Bank Loan for Studies.
Thread Starter
Join Date: Apr 2008
Location: Nottingham
Age: 33
Posts: 23
Likes: 0
Received 0 Likes
on
0 Posts
Bank Loan for Studies.
Im due to start a "zero hours to Frozen ATPL" and have been quoted around £30,000 for training, minus other costs, and was wondering how i could bribe 
the bank to lend me the hefty sum. Would i need a detailed business plan etc?
the bank to lend me the hefty sum. Would i need a detailed business plan etc?
Join Date: Feb 2006
Location: UK
Posts: 433
Likes: 0
Received 0 Likes
on
0 Posts
I doubt they would lend a 16 year old that amount of money, and you are probably better off waiting a few years before starting considering you need to be 18 years of age to hold a CPL.
Join Date: Jul 2006
Location: South Wales
Age: 42
Posts: 829
Likes: 0
Received 0 Likes
on
0 Posts
I assume your parents are giving you the rest?
Ditto the above; 18 for a CPL and 30k loan with a 16 year old.
Also it might be worth thinking that at say 20 years old some airlines might shy away from you... or at least for 2 or 3 years longer.
Get you PPL done as soon as you can and enjoy your flying, you'll soon have enough hours that the 'Hour Building' phase will not be around your neck.
Good luck
Ditto the above; 18 for a CPL and 30k loan with a 16 year old.
Also it might be worth thinking that at say 20 years old some airlines might shy away from you... or at least for 2 or 3 years longer.
Get you PPL done as soon as you can and enjoy your flying, you'll soon have enough hours that the 'Hour Building' phase will not be around your neck.
Good luck
Join Date: Feb 2006
Location: UK
Posts: 433
Likes: 0
Received 0 Likes
on
0 Posts
I think that's very good advice from AM. Do your PPL, enjoy it, make sure that flying is your thing and that you have the aptitude, then crack on in a few years time. It can do no harm, is a much smaller risk and you are still effectively on the path to the CPL/IR considering that you are going modular (based on that figure) and a PPL is needed either way for this route.
Join Date: Mar 2006
Location: UK
Age: 43
Posts: 63
Likes: 0
Received 0 Likes
on
0 Posts
Hello Anderson8
Do what i did
Work make some money do your A'levels your Degree your PPL do some traveling see the world then start your training.
I am 27 and start my training with Cabair in May i have seen the world had all the fun i can and how its time to hit the books
But this is just my point of view
Do what i did
Work make some money do your A'levels your Degree your PPL do some traveling see the world then start your training.
I am 27 and start my training with Cabair in May i have seen the world had all the fun i can and how its time to hit the books
But this is just my point of view
Join Date: Dec 2003
Location: Kent
Age: 47
Posts: 2
Likes: 0
Received 0 Likes
on
0 Posts
I agree with the posters above.
The banks wont look at you, especially in the current financial climate.
My advice would be work hard, save hard and get a PPL. Then if you still want to borrow it at least the banks will take you more seriously.
Alternatively try and get a job at an airfield and maybe you could come to some agreement to get a free/cheap PPL in return for your work.
Take it one step at a time. Concentrate on the PPL now.
The banks wont look at you, especially in the current financial climate.
My advice would be work hard, save hard and get a PPL. Then if you still want to borrow it at least the banks will take you more seriously.
Alternatively try and get a job at an airfield and maybe you could come to some agreement to get a free/cheap PPL in return for your work.
Take it one step at a time. Concentrate on the PPL now.
Join Date: Nov 2006
Location: UK
Posts: 117
Likes: 0
Received 0 Likes
on
0 Posts
Im sure you have thought about this, but taking a massive loan out like that really does tie you down, if in a couple of years you decide to go to uni, or perhaps decide that flying is not your thing, you have a lot of money to repay!
Im 20, took out a £cough£ loan, to pay for my PPLH, hour building and ATPL ground....im loving the flying, wouldnt change it for the world, but the thought has crossed my mind that I would like to go traveling for a year now with some of my friends before they go off to uni/jobs, but I cant...I MUST continue working to afford the repayments..
Oh, and at 20 with a fairly good credit rating, the biggest loan I could get was 6k.....I had to use my parents house as collateral to get the size of loan I required...
I will be nearly 30 by the time its all paid off......Ask me if I think it was worth it then!
Im 20, took out a £cough£ loan, to pay for my PPLH, hour building and ATPL ground....im loving the flying, wouldnt change it for the world, but the thought has crossed my mind that I would like to go traveling for a year now with some of my friends before they go off to uni/jobs, but I cant...I MUST continue working to afford the repayments..
Oh, and at 20 with a fairly good credit rating, the biggest loan I could get was 6k.....I had to use my parents house as collateral to get the size of loan I required...
I will be nearly 30 by the time its all paid off......Ask me if I think it was worth it then!
Last edited by tegwin; 23rd Apr 2008 at 14:57.
Thread Starter
Join Date: Apr 2008
Location: Nottingham
Age: 33
Posts: 23
Likes: 0
Received 0 Likes
on
0 Posts
Sorry i mis wrote that i am 17 in 7 days and when i start the course it will be July 2009 and i will be 18 years old. Parents cant help with the loan but a family member may contribute £10,000... still any chances?
Join Date: Feb 2006
Location: UK
Posts: 433
Likes: 0
Received 0 Likes
on
0 Posts
Sorry mate, as has been said, in this current economic climate a bank won't hand out the remaining 20k to an 18 year old.
Why not just take half of that 5k your parents are willing to give, go do a PPL whilst working to save some money, then once you have your PPL and a job, do the remaining licences.
I'm afraid they simply won't give you the sort of loan you require unless you have some sort of collateral to back it up with.
Why not just take half of that 5k your parents are willing to give, go do a PPL whilst working to save some money, then once you have your PPL and a job, do the remaining licences.
I'm afraid they simply won't give you the sort of loan you require unless you have some sort of collateral to back it up with.
Join Date: Sep 2005
Location: Newcastle
Age: 39
Posts: 260
Likes: 0
Received 0 Likes
on
0 Posts
Egg
I got 15k unsecured with egg, 7.4%, over 7 years - comes to £235 a month, without so called 'protection'. It's flexible, so if you need to leave work to fly, and overspend by £2000 a-la Moi, you can take a 3 month payment break, which I am right now! (interest still payable). They are pretty good, I'd definately recommend them.
