Finance for training
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Finance for training
Hello,
Ok I have posted a few times on here but I have another question lol!
Right I'm finally meeting with my Dad to discuss financial options to fund my Modular route to the fATPL. Can anyone offer any advice on the best type of finance deals available? What loan and where from is one most suited to flying training? Is it as simple as just looking online, finding the best deal and going with it? Also, just out of interest, is remortgaging a good alternative and could it be cheaper etc?
I need him as I dont have property and my credit rating is extremely poor so I've little or no hope of securing any kind of loan.
Any advice will be gratefully recieved,
Rob152
Ok I have posted a few times on here but I have another question lol!
Right I'm finally meeting with my Dad to discuss financial options to fund my Modular route to the fATPL. Can anyone offer any advice on the best type of finance deals available? What loan and where from is one most suited to flying training? Is it as simple as just looking online, finding the best deal and going with it? Also, just out of interest, is remortgaging a good alternative and could it be cheaper etc?
I need him as I dont have property and my credit rating is extremely poor so I've little or no hope of securing any kind of loan.
Any advice will be gratefully recieved,
Rob152
Join Date: Jul 2007
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Don't take this personally mate, its just a bit of advice, but if your credit rating is that poor then perhaps you should seriously question your ability to organise and repay a £60,000 loan plus interest. Perhaps saving for a few years or applying to financial or aviation charities for sponsorship would be a safer option for you?
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Not taken personally at all.
I'm planning the Modular route, therefore training is somewhat cheaper. Im anticipating the costs to be in the region of 35kish, considerably less than
60k plus interest!! My poor credit rating isn't going to determine my "ability" to pay back, this was caused by 3yrs of full-time study in Aerospace Engineering. My total debt is probably well below 5k, not alot in comparison to alot of people. My problem was my inability to afford monthly re-payments during study and ending up in the situation I'm in now. Even if my credit rating was superb I'd still have to ask my Dad to help secure a loan due to me not owning a property and the amount required. As long as the repayments are well below my monthly salary and my Dad agree's to help there shouldn't be too much to worry about. I just wanted to know where the best deals could be found etc etc.
Rob152
I'm planning the Modular route, therefore training is somewhat cheaper. Im anticipating the costs to be in the region of 35kish, considerably less than
60k plus interest!! My poor credit rating isn't going to determine my "ability" to pay back, this was caused by 3yrs of full-time study in Aerospace Engineering. My total debt is probably well below 5k, not alot in comparison to alot of people. My problem was my inability to afford monthly re-payments during study and ending up in the situation I'm in now. Even if my credit rating was superb I'd still have to ask my Dad to help secure a loan due to me not owning a property and the amount required. As long as the repayments are well below my monthly salary and my Dad agree's to help there shouldn't be too much to worry about. I just wanted to know where the best deals could be found etc etc.
Rob152
Join Date: Jul 2007
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Rob,
Try talking to HSBC, they offer finance for training at Oxford but you'd need your dad to offer his house as security.
Alternatively; get a decent job, buy a small house, rent it out (no need to convert to a buy to let mortgage... no one ever checks!!) and then offer that as security!
L A
Try talking to HSBC, they offer finance for training at Oxford but you'd need your dad to offer his house as security.
Alternatively; get a decent job, buy a small house, rent it out (no need to convert to a buy to let mortgage... no one ever checks!!) and then offer that as security!
L A
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I can remember seeing your other threads so don't know which route your opting to take...
Modular would be around 45k-ish and you need to over budget incase you fail a test, retaking an IR test is atleast an extra 1k...
m anticipating the costs to be in the region of 35kish, considerably less than 60k plus interest!!
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Loan is not the only option. I am was not one of the fortunate to have parents with money and/or a house for security.
I had to work hard to get a degree in Informations Technologi, then I secured an ok paid job, bought an apartment with the money I could borrow on my new income, and worked hard for a couple of years putting money aside.
Now I am taking the PPL part-time at my local flight club while working full-time, and by the time I am finished my apartment will be worth enough to cover the rest.
It took me 3 years of study, 3 years of work, and will take a couple of more years of training, and a lot of effort. Total of 7-8 years, but I dont have to struggle repaying a £60k loan.
