Pilot Training Funding
 

hi all, just wondering if anyone has got any ideas of how to fund an integrated course. i have just been accepted by flybe to do a part sponsorship but have got to prove that i have got all the funds before commencing. any ideas??? please help as i need it by the end of february.

...
 

I thought you had to be accepted for the financial side of things before Flybe would fully accept you?

I assume this part sponsorship is with one of the major integrated flight schools. Most of which are very forthcoming in their information regarding the bank they use for funding your training. I'm surprised you've not heard anything about finance if you've got this far into the process.

Other than that, buy a lottery ticket.

I'm afraid unless your family can support you financially, then the only viable way of getting such funds would be to find a job and start saving. I doubt any bank would lend to you unless your parents were willing to apply for a secured loan (and even with property as a fall back, your parents may still not meet the lending criteria or pass the sufficient credit rating checks). If you have a job at the moment, with a very good income and a good credit rating, then you may be able to apply for an unsecured loan from your bank. Once again, a pretty difficult option at the moment due to the state of the economy.

If you aren't able to get the funding through lending (from a bank or relatives), then find a job and save up (easier said than done). Good luck with whatever you choose and just remember, there is no rush in becoming a pilot. Take your time and don't get stressed about it.

yes i have been accepted for the sponsorship but will only fully come into play when i have the money. they have said that i have got the position depending on the matter of money. i dont start until i have this.

Redbull,

One bank that I know of that provides financial assistance for pilot training is BBVA. It’s a Spanish bank that has a connection to at least 1 major FTO that I know of. They offer a secured loan to fund your pilot training. You may want to try doing a Google search on them or contacting the school you did your selection at and seeing if they use this, or a similar bank.

I know that having a conditional job offer with a company like Flybe after training will make your loan application rather more likely to be accepted than someone who doesn’t. But, you will still have to undergo a personal credit check, along with your parents (or whoever your guarantor is), and the loan must be secured on a UK property. Your guarantor’s financial situation will be scrutinised also, they will look for evidence to suggest that if you do not get employment immediately, your guarantor will be able to pay the outstanding loan repayments every month. The amount varies depending on how much you borrow, but if you are borrowing the full amount for an integrated course with this part sponsorship, it’s probably going to be something like 60/70K. The repayments for that amount are fairly steep per month, I think around £1000.

If that not an option then I don’t think threes many other funding alternatives. You’ll be in the same boat as alot of guys around here (myself included), held back by financial limitations. If you can’t afford it and you’re still passionate about a career in the industry then why not look into the modular route. It takes longer and requires you to save your cash for flying but it’s quite alot cheaper and you will be debt free at the end of training.

Anyway, good luck!

With regards to using BBVA or any other bank to get a huge loan secured on your parents house. Think carefully about the security of a job offer at the end of your training. Even if Flybe say you will get a job offer...circumstances change and you could end up in a holding pool with a huge debt lingering. Risky.