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Question about Pilot Finance

SammyG

I hope its big enough
Joined
Dec 22, 2002
Posts
113
Total Time
150Hrs
So here's my situation. I have PPL with IFR rating, and 160 hrs total. I want to go through all the way to CFIIMEI. This is going to be expensive.

I have been looking at Pilot Finance, and they sound like a good way to go to pay for the rest of my training. However, with only 160hrs, and the next rating for which I can qualify, the Commerical Single, which requires 250 hours to earn, do I have to wait until I am in the 230 hour range (alloting 20 hours for training to get the Comm Single), in order to get the loan?

Because the way I understand it, the loan can only be for training, and the 70 hours between my current 160 hrs and 230 for starting the Comm Single cannot really fall under training, right? I have to pay for those 70 hours myself first? Or will they give me the loan right now and pay for my training from my current 160 hrs all the way through the CFIIMEI?

Any help appreciated, thanks!
 

TheRaven

Runway Sweeper 3rd Class
Joined
Jan 18, 2003
Posts
208
Total Time
14000+
Enroll in a Part 141 School where the 250 hr requirement doesn't exist---that's part 61 training. Get your loan and do the training.
 

CaptainMack

THE CAPTAIN'S DEAD!!!
Joined
Jul 16, 2005
Posts
5
Total Time
NWA069
Be careful with Pilot Finance. I was an independent CFI and had some students who used it. The payments are small but the interest is very high. Might be better off with a low APR credit card if you could get one.

Had another student who is dirt broke, just outta HS, got a 5k loan with a cosigner, had problems, ran out and now got another 5k for her private, she works just enough to make the min payments, ouch.

Bottom line is debt sux and you're not gonna make enough to get out of it for a LOOOONG time if you want to do this for a living. Good luck!
 
T

TDTURBO

If you own equity in a house, car or other asset, borrow against it and right off the interest when buying a plane that will appreciate. Dump it, break even, hopefully and see if you can partner up with others seaking the same goal. I think the house is the only asset you can use as a mortgage write off though after further thought. Could be wrong, I think it varies state to state, check with an aviation savy CPA.


Get a beater 152 and lease back it, sell it when the time comes, you can't lose too much doing that.
 
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BRIGADEAVIATOR

Well-known member
Joined
Nov 12, 2004
Posts
138
Total Time
1850
I got a loan for my training, and just split a bunch of time with people at my flight school. Gotta love only paying a portion of the cost vs paying full. and i second that all flying is training, they just don't want you to spend it on your credit card bills kinda thing.
 

The Venture

Member
Joined
Jun 7, 2005
Posts
11
Total Time
2000
Go to sallae mae or key bank and apply for the loans. Also go to a 141 school for the training, you can get done faster and you can also have a better chance at applying for and getting your loans. I would stay away from pilot finance. Your repayment starts before you even finish your training. They also have high interest rates. If you can't get a loan apply for a low interest rate credit card that also has some rewards like free gas.
 

BRIGADEAVIATOR

Well-known member
Joined
Nov 12, 2004
Posts
138
Total Time
1850
no go for key bank any more, they totally shut down their student loans to schools that are not title IV schools (aka most flight schools) Thats who im goign through
 
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