Or you could just apply to one of the "free" aviation universities in scandinavia and hope for luck. All paid by the loving govorment.
I had to work hard to get a degree in Informations Technologi, then I secured an ok paid job, bought an apartment with the money I could borrow on my new income, and worked hard for a couple of years putting money aside.
Now I am taking the PPL part-time at my local flight club while working full-time, and by the time I am finished my apartment will be worth enough to cover the rest.
It took me 3 years of study, 3 years of work, and will take a couple of more years of training, and a lot of effort. Total of 7-8 years, but I dont have to struggle repaying a £60k loan.
Or you could just apply to one of the "free" aviation universities in scandinavia and hope for luck. All paid by the loving govorment.
Last edited by daheri; 4th Dec 2007 at 12:25.
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Cheers everyone for all the responses of advice etc. I'm 26 now and have wanted to do it for as long as I can remember but unfortunately haven't really ever earnt enough to save that much and have taken different paths in life that has seen me unable to save when maybe I should have done. That said I believe I have identified early enough what needs to be done.
I have decided to go on the Modular route so that it enables me to work full-time which I believe will help "convince" my Dad to secure a loan, not guarantee it, but help. I know what I need to do and how I need to do it, I am fully committed and would get the ATPL groundschool phase finished as quickly as I can, distance learning. I will either take the Oxford Waypoint programme for the commercials, assuming I pass the exams with a high enough average, or stagger the ME/CPL IR MCC to maybe get cheaper deals.
The idea of this thread was really just to see if anyone has done something similar, in a similar position to me that can advise on the best way of securing the finances bearing in mind I need to use this preperation to win my Dad over. He may have his own ideas but it shows my willingness to be pro-active in organsising it all. I do get the impression though that he may not be "up" with the current lending market and may need me to present ideas to him.
I do have my engineering which I hope will lead to a better, higher paid job soon. I did have an interview with VAA Wed so lets see how that goes, I would like to think that it would help not only my "back up" career but also getting a flying job if I manage to complete the training.
The story continues........
Rob152
I have decided to go on the Modular route so that it enables me to work full-time which I believe will help "convince" my Dad to secure a loan, not guarantee it, but help. I know what I need to do and how I need to do it, I am fully committed and would get the ATPL groundschool phase finished as quickly as I can, distance learning. I will either take the Oxford Waypoint programme for the commercials, assuming I pass the exams with a high enough average, or stagger the ME/CPL IR MCC to maybe get cheaper deals.
The idea of this thread was really just to see if anyone has done something similar, in a similar position to me that can advise on the best way of securing the finances bearing in mind I need to use this preperation to win my Dad over. He may have his own ideas but it shows my willingness to be pro-active in organsising it all. I do get the impression though that he may not be "up" with the current lending market and may need me to present ideas to him.
I do have my engineering which I hope will lead to a better, higher paid job soon. I did have an interview with VAA Wed so lets see how that goes, I would like to think that it would help not only my "back up" career but also getting a flying job if I manage to complete the training.
The story continues........
Rob152
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I went modular as well. Worked through most of the training. This allowed me obviously to have cash coming in the door to fund the bits and pieces as I went along. Incidentally you will be surprised how much the "extras" add up to during your training. Things like accommodation for brush ups and down at Gatwick in a B&B, food money whilst away, petrol, bits of kit, charts, textbooks, protractors etc.
I took 2-3 week breaks from work to head off to the US to do hour building. Did that a few times to get my hours up. Then I quit the contract I was working to go fulltime at the ME, CPL and IR. That lot took me about 4-5 months with quite a few weeks lost due to the old weather in blighty.
If you follow something similar to what I did then hopefully you might only need to get finance for the ME/CPL/IR near the end of your training and thus reduce your interest costs.
I took 2-3 week breaks from work to head off to the US to do hour building. Did that a few times to get my hours up. Then I quit the contract I was working to go fulltime at the ME, CPL and IR. That lot took me about 4-5 months with quite a few weeks lost due to the old weather in blighty.
If you follow something similar to what I did then hopefully you might only need to get finance for the ME/CPL/IR near the end of your training and thus reduce your interest costs.
