Money Money Money!

[wingbar]

Dear all,

I am writing to request some advice on securing a loan to pay for the remaining part of my training, CPL,IR,MCC.
I have already self funded hours building and fATPL.
Having approached my bank manager this morning and being practically laughed at with the prosepect of becoming a Pilot I feel somewhat against a brick wall.
It seems if I was a going to be a highly 'professional' doctor or lawyer they would have their own scheme for those jobs to help me in any way they could!
Having presently no income and living with my parents (who are more than capable of being guarantors) they said that I would still have to show evidence of earning my self. The problem is I cant really work and do a CPL/ IR and my earnings aren't going to be substantial enough in a part time job to support a loan of that size.
Obviously once my training is complete and if there are no flying jobs I will look for something full time and start the loan repayments ASAP.
If anyone has had any luck with loans, or ways to borrow money to fund this please could you respond it would be hugely appreciated. I just feel stuck!

Kind regards

Wing bar

[Angels Zero]

Try using the search facility it will bring up many threads regarding the subjects of loans.

I myself had to apply for a loan for my training, be warned it takes a lot of committment from yourself, family and friends.

Good luck anyway
AZ

[Straightandlevel80kt]

Give HSBC a try, and shop around as different branch managers have a free rein on what they will and won't lend for. Some are more aviation oriented than others. At the moment some are bending over backwards to throw money at you, like in the mortgage market, because they know they've got you by the short and curlies whether you get a job or not.

Best of luck.

[Aussierotor]

Banks etc,are always willing to lend money
The problem arises trying to get the money back if you cant pay,so on things of value like houses etc it is easy to get a loan.
Living at home without a job you have no show.
My 2 sons were in the same boat-----CPL-H licence and cars.Thankfully i have only had to donate to a years car payments in the early stage of the loans but all is running ok now.

How did they get the loans.
I had to go garantee ,thus it was connected to my house loan ,thus leaving me in the sh-t if things went pear shaped.

Only consulation ,the boys got loans at house loan interest rates instead of personal loan interest rates.

[scroggs]

The problem is I cant really work and do a CPL/ IR

Actually, yes you can. If you go the modular route and plan your courses in leave and other time off, it can be done - there are plenty of people who've done just that on this forum.

If you want to fly, you have to accept that paying a truckload of money for the training comes with the territory. It can be done, but it takes an enormous amount of dedication and determination. There is, as others have said, lots of info here about which banks to approach and how to approach them, but remember you are going to borrow enough to buy half a house - and you have to pay it back. That's a hell of a commitment; think carefully before you (or your parents) take it on.

Scroggs

[wingbar]

Many thanks to you all for your contributions, they are really appreciated.
It may well be that I have to take the mortgage route and get my parents to borrow the money against the house to help me pay for this training.
I shall explore as many avenues as possible, before commiting to anything.
There are some loan companies available that offer unsecured loans, but they normally like evidence of earning.

My quest continues ..... i'll let you know what happens.

Many thanks again for all your help.


Wing bar

[Wee Weasley Welshman]

Ypu spend the next 5 years living at home and progressing through the modular route. At no time do you go more than £10k in debt. If your parents can afford to lend you £10k on a rolling basis then you should be fine without jeopardising their home or you financial solvency.

Cheers

WWW