Funding a type rating
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Funding a type rating
I have posted the same message on another thread, however like me people use that thread to keep asking their questions and no-ones questions actually get answered...a question is followed by someone else's qustions. Therefore my questions are below:
Hi
I have a interview/assessment coming up, and my question is regarding the funding of the type rating.
Where do people normally get this funding? I presume from their normal bank. I'm just wondering if Ryanair/Broadfield aviation give you a written offer of emplyment you can take to the bank to improve your chances of getting the loan. Does anyone know if many (if any) people have to turn Ryanair down as they simply cannot get hold of the loan?
Are there any banks (and if so, is it just particular branches) that specifically lend to cadets funding type ratings?
Sorry to ask so many questions, but I can honestly say this could be my worst nightmare having to turn an airline down because I can't get a loan- a loan which I'm happy to take as I'm only in 9k debt so far having obtained a UK Frozen ATPL and Oxford MCC....
Thanks
Hi
I have a interview/assessment coming up, and my question is regarding the funding of the type rating.
Where do people normally get this funding? I presume from their normal bank. I'm just wondering if Ryanair/Broadfield aviation give you a written offer of emplyment you can take to the bank to improve your chances of getting the loan. Does anyone know if many (if any) people have to turn Ryanair down as they simply cannot get hold of the loan?
Are there any banks (and if so, is it just particular branches) that specifically lend to cadets funding type ratings?
Sorry to ask so many questions, but I can honestly say this could be my worst nightmare having to turn an airline down because I can't get a loan- a loan which I'm happy to take as I'm only in 9k debt so far having obtained a UK Frozen ATPL and Oxford MCC....
Thanks
Last edited by B737800FO; 10th Jun 2008 at 21:31. Reason: spelling
Join Date: Jul 2006
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Reputable airlines generally pay for their own pilots' type ratings. Be very careful about the 'harped' airline and shelving out tens of £1000s, with the credit squeeze especially; tough times ahead with a reduction of 10% this winter alone (according to MOL). They are one of the few airlines who haven't hedged their fuel prices, which is a little similar to fixing a mortgage rate. The spiralling oil prices could be very painful for many there!
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Hi B737800FO,
My son was in a similar position to you a few years ago and my advice is to approach your local bank where you and your parents are customers.
Type out a professional loan application letter.
This should clearly set out where you are currently in your training schedule and list all the monies you have spent to date on the various modules of your training. Assuming that your been offered a place with Ryanair or other carrier on a type course supply details re cost of course and accomodation. I would also suggest that you request interest payments only until after you have completed line training and then agree to pay off the loan over a 5 to 7 year period.
This approach worked for my son .
Regards
Willby
My son was in a similar position to you a few years ago and my advice is to approach your local bank where you and your parents are customers.
Type out a professional loan application letter.
This should clearly set out where you are currently in your training schedule and list all the monies you have spent to date on the various modules of your training. Assuming that your been offered a place with Ryanair or other carrier on a type course supply details re cost of course and accomodation. I would also suggest that you request interest payments only until after you have completed line training and then agree to pay off the loan over a 5 to 7 year period.
This approach worked for my son .
Regards
Willby
