Loan Approved! (now what...)
11-18-2006, 04:44 PM
#11
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Joined APC: Sep 2006
Position: earning pro rata soon
Posts: 59
Originally Posted by LAfrequentflyer
Honestly. I don't like the terms of your loan. The FBO will know. Don't trust their or anyone else's good will - especially in aviation. You will get burned.
See if you can get a loan that gives you the money. Then you can pay as you go. Paying as you go combined with being proactive / decisive about your training requirements / timeline will ensure you get done within budget. It will also prevent you from being ripped off.
Remember the CFI / FBO folks are not your friends. They are your employees. That goes for all FBOs and flight schools. You are the boss. If you don't like something it's you who has to ensure a change occurs.
If you like prairie air service - visit them and see the place and meet them.
I would hold off on training until you can rework that loan so you get the money and not the school.
Banking is like buying any other consumer product - shop around for the best deal. Don't like the terms - walk...
Good luck.
-LAFF
See if you can get a loan that gives you the money. Then you can pay as you go. Paying as you go combined with being proactive / decisive about your training requirements / timeline will ensure you get done within budget. It will also prevent you from being ripped off.
Remember the CFI / FBO folks are not your friends. They are your employees. That goes for all FBOs and flight schools. You are the boss. If you don't like something it's you who has to ensure a change occurs.
If you like prairie air service - visit them and see the place and meet them.
I would hold off on training until you can rework that loan so you get the money and not the school.
Banking is like buying any other consumer product - shop around for the best deal. Don't like the terms - walk...
Good luck.
-LAFF
Thank you for this advice...I guess I was so stoked about being approved and what such a loan was going to mean for my life that I didn't stop to think about different options. Obviously I have the credit for such a loan, so I am going to take your advice and shop around to see what bank can offer the best deal to arrange a loan that gives ME the funds which will allow me to pay as I go as you and others have suggested.
Thankfully, I have not signed or agreed to any terms yet!
THANK YOU
Mike
11-18-2006, 09:57 PM
#12
Self Employed.
Joined APC: May 2005
Position: Corporate Pilot
Posts: 7,119
Advise
Originally Posted by MikeInTx
LAFF-
Thank you for this advice...I guess I was so stoked about being approved and what such a loan was going to mean for my life that I didn't stop to think about different options. Obviously I have the credit for such a loan, so I am going to take your advice and shop around to see what bank can offer the best deal to arrange a loan that gives ME the funds which will allow me to pay as I go as you and others have suggested.
Thankfully, I have not signed or agreed to any terms yet!
THANK YOU
Mike
Thank you for this advice...I guess I was so stoked about being approved and what such a loan was going to mean for my life that I didn't stop to think about different options. Obviously I have the credit for such a loan, so I am going to take your advice and shop around to see what bank can offer the best deal to arrange a loan that gives ME the funds which will allow me to pay as I go as you and others have suggested.
Thankfully, I have not signed or agreed to any terms yet!
THANK YOU
Mike
SkyHigh
11-19-2006, 05:51 AM
#13
Gets Weekends Off
Joined APC: Oct 2006
Position: Citation II
Posts: 315
Originally Posted by SkyHigh
If I were you I would read as many of the posts on this forum as you can about the prospects of being able to repay the loans as a working pilot. A loan of any kind can make your dreams nearly impossible to attain. Pay as you go or don't fly. You will end up holding an empty bag and still have to make a $450 payment each month.
SkyHigh
SkyHigh
Just keep your eyes open. Don't quit teaching high school until it's really time, and make sure you can make the loan payments without doing yourself financial harm. You'll be fine. The flying career will come along, with a little perserverence.
11-19-2006, 05:53 AM
#14
Gets Weekends Off
Joined APC: Jul 2005
Posts: 2,242
thread about loans...
http://www.airlinepilotforums.com/sh...ight=key+loans
Also, check the flight training section and money sections there is another eye-opening thread on loans in there...
Pay as you go is the best deal. Even with a loan - make sure it is pay as you go and not all upfront. Have as much control over the flight training / payments as possible.
Remember - the CFI , FBO, banks, etc... all work for you not the other way around...
-LAFF
Also, check the flight training section and money sections there is another eye-opening thread on loans in there...
Pay as you go is the best deal. Even with a loan - make sure it is pay as you go and not all upfront. Have as much control over the flight training / payments as possible.
Remember - the CFI , FBO, banks, etc... all work for you not the other way around...
-LAFF
11-19-2006, 08:13 AM
#15
Gets Weekends Off
Joined APC: Dec 2005
Position: FO, looking left
Posts: 1,057
I would not take out a loan. If you are a full time high school teacher, you must have a steady job and be making somewhat decent money. I would finish getting your private this winter/spring with money out of your own pocket. Then I would do some cross country flying to build up time. You will need this PIC cross country for both your instrument and your commercial licenses. However, getting this time will be cheaper (because there is no instructor involved) and it will be more fun (you should take all your friends for rides). Only pay with the money that you have.
Work a second job this summer. SAVE, SAVE, SAVE this coming summer and next school year. Then use whatever money you have to get your instrument, commercial, and CFI ratings after next school year. If at this point you don't have enough money saved up, then take out a small loan (5-10k).
Trust me. The last thing you want is to be a flight instructor or regional FO barely making 20k a year and needing to pay off a huge loan. Most of these guys are struggling to get by with NO LOANS. The other terrible part about loans is the interest adds up real fast. Your 30k loan could cost you 50k in just 5-6 years. BIG DIFFERENCE!
You should do everything in your power not to take out a loan.
Work a second job this summer. SAVE, SAVE, SAVE this coming summer and next school year. Then use whatever money you have to get your instrument, commercial, and CFI ratings after next school year. If at this point you don't have enough money saved up, then take out a small loan (5-10k).
Trust me. The last thing you want is to be a flight instructor or regional FO barely making 20k a year and needing to pay off a huge loan. Most of these guys are struggling to get by with NO LOANS. The other terrible part about loans is the interest adds up real fast. Your 30k loan could cost you 50k in just 5-6 years. BIG DIFFERENCE!
You should do everything in your power not to take out a loan.
11-19-2006, 08:47 AM
#16
Self Employed.
Joined APC: May 2005
Position: Corporate Pilot
Posts: 7,119
Not Jaundiced
Originally Posted by aero550
Just keep in mind that most of these posts were authored by SkyHigh, who has a very jaundiced view of aviation as a career, based on his own failed attempt. I believe the guy never really liked flying in the first place and was only shooting for the big money. When he failed to achieve it within a few years, he bailed, and is now spewing his bitterness here.
Just keep your eyes open. Don't quit teaching high school until it's really time, and make sure you can make the loan payments without doing yourself financial harm. You'll be fine. The flying career will come along, with a little perserverence.
Just keep your eyes open. Don't quit teaching high school until it's really time, and make sure you can make the loan payments without doing yourself financial harm. You'll be fine. The flying career will come along, with a little perserverence.
I don't have a jaundiced view. It is merely contradicting to most on this forum. I might be a minority here among the deluded but the statistics however prove that my experiences are among the majority.
You might consider my airline dreams as a failure. I however maintain that it was aviation that failed me. I took the time to make an honest evaluation of the industry and of its future. The reality of life as an airline pilot wasn't matching up with the price to be there. In the end it was I who walked away and am better off because of it. Why you might not even realise it yourself yet that you are whipped.
SkyHigh
11-19-2006, 10:05 AM
#18
Gets Weekends Off
Joined APC: Jul 2005
Posts: 2,242
Originally Posted by SkyHigh
If I were you I would read as many of the posts on this forum as you can about the prospects of being able to repay the loans as a working pilot. A loan of any kind can make your dreams nearly impossible to attain. Pay as you go or don't fly. You will end up holding an empty bag and still have to make a $450 payment each month.
SkyHigh
SkyHigh
-LAFF
11-19-2006, 04:59 PM
#19
On Reserve
Joined APC: Nov 2006
Posts: 15
Is that George Kennedy?
I haven't seen that photo since Airport 1975 with Charlton Heston lol. When they do the mid air rescue into the 747... Is George Kennedy still alive?
Originally Posted by STILL GROUNDED
Stay at the FBO, get your cfi, work your part time job from home and make contacts at the airport. Don't waste you money on puppy mills I mean Pilot mills, unfortunately they will gladly take your 30 K and ask you for the rest because 30 won't do it at those places.
just my $.02
just my $.02
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