircraft type.

How quickly can I get approved for Piper Cherokee Six financing?

Pre-qualification typically takes 24-48 hours with basic information. Full underwriting requires 7-14 business days with complete documentation including tax returns, financial statements, and aircraft details. Closing can occur within 3-4 weeks of application, sometimes faster for experienced borrowers with clean credit.

Can I include avionics upgrades in my Piper Cherokee Six financing?

Yes, avionics upgrades like Garmin G500/G600/G3X installations can often be rolled into your purchase loan or accomplished through a refinance. Modern glass cockpits typically add value exceeding their cost, making them attractive to both lenders and buyers. Lenders prefer certified installations with proper documentation.

What happens if I want to upgrade to a different aircraft later?

You can sell your Piper Cherokee Six at any time and use equity toward your next aircraft. Well-maintained aircraft typically build equity over time, especially if you maintain it well and make strategic improvements. Some lenders offer streamlined refinancing or trade-up programs.

Related Articles & Resources

• Complete Beginner's Guide to Buying a Piper Cherokee Six - Specifications, pricing, and ownership costs
• Aircraft Financing Options Guide - Compare loan programs and lenders
• Cessna 182 Financing - Popular single-engine financing
• Aircraft Insurance and Financing - Understanding insurance requirements
• Aircraft Financing for First-Time Buyers - Step-by-step guide