Flight training loans

[Darkhlmt]

Just looking for some info. I'm looking into going to a flight training school to get my ratings. At least my IFR commercial and multi-engine ratings. I should already have my private pilot license before I start any additional schooling. The only problem I'm having is the funding. I looked around online but wasn't able to find any info on possible student loans of any kind for flight training outside of a university. If anyone has any info or links with info I would greatly appreciate the help. Thanks.

 

[surv1]

www.pilotfinance.com. I used them for my private, they were great.

 

[landlover]

don't do it!!! avoid loans all together to become a pilot. if you must borrow as little as possible. paying them back is such a b!tch.

 

[gsrcrsx68]

I'm with landlover

debt is the first step to misery...seriously. Go get a job at a local airport and another job that actually pays. Pay as you go. You'll learn so much working at an airport and meet a lot of pilots and hopefully network yourself in to a good opportunity.

 

[lowapproach]

Don't finance...

I took a look at the website referenced above and a 48month loan for 6000 comes out to around 18% interest (total interest paid on the loan is almost $2400).

You would be better off putting it on a credit card and at least getting the mileage points.

 

[Amish RakeFight]

I took a look at the website referenced above and a 48month loan for 6000 comes out to around 18% interest (total interest paid on the loan is almost $2400).

You would be better off putting it on a credit card and at least getting the mileage points.

Most CC's have offers for 0% interest for 6 months. Some are about 2-3%. If you can find one like this, move the debt to a different CC company for a new lower rate when the 6 months is up.

But I gotta agree on keeping out of debt. Get a job that pays well enough for you to pay as you go. Taking as much as 1-2 years more to get all the ratings isnt going to hold you back in the big scheme of things. Debt is B-A-D!!!! You'll constantly be worrying about your financial affairs.

Also, try to coax a loan from a family member if possible. Pay it back with no interest if they'll let you.

 

[lowapproach]

...pay as you go...

I couldn't agree more, debt sucks. For something like the Private ASEL, you should also consider saving up enough money first so that you have enough to fly often. This should help to get it done sooner, saving you money as well.

 

[Darkhlmt]

Thank you everyone for your input. I'm doing my best to stay away from loans but it will most likely be my only available route. I will keep looking into this and perhaps I will pay my way. It will just take a long time. But it's worth it.

 

[Lazy8]

All the financing options suck right now; however, pilotfinance offers the absolute worst in regards to repayment terms and rates.

I agree with everyone else though. Try to borrow as little as possible.

Also, unless you can actually pay them off in full, definitely stay away from the credit cards. Revovling credit will eat you alive faster than a private loan.

g

 

[navigator72]

DO NOT use credit cards or loans to pay for flight training. Pay for it as you go, it might take you a little bit longer to pay for it but in the end you will be much happier. The pilot job market doesn't pay for those who are just starting out. How are you going to pay the loan back when you are making next to nothing in your first few flying jobs?

Here's some helpful ways to make money:

Sell some stuff on Ebay (you can make a lot of $$ on Ebay)

If you have a car payment, sell the car, buy a beater that's paid for.

If you are really really really serious about flying.....move back in with mom and dad to save rent money. (I personally wouldn't go this route)

If you have free time on your hands, get another job

eat sleep and drink flying... hang out at the airport and network, network, network. Let people know you are serious about flying. You would be surprised who you will meet and who will take you flying (take every free flight offered, even though you may not log the time, each flight will teach you something new).

here is a motivational quote for you:
"If you live like nobody else now, later on you can live like nobody else"
D. Ramsey

I'm done rambling now, I think I need to lay off the coffee!