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!

 

[Way2Broke]

If your going to take a loan out for something, take out a loan and buy a plane. Do your training, and when your done you can either sell the plane or if you can afford it you can hold onto it. Raising the money to pay for a CFI should be easy. Of course, you will still have to rent a twin for that portion. I know it seems elaborate, but it will save you alot of money. Above all enjoy your training. It is some of the most enjoyable flying you will ever do, everything is new and exciting! Good luck!

 

[time builder]

If you take out a loan, I would recommend taking it for one certificate or rating at a time, then pay it off before your next step. The main reason being to keep your training going until your checkride so you don't have to waste money being retrained.

If you're going into debt to get to the airlines quicker, listen to everone above, it doesn't work too well. The old "if you can do it I can" is being stretched a little too far, because even a few years ago we were literally paying half as much for planes and instruction.

 

[RedGuy]

Take a look at Sallie Mae, that's who I got my loan through, they're not too bad. I originally had a 6% intrest rate but it's variable, so it's up to 8.25% right now. I got a 15 year loan, though it'll be paid off long before that. I tried the pay as you go work line guy, live at home, drive a beater, eat sleep breath airplanes, it doesn't work. I would really recomend buying your own plane though, you'll save TONS of money that way, may even come out slighly ahead if you do it right.

 

[Swass]

Where are you located? Move to ICT get a job hammering rivets at one of the local aircraft manufacturing plants and fly at their clubs while getting paid. I've known many people who did this and had money in their pockets and health benefits. The rates are great for rental as well.

 

[Amish RakeFight]

Whatever it costs, no one can take an education away from you. You'll never regret having paid whatever it costs to earn those certificates. Material items wear out, break, go out of style, etc. There's nothing like an education.

 

[The_Russian]

Whatever it costs, no one can take an education away from you. You'll never regret having paid whatever it costs to earn those certificates. Material items wear out, break, go out of style, etc. There's nothing like an education.

Agreed!

If you need to take on debt, work extra hard for a little while until it is paid off! Pick up extra flying whenever you can.

 

[Darkhlmt]

Where are you located? Move to ICT get a job hammering rivets at one of the local aircraft manufacturing plants and fly at their clubs while getting paid. I've known many people who did this and had money in their pockets and health benefits. The rates are great for rental as well.

I would love to work for one of the manufacturing plants. However, I live about 15 minutes from DPA. No aircraft makers around here.... I was just thinking about robbing a bank. That seems easy enough. Who's with me. lol j/k

I have managed to work out a deal with one of my friends for use of his 172. I pay the insurance and for my own fuel. Then we decided on a reasonable hourly operational dollar amount. The hope is that sometime in the next year I will be able to buy into the aircraft. Now I just have to get in the air. A LOT!!