Airline Pilot Central Forums - quick question about financing/loan

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Quote:

Originally Posted by FlyinLion (Post 2769191)

Yes, banks care a lot more about credit, debt-to-income and whether the loan is secured or not vs what you plan on doing with the money. You will have a hard time getting that kind of cash with no collateral and the terms will be bad for whatever amount you can get. The best route to get good terms and a good chunk of cash is a home equity loan, otherwise I think you are going to have a very hard time.

All of this may be overcome if you have the right co-signer.

Just saying...

I think you can do it, but personally I didn't do it.

Quote:

Originally Posted by chozoghost4 (Post 2768360)

Are there many lenders out there that are aware of how the outlook is for people looking to get into this for a career? Are they aware of the regional shortage? Surely by now they must notice people taking out massive loans and not having too much trouble paying them off once they get their career started.

There is no pilot shortage, despite whatever you may have heard.

Lenders are aware of a large percentage of those who begin flight training, who never finish.

Lenders are also aware that promises and rumors of shortages and hope and dreams don't replay loans: if you have the capability and the credit to get a loan, you do. If you don't, then you may need to make other arrangements.

Take out that "massive" loan and lose your medical, get a violation, experience a life change, lose interest, the economy downturns, or aviation returns to normal, and repaying that "massive" loan becomes a pipe dream; something of which lenders are all too well aware.