Originally Posted by
Rnav
Quote:
Originally Posted by Flyboyxc91
You sound like your in pretty much as good of a position as one could hope for IF getting loans is the plan and going forward without too much difficulty. I am debt free like you and was set for a loan of $28,000 until I found money elsewhere without interest and no timeline (AKA Family).. I wasn't worried about the loan though at 3.8% with no early repayment penalties.
The only good position in regards to getting a pilot loan is before you get one. But feel free Op to get a loan. There are plenty of threads on the topic and even some post on here from professional pilots telling you not to do it. Unless you got money in the bank from family, a loan is a stupid way to go if you don't have any real means of paying it off... and that includes working as a CFI for $25K a year.
I will guarantee this. If you take the loan you will be living in your parents basement for a long, long time. So I would talk to your parents first and let them know you'll be sharing the sofa in the basement with Rover for a couple years...
Hey RNav.. I was gonna get my $25,000 loan and have to only pay $272 a month for it with no penalties for early repayment. I never said getting a loan was THE WAY TO GO, but you putting the damnation to it is uncalled for. You ultimately said anyone making $25,000 can't afford $3600 a YEAR and going down from there for there loans???? That leaves over $21,000 to live on for the year and that's completely within reason to do under this guys circumstances. I'm saying I'm an advocate for the people who make this work for them because I'm completely confident I could in this situation.