finance for sponsorship

[DVastenburg]

Hi all,

i am currently looking for more information how to finance a school like CTC. i know they have connections with BBVA. but BBVA does not provide me any loan because i do not live in the UK. i currently live in The Netherlands, and there is no bank here which will provide me a loan like 100k.:rolleyes:

do you have an idea how to finance this (for like CTC)
or do you know another good flight school where i am able to get a loan for?

thanks in advance:ok:

[Martin_123]

BBVA is no different than any other bank in Europe - you basically take out a mortgage on a property and in case you can't pay it back - bank takes it away from you. There's nothing stopping you going in to your local bank and applying for a very similar mortgage as long as you have a property with a positive equity.

for a 100k loan you're looking to give back around 150k in total + fees, with a monthly repayment of around 1300.. Does that sound sensible to you?

Or another option would be - go get a decent 3rd level education in a field that you're interested in, develop a nice career that will allow you to save, once you have enough money - start your training and maybe allow for a tiny loan to help you get through the last steps.

This way you have a backup career in case things don't work out for you. You will be able to accept your first job with a lower salary after the training as you will have no mortgage to hold you back. 0 risk of becoming homeless..

[DVastenburg]

thank you Martin.

right now i am considering what i want and what i don't want. i know it costs a lot of money, but it is something i really want to do...

[maxxxs]

Hey mate !

As Martin mentionned, I would not suggest you to "buy" a licence without backup.

If I had to do it all over again, I would get a degree in some aviation business (i.e. maintenance) then do a modular training at my own pace and fly when my money allows it.

Also know that some banks make some special pilot loans, where you don't have to pay the monthly fees for 3 years (for example) and get a kind of okay interest rate. There must be some in NL.


Success !

[DVastenburg]

Heey maxxxs

I do have a degree in aviation after this school year. I did this to extend school life to find a better time to become a pilot. As i spoke to a few pilots lately i heard that it is a good time to start now as there will become more jobs available. this is why i am lookin gfor option sright now. to get a loan like this i need to have a property as backup, and since i live with my dad there is none(he does not want to offer the house).

cya!

[redsnail]

A word of advice. Aviation employment is cyclical in nature and tends to follow the economic cycle closely. That runs in 7-10 year waves. We're probably about 18 months to 2 years away from the next dip. Note - I am not an economist, just someone who's been in the aviation industry for nearly 3 decades.

In other words - treat the flying school spiel of "hiring boom/big retirement/big demand" with a very large pinch of salt.

[crablab]

I'm doing the modular route and have been advised to go to uni and get a degree + job instead of getting the loan to finish my training off in one go...

It makes sense really, I know lots of people who are sitting on fresh fATPLs in this supposed "boom".

[Qtr Life Crisis]

Not disagreeing with the very experienced Redsnail (especially about listening only to the schools).

I would do my own market research if I were you however. Things have changed after a 15 year low in aviation caused by the 9/11 and GFC combination. Things are looking good for the next few years, but at the same time it could get very bad very quickly (think Trump goes crazy, EU collapse, tensions in the SCS etc). The good side is there is an almost unstoppable boom in Asia, India and Indonesia as well as a developing vacuum in the US and a bottleneck of old pilots in Australia. Quite a few of the guys who kept training when I stopped 8 years work in those markets and they love it.

I would just do it If I were you, I stopped pilot training in 2008 because the market was awful (and that should have been the crest of the 7 year sine wave as 2001 also should have been) and I wouldn't have started again (in 8 weeks) if I hadn't done my research and mixed that in with a bit of good old fashioned hope!

P.S In all fields lots of people dont get jobs right away, lots of people do. The main difference is that only one of those groups have a lot of time to spend on forums spreading misery!

[crablab]

P.S In all fields lots of people dont get jobs right away, lots of people do. The main difference is that only one of those groups have a lot of time to spend on forums spreading misery!

I haven't even sat ATPLs ;)

[Qtr Life Crisis]

Oh and just so you know how I did my research!

go to google and cycle through all the domains (.com/.co.uk/.com.au/.co.nz/.ie/.ca) etc

type in things like
"pilot jobs outlook"
"aviation market outlook"
"pilot shortage" - this one is risky as a lot of FTO propaganda

as in any research try and use only sources that have no motive for gain. Journals, financial reports and government are usually unbiased. The absolute best is airlines financial reviews that cite a growing shortage (flybys most recent half yearly does this and is one of the first in Europe)

Its as easy as that!

By doing this you will take all of the hope crushing stuff on this forum (as well intentioned as it may be) with the same grain of salt that you use when being told about the pilot shortage from the schools ;)

[Qtr Life Crisis]

crablab, neither have I this time round. But I wouldn't have left my old job if I hadn't done my homework ;)