Loan for training

MightyDucks

Does anybody know of any bank that will give a loan for pilot training? I have heard that BBVA bank in Spain do it but i'm not sure.

Side Show Bob

Try to go the sponsorship route if you can, if you can't afford to learn to fly while working elsewhere you wont be able to make repayments while traning.
If you defer the payments until your finished training, you will not get a job until you get some experience, in a Market where pilots are difficult to get you won't really get to fly commercially with less than 1000 hours, pilots with 5000+ hours are easily found now and are glad of a job mostly at relitavly small money compared to 3 years ago

What do you hope to fly?

MightyDucks

Flying while working in my opinion is fine up until atpl level put i think i'd have to go full time after that. Well i'd love to do the Africa and Asia thing and really get to fly the planes and then onto the jets if possible later in my career.

Side Show Bob

MightyDucks wrote: »

Flying while working in my opinion is fine up until atpl level put i think i'd have to go full time after that. Well i'd love to do the Africa and Asia thing and really get to fly the planes and then onto the jets if possible later in my career.

Very best of luck, but it's real tough.

donkey balls

AIB offered me the 100k at the time for training a few years back but I had a house and at the time a reasonable steady income that I could offset against the loan.
The scary thing is a few months later the company went bang:eek: now not wanting to get into an argument with SS bob he is right to a certain extent regarding hrs&experience that other guys have on type,And that they can/could be in your way of getting into the pointy bit of the acft.
But the likes of FR will take on young cadets along with guys who are rated and have jet time on B737 my mate is one of them who had no jet time did the interveiw got the job did the TR and is now flying for FR.
As for the ATPL a guy I worked with in the airline held down a full time job while doing all of his training upto MEIR,And I know of two others who have also done the same and are starting their CPL.

MightyDucks

Cheers for the replies,

Only thing with FR is the 30/35 grand for the type rating

Mr Benevolent

MightyDucks wrote: »

Cheers for the replies,

Only thing with FR is the 30/35 grand for the type rating

You won't get it much cheaper than that.

donkey balls

An ATR TR is around the 25k ish mark if I ever got a choice between the two the 737 would be the one.

MightyDucks

donkey balls wrote: »

An ATR TR is around the 25k ish mark if I ever got a choice between the two the 737 would be the one.

I'm not too worried about that at the moment its trying to get the loan to do the training is the thing for me at the moment.

Zyox

MightyDucks wrote: »

I'm not too worried about that at the moment its trying to get the loan to do the training is the thing for me at the moment.

In my experience knowing anyone who's done it, and someone else I know who's doing a similar "pay for new career" option costing 100k, AIB are the main guys lending. Ulster Bank and BOI didn't want to know from what I've seen.

Would be an idea to just get what you need to train/live on and worry about the TR when that time comes around. One step at a time.

alan85

Some 80% of student pilots voluntarily withdraw from training before gaining even a basic pilot licence, according to a study conducted for the US Aircraft Owners and Pilots Association.
AOPA is trying to find out what flight training organisations could do to retain more of those who start out highly motivated to explore flying, whether for leisure or as a profession. Publication of AOPA's study is the launching point for a "flight training retention initiative" across the industry.
Carried out by polling specialist APCO Insight, the study found that about 35% of instructors were not rated as sufficiently professional or as good teachers, and nearly half the students rated support from the training schools as indifferent, and the aeroplanes themselves as being rather scruffy.
Student pilots clearly respond well to professionalism at all levels, the study found, and the image of flying is important to them. A particularly effective motivator for students is to ensure that they feel part of the aviation community.
The study reveals that 65% of aspiring pilot trainees want to fly for leisure, 5% for business, and 29% to train as a professional pilot. All of them are motivated by the idea of flying, and even the dropouts say that the experience of being airborne is highly positive.
Almost all of them make the decision to train, and choose where they train, through social contacts and word of mouth - practically none through advertising.

Get your PPL first. Make sure you have both the desire and ability for it first. It's not easy. Some aspects are tough enough to get your head around properly. Yeah, the exams are easily passed but flying good and proper is a different story. Don't take such a hefty loan without being 100%...

MightyDucks

alan85 wrote: »

Get your PPL first. Make sure you have both the desire and ability for it first. It's not easy. Some aspects are tough enough to get your head around properly. Yeah, the exams are easily passed but flying good and proper is a different story. Don't take such a hefty loan without being 100%...

I have done around 12/13 hours and although this mightn't be a lot I was told i was progressing well. I'm not so sure about the exams been easy, well at least the Atpl's i wouldn't be calling easy anyway.

Zyox,

Agree completely if i got the loan for