Funding
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Funding
Hi all,
Has anybody recently been granted a loan for pilot training. I've heard that BBVA bank in Spain offer it to Irish people but has anybody dealt with them. I will have a good garniture and have some savings.
Any help I’d appreciate it.
Has anybody recently been granted a loan for pilot training. I've heard that BBVA bank in Spain offer it to Irish people but has anybody dealt with them. I will have a good garniture and have some savings.
Any help I’d appreciate it.
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Originally Posted by BoeingDreamer
Good security = Loan - not a loan because you want to be a pilot, nada!
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I'm currently dealing with them to secure a loan. They are incredibly helpful.
As far as I'm aware you need to have a property in the UK or Spain with sufficient equity to secure the loan against. This can be parents or immediate family.
As far as I'm aware you need to have a property in the UK or Spain with sufficient equity to secure the loan against. This can be parents or immediate family.
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"Wouldn't happen to be a guy in a dodgy suit, charges 70% interest and failure to pay back means a baseball bat to the head in the middle of the night? I'm sure there's more to it though; secured on assets?"
Interesting......is that fixed or variable
Interesting......is that fixed or variable
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Dublin Eire,
I didn't realize Michael O'Leary was offering flight training loans!
I don't know of a single Irish bank willing to offer deferred repayments on a secured loan. I also don't know of any that would grant a secured loan in a student's name if the security is the property of a different person.
I will be very surprised if Dreamliner Guy is getting anything other than a mortgage (first, second or extended) in the name of the property owner. I will be even more surprised if he is getting a repayment holiday.
Just about anyone who owns a property that has significant equity built up can get a secured home equity loan in their own name from a local bank, but repayment holidays are extremely unusual and usually incur high interest.
Wouldn't happen to be a guy in a dodgy suit, charges 70% interest and failure to pay back means a baseball bat to the head in the middle of the night? I'm sure there's more to it though; secured on assets?
I don't know of a single Irish bank willing to offer deferred repayments on a secured loan. I also don't know of any that would grant a secured loan in a student's name if the security is the property of a different person.
I will be very surprised if Dreamliner Guy is getting anything other than a mortgage (first, second or extended) in the name of the property owner. I will be even more surprised if he is getting a repayment holiday.
Just about anyone who owns a property that has significant equity built up can get a secured home equity loan in their own name from a local bank, but repayment holidays are extremely unusual and usually incur high interest.
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dublin_eire:
NO, its not with a chap in a dodgy suit and NO, its definately not 70% interest...
Adios:
Your gonna be really suprised when i reveal you could not be more wrong, I'm currently unemployed, have no assets, not living at home, and am getting a 3 month repayment holiday from when i complete my training....
I suggest people start trying for themselves and stop talk through their brown hole.....
Im no one special, i just have more sense than most in how things work, banks in general never stopped giving loans to people who don't take risks..... FFS it's not as if i asked for €2,000,000 is it....
If you present yourself in the right manner with the bank manager, and have somethin to show how you can save when you were employed it should be no problem. I have easily put €300,000 through my bank in the last 6 years and i'd have been furious if they had declined it.
Keep your heads up guys, good things come to those who wait. Out
NO, its not with a chap in a dodgy suit and NO, its definately not 70% interest...
Adios:
Your gonna be really suprised when i reveal you could not be more wrong, I'm currently unemployed, have no assets, not living at home, and am getting a 3 month repayment holiday from when i complete my training....
I suggest people start trying for themselves and stop talk through their brown hole.....
Im no one special, i just have more sense than most in how things work, banks in general never stopped giving loans to people who don't take risks..... FFS it's not as if i asked for €2,000,000 is it....
If you present yourself in the right manner with the bank manager, and have somethin to show how you can save when you were employed it should be no problem. I have easily put €300,000 through my bank in the last 6 years and i'd have been furious if they had declined it.
Keep your heads up guys, good things come to those who wait. Out
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€300,000 through my bank in the last 6 years
Actually - you are now they can chase you for your debt in 3 years and hike up your interest rate.
Good luck with the flying.
Last edited by BigGrecian; 6th Mar 2011 at 01:29.
Hovering AND talking
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Dreamlinerguy, You are not telling us the whole story - why don't you actually tell us with which bank you got this loan because your information flies in the face of every European banks' policies I know. And I bet I know more about banking than you.
Cheers
Whirls
Cheers
Whirls
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I've said enough to show that all hope is not lost and it still is possible to secure loans when you think its not possible, im not willing to pass all my information to the whole www.....
I'm an optimist, and have no time for people who speculate, or waste time guessing!
I'm an optimist, and have no time for people who speculate, or waste time guessing!
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How much are they loaning you Dreamliner Guy? Is it secured or unsecured? You've already said you have no assets, so I'd guess you got a small unsecured loan or someone else's asset is on the line.
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Well I'd doubt any of the main banks will put that cash up with the requirements you've listed. It's either a credit union with a good few euro in share's or you robbed the bank 
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You have to be stark raving bonkers! How will you pay it back? If the bank hadn't lend you the money, would you have gone to a loan shark? Please don't complain when having finished you are not employed immediately.
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In fairness, if student88 only needs £14,000 to complete whatever he needs to complete, then I don't think that is unreasonable.
The APR is likely to be around 7.5% (HSBC) for fixed rate money, which over 60 months would be just shy of £300 per month. This is what I would call reasonable "Ford Focus" borrowing, and even in if it is necessary to carry the loan doing another job, that is well within the bounds of realism. A point that probably wasn't lost on the lender either.
Compare this to the fact that many people here are looking at loans where £14,000 wouldn't cover the annual repayment schedule over a ten year term. Not only that, but even those eye watering figures only hold true with repayment rates of 3% variable. A figure that will soon be a rapidly receeding memory.
Whatever funding anybody is contemplating, they need to be able to answer this one question. If interest rates double and I positively fail to find employement based on the necessity for this loan, can I or my guarantor realistically service the repayment schedule, or effectively write the loan off?
If the answer is no, then don't even consider it. In truth, these days the lender is also likely to be asking the same question, so the decision may be a default one in any case.
The APR is likely to be around 7.5% (HSBC) for fixed rate money, which over 60 months would be just shy of £300 per month. This is what I would call reasonable "Ford Focus" borrowing, and even in if it is necessary to carry the loan doing another job, that is well within the bounds of realism. A point that probably wasn't lost on the lender either.
Compare this to the fact that many people here are looking at loans where £14,000 wouldn't cover the annual repayment schedule over a ten year term. Not only that, but even those eye watering figures only hold true with repayment rates of 3% variable. A figure that will soon be a rapidly receeding memory.
Whatever funding anybody is contemplating, they need to be able to answer this one question. If interest rates double and I positively fail to find employement based on the necessity for this loan, can I or my guarantor realistically service the repayment schedule, or effectively write the loan off?
If the answer is no, then don't even consider it. In truth, these days the lender is also likely to be asking the same question, so the decision may be a default one in any case.
With all due respect PM who are you to tell me that I'm mad for borrowing the money? Up to now, PPL, ATPLs and hour building done I have no debt what so ever. My disposable income is around £1500 per month. I'm more than capable of paying off the loan. I have been employed by my airline for 5 years now and I am more aware than most people about the current job market. Thanks.