Financing your Training

[andythomasuk]

I'm a PPL with Night and IMC with 150hrs
Currently studying for my ATPL theory.
The next hurdle is financing my CPL and IR training.
OK, so I could get £8000 on a career development loan, but what about the rest? I'm not well off and neither is my family, and being 30 excludes me from any sponsorship scheme

So does anyone have any USEFUL suggestions on where I might get financing from?

[df1]

Hi,

The question of finance is always a tricky one. I sympathise with your situation.

If its any help, I just plucked up the courage (and credit status) to get a big loan. I firstly sifted through the various schools and eventually settled on a package that suited me. I put it together as best I could and presented it to the bank.

Having been turned down for such a venture previously i didn't hold much hope. Fortunately they granted the funds and I was off.

I don't know much about the CDL option, but thats been around for some time now. The problem that I see with it is that its a low amount for most flight training i.e. you find yourself wondering where the rest will come from and how you will pay two loans. Do they even grant two loans at the same time?

best wishes
DF1

[Obs cop]

Andy,

the only way I could manage to rasie money was to use the capital in my house.

Rather than secure a large loan, I have scoured the mortgage suppliers and managed to raise £35k through re-mortgaging with an increase of only £90 per month. Mind you, my old mortgage was a cr@p deal!

Obs cop

[ecj]

The way the market is right now, the modular route is the least risky option. Keep the day job going to part fund the training.
There are no guarantees of employment having worked hard for your licence [+MCC] issue.

Not the answer you were looking for, but that is the harsh financial reality.

It is a bit like the stock market: don't invest what you cannot afford to loose.