Can anyone with experience provide some knowledge into financing sources for purchasing a type rating from their experience?

I am not looking for negative responses or stirring a debate about the "purchasing of a type"...not here. Thank you.

 

If you can secure a personal loan I guess you could try that, types are expensive, I hope you're getting reimbursed for everything including the interest if you go through with it.

 

Check Sallie Mae. They do financing for job training and Pan Am is one of the places that is approved for the loan.


Career training loans from Sallie Mae

 

Yeah but the interest rates are some of the highest for that type of loan. And that was pre-recession.

 

I guess ill be the first to say it. You are hurting all of us by paying for it on your own. You are using your own money to subsidize a company that can afford to operate a private jet. Seems like a wise investment to me.

 

I totally agree with you, and yet you can see why people are exploring this option--virtually every ad you see for a corporate, charter or contract position says "Type Rating required" for the airplane they operate. They want the pilot to pay for the essential cost of qualifying their pilots.

And on top of that, it is practically impossible to maintain the currency requirements for even one, to say nothing of several aircraft that require more than one pilot. If you have to attend simulator recurrent training and take a PC every 12 or 24 months, at $12-25K, you can't stay ahead of it.

 

I think given the state of the industry (such a commonly used saying these days ) people are scrambling and going to desperate measures to try and work.

I don't think paying for it should be an employees responsibility at all, I almost took a job where a company wanted me to pay for my type and would reimburse me over a year period, I was able to secure a personal loan through a private institution with a 3% interest rate, other public banks I looked at had 18-22% interest, I got smart and so did the company and both decided it was for the best not to go forward, they go belly up and I'm stuck deep in debt with no way to pay for it, no thanks I'll look elsewhere, especially given the time (that saying again!) The company would pay whatever was submitted through receipts and an expense report at the end of training but would NOT reimburse interest, pathetic!

I got laid off back in October and have been scrambling but I have some other options including getting out of aviation for a while which really isn't a problem to me, I love flying and it will always be there but I'm not about to sink a load of my own money into it when I am supposed to be getting paid to do it, and paid to train, that is part of being a professional if I'm not mistaken.

Be careful if you decide to proceed with it, it could be a HUGE gamble.

(I anticipate you are not buying the type for Southwest by the sounds of it)

 

Thanks for all the responses. The tone of the thread started to slide down the wrong way but nevertheless it helps out.

Everyone's situation is different, and desperate times sometimes do call for desperate measures. It's a calculated risk and all angles are considered.

Good luck to all.

 

I understand Simcom in MCO is giving fairly steep discounts on CE-525 ratings, if anybody is interested. IIRC it was in the $11-12k range, which was cheaper than my CE-500 type through them.

Perhaps a sim center would have a list of options? These days, with as slow as many of them are, they should...

 

I will never pay for training and you sir are rediculous for doing it. Why would a company pay to train a pilot on their jet when there are pilots willing to pay for it themselves? Thanks for lowering the bar bro. Stupid......