a loan for the cpl schools.
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a loan for the cpl schools.
hi i've just passed my class one medical, still at college with another year to go, and no flying hours. i am extremely interested in going to a flight school like oxford or CTC, and i understand that it cost **** loads of money. i believe it is HSBC who offer a special loan to wannabe pilots, but what does the bank ask for collaterol (sorry if i've spelt it wrong!) they're obviously not going to hand over £60,000 and want nothing as a safe guard. so if anybody who could offer me some advice on what the bank has asked them for collaterol. thanks for your help.
Chris.
Chris.
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Your quite right it will cost you a shed load of dosh!!
I dont believe the private individual can train with CTC, they only work with sponsored applicants through the airlines, for initial training anyway. If its oxford your after, better bump then sum up 10k or so.
As regard the bank, it all depends on your circumstances, just out of college you may not have established a credit rating and like you say they may want something to secure the loan on. Best bet is put your best suit on, get hold of some brochures etc..from your chosen school and go speak to them.
Remember, your gonna have to service the loan when you complete your training. Thats the tough part!
Best of Luck
PP
I dont believe the private individual can train with CTC, they only work with sponsored applicants through the airlines, for initial training anyway. If its oxford your after, better bump then sum up 10k or so.
As regard the bank, it all depends on your circumstances, just out of college you may not have established a credit rating and like you say they may want something to secure the loan on. Best bet is put your best suit on, get hold of some brochures etc..from your chosen school and go speak to them.
Remember, your gonna have to service the loan when you complete your training. Thats the tough part!
Best of Luck
PP
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Security
Do a search on HSBC.
To give you an idea, you can get an unsecured loan of £15K-£25K max. Anything more will usually require security - i.e. your house, or parents' house. If you or your parents have a mortgage, then the surplus equity in the property can be used as security.
You'll need to write a good business plan before you see the bank manager and have solid answers to all potential questions.
Oxford advertise that their local HSBC will lend you upto 90% of the course costs, so you'll need a lump sum to cover the remainng 10%.
If you mangage to get through the CTC selection, HSBC will give you £60K-£65K unsecured just by filling in the form, as you have a very high chance of employment.
Cheers,
K2
To give you an idea, you can get an unsecured loan of £15K-£25K max. Anything more will usually require security - i.e. your house, or parents' house. If you or your parents have a mortgage, then the surplus equity in the property can be used as security.
You'll need to write a good business plan before you see the bank manager and have solid answers to all potential questions.
Oxford advertise that their local HSBC will lend you upto 90% of the course costs, so you'll need a lump sum to cover the remainng 10%.
If you mangage to get through the CTC selection, HSBC will give you £60K-£65K unsecured just by filling in the form, as you have a very high chance of employment.
Cheers,
K2
Join Date: Nov 2003
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With no flying hours the bank probably won't be interested in you, go and get your PPL (beg borrow or steal the money somewhere) then talk to the banks, at least that way you'll have shown some commitment and you'll have a better chance of them taking you seriously. Of course there's always the chance you mightn't like it as much as you now think and be stuck eating a huge slice of humble pie after jumping through all the hoops to get the loan!!!
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Chris, there is a great deal of information on this board about HSBC, Oxford Air Training, CTC and a host of other things that you need to know. Take a day or two (yes, I mean a day or two!) free of other activities to thoroughly research Wannabes. Then go away and think about what you have learned.
Some of the things you will need to consider (and will need to convince the bank that you've considered) are:
Why do I want to do this? What is it about flying a commercial aircraft that inspires me? Am I right in my preconceptions, or are my rose-tinted glasses a little too actively affecting my vision!
Where do I train? What are the advantages of one school over another? What is the end result that I require from that training? What qualifications does the industry expect of me as a newly-trained pilot?
How much does the training cost? How do I raise the money? What is the safest way to pay for my training that doesn't risk losing my money should the training provider fold? Who else bears a risk in my borrowing? What responsibilities do I have to them? How am I going to pay the money back if I don't get a flying job or, worse, fail the training?
What are the realistic prospects of employment? With whom? What are the current payscales for newly-hired, newly-qualified pilots? How long does it take to get to the kind of money I fondly hope they will pay me one day? Are my ideas of airline pay realistic?
What preparations have I made for entering the flying profession? What would a sponsor or future employer like to see in me? Where do I currently fall short of those characteristics or achievements? How do I rectify that? What are my fall-back options if I (or the industry) decide that flying's not the right choice after all?
What are my other ambitions? What are the chances of being able to achieve them while undergoing flying training, or while a pilot in (say) a low-cost airline? Where do I see myself in ten years' time?
Go through this lot and answer them honestly as you find (or already know) the answers. There will be more questions you will think of as you do your research, and you'll probably find that others have come up with them before you and discussed them here. When you've finished all this, come back to us with any questions that haven't been answered, and your thoughts about your future.
Good luck!
Scroggs
Some of the things you will need to consider (and will need to convince the bank that you've considered) are:
Why do I want to do this? What is it about flying a commercial aircraft that inspires me? Am I right in my preconceptions, or are my rose-tinted glasses a little too actively affecting my vision!
Where do I train? What are the advantages of one school over another? What is the end result that I require from that training? What qualifications does the industry expect of me as a newly-trained pilot?
How much does the training cost? How do I raise the money? What is the safest way to pay for my training that doesn't risk losing my money should the training provider fold? Who else bears a risk in my borrowing? What responsibilities do I have to them? How am I going to pay the money back if I don't get a flying job or, worse, fail the training?
What are the realistic prospects of employment? With whom? What are the current payscales for newly-hired, newly-qualified pilots? How long does it take to get to the kind of money I fondly hope they will pay me one day? Are my ideas of airline pay realistic?
What preparations have I made for entering the flying profession? What would a sponsor or future employer like to see in me? Where do I currently fall short of those characteristics or achievements? How do I rectify that? What are my fall-back options if I (or the industry) decide that flying's not the right choice after all?
What are my other ambitions? What are the chances of being able to achieve them while undergoing flying training, or while a pilot in (say) a low-cost airline? Where do I see myself in ten years' time?
Go through this lot and answer them honestly as you find (or already know) the answers. There will be more questions you will think of as you do your research, and you'll probably find that others have come up with them before you and discussed them here. When you've finished all this, come back to us with any questions that haven't been answered, and your thoughts about your future.
Good luck!
Scroggs
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Get yourself into an aviation environment for at least some of your time. Doing your PPL (a start to the commercial training anyway) is one way, perhaps do some work for a local flying school (one I work for has school-age lads working the reception at weekends and cleaning aircraft etc. in exchange for flying). From the people you meet you will learn a lot more about the flight training system. Will help a lot when you come to talk to a bank manager about the loan (some banks have specialists who will know more than you about flight training, so you need to know what you are talking about!)
