Finance in Ireland
 

I sure this topic has been covered over and over on this by now but hey I'm new here. Has anyone living in Ireland managed to find a why to get finance to cover training up to ATPL without taking out a mortgage I offered house deeds (there's no mortgage on it) as security but no luck... any help would be great

talk to ya

Hi Sullie,

I don't think any Bank Manager in Ireland has ANY interest in aviation!!!!

I am slowly going through the golden pages of anyone who will lend money (legal or non legal ha ha) , but unless you have a fat juicy mortgage to wave at them they are not interested.

Bank of Scotland was prepared to give €10'000 - €15'000 if i could get a guarantor but would not be keen on extending any further amounts unless i was a long-standing customer (fair enough) so that might get you started.

AIB do a good loan deal (unsecured) but they want re-payments pretty much staight away, but i can't remember for how much.

Im doing the rounds on teh UK banks at the moment as I still have an address in the UK and have left a bank account open there, so i might get better joy.

Most said they would prefer to see a portfolio of yourself (kindof reassure them that this is something you have always wanted to do and not just a last minute call), but as you know with the cost of living over here all of them want to see a mortgage.

Perhaps if you have some sort of Degree or Professional Study, a few might offer you a follow on of their Graduate loan, but i wouldn't hold my breath out on that one.

Let me know if you get anywhere with any of them - id be interested to see if ive missed anyone.

Good Luck anyway - There's always the Lotto!!!!

Hi funnyonion,

Thanks for the reply. I'll be sure to pass on anything I find out. I'm probably going to have to take out a bloody loan just to repay the lotto in the hope of hitting the big one. I'm banking with AIB so I guess I'll give them a shout first fingers crossed the manager has a bit of an interest in flying.

Talk to you soon

FILL THE GOOD PEOPLE IN THE AIB WITH LOTS OF BULL S**T, THAT'S WHAT I DID, TELL THEM HOW EASY IT IS THE GET A JOB WHEN FINISHED!, "SURE I'LL WALK STRAIGHT INTO AERLINGUS"!!, THAT'S THE KIND OF THING THEY WANT TO HEAR.

nice one irishwings thanks,

did they give you the full amount and were you able to put a freeze on the repayments or is that pushing it a bit

Hi

It seems like a quick solution, re-mortgage the house or get a huge loan. I spent a lot of wasted time filling in damm spreadsheets to find a loan scenario that would work for me. I realised in the end it wouldn't work because I just didn't have enough money to start with.

I'm heading to Naples in December for my PPL funded by the sale as some shares from work and some money saved. It's amazing how much you can put away when you really work at it.

Next year I'll work 9-5 and drive a taxi. When I have enough money I'll start ATPL exams and hour build in a club.

Remember, you don't need all the money up front. Just get started and don't waste too much time worrying about where you'll get the money for that type rating in two years time.

Best of luck.

Did you ever think that the reason banks aren't so quick to give out loans is because you most likely will not be able to pay them back?

Even though you may believe you are destined to fly, the reality is there are thousands and thousands of people out there a lot of them are unemplyed and extremely heavily in debt with no sign of work on the horizon even still, pay isn't all that good to justify a huge loan or remortgaging your house.

Look at any flight magazine, the amount of advertisements for schools willing to take your money telling you that you will be on a fast track to an airline job is beyond a joke, it seems like there are more now then ever.
In Florida there are billboard advertisements along the Interstates for Delta connections with promises of airline jobs, its nearly funny when you know the reality of the situation.

Flying is nice but dont remortgage your house or get so far in debt that you cannot enjoy other things in life.

I think its a bit hard to tell someone to hold off and not to do something that is basically their life. I'm not too sure if I could hold off and work in a normal job and just save for a couple of years.

I would rather be in a position where i'm paying off a loan and ready to take any flying job that comes along rather than working away saving and not able to fly until the money is saved and training is completed, which could take anywhere from 3 in some cases 10 years!!

Its still the same story, whatever the case may be..... money will be borrowed and paid back. Unless your in a really good job and you can save the entire amount of training.

I'm sure that if someone is dead set on starting training, its very hard to tell them not to borrow the money and to hold off on their dreams...... so each to their own!

Good luck to everyone, whatever you decide.

Try the Credit Union. They're throwing money at members lately and the interest rates are on a reducing balance and lower than banks. One senior teller told me the last time I was in getting money that quiet a few loans have been taken out by budding pilots. Good luck getting the money!