Bank Loan for Studies.

[Anderson8]

Im due to start a "zero hours to Frozen ATPL" and have been quoted around £30,000 for training, minus other costs, and was wondering how i could bribe :) the bank to lend me the hefty sum. Would i need a detailed business plan etc?

[BerksFlyer]

I doubt they would lend a 16 year old that amount of money, and you are probably better off waiting a few years before starting considering you need to be 18 years of age to hold a CPL.

[mcgoo]

As above, you won't get anything like £30,000 without security, especially in the current climate.

[AlphaMale]

I assume your parents are giving you the rest?

Ditto the above; 18 for a CPL and 30k loan with a 16 year old.

Also it might be worth thinking that at say 20 years old some airlines might shy away from you... or at least for 2 or 3 years longer.

Get you PPL done as soon as you can and enjoy your flying, you'll soon have enough hours that the 'Hour Building' phase will not be around your neck.

Good luck ;)

[BerksFlyer]

I think that's very good advice from AM. Do your PPL, enjoy it, make sure that flying is your thing and that you have the aptitude, then crack on in a few years time. It can do no harm, is a much smaller risk and you are still effectively on the path to the CPL/IR considering that you are going modular (based on that figure) and a PPL is needed either way for this route.

[MasterD]

Hello Anderson8

Do what i did
Work make some money do your A'levels your Degree your PPL do some traveling see the world then start your training.
I am 27 and start my training with Cabair in May i have seen the world had all the fun i can and how its time to hit the books

But this is just my point of view

[Prophead]

I agree with the posters above.

The banks wont look at you, especially in the current financial climate.

My advice would be work hard, save hard and get a PPL. Then if you still want to borrow it at least the banks will take you more seriously.

Alternatively try and get a job at an airfield and maybe you could come to some agreement to get a free/cheap PPL in return for your work.

Take it one step at a time. Concentrate on the PPL now.

[tegwin]

Im sure you have thought about this, but taking a massive loan out like that really does tie you down, if in a couple of years you decide to go to uni, or perhaps decide that flying is not your thing, you have a lot of money to repay!

Im 20, took out a £cough£ loan, to pay for my PPLH, hour building and ATPL ground....im loving the flying, wouldnt change it for the world, but the thought has crossed my mind that I would like to go traveling for a year now with some of my friends before they go off to uni/jobs, but I cant...I MUST continue working to afford the repayments..


Oh, and at 20 with a fairly good credit rating, the biggest loan I could get was 6k.....I had to use my parents house as collateral to get the size of loan I required...:sad:

I will be nearly 30 by the time its all paid off......Ask me if I think it was worth it then!

[Anderson8]

Sorry i mis wrote that i am 17 in 7 days and when i start the course it will be July 2009 and i will be 18 years old. Parents cant help with the loan but a family member may contribute £10,000... still any chances?

[BerksFlyer]

Sorry mate, as has been said, in this current economic climate a bank won't hand out the remaining 20k to an 18 year old.

Why not just take half of that 5k your parents are willing to give, go do a PPL whilst working to save some money, then once you have your PPL and a job, do the remaining licences.

I'm afraid they simply won't give you the sort of loan you require unless you have some sort of collateral to back it up with.

[geordiejet]

I got 15k unsecured with egg, 7.4%, over 7 years - comes to £235 a month, without so called 'protection'. It's flexible, so if you need to leave work to fly, and overspend by £2000 a-la Moi, you can take a 3 month payment break, which I am right now! (interest still payable). They are pretty good, I'd definately recommend them.