quick question about financing/loan
02-23-2019, 02:34 PM
#11
On Reserve
Joined APC: Aug 2018
Posts: 13
Originally Posted by FlyinLion
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.
Just saying...
11-29-2022, 08:31 PM
#13
Disinterested Third Party
Joined APC: Jun 2012
Posts: 6,002
Originally Posted by chozoghost4
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.
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.
Thread
Thread Starter
Forum
Replies
Last Post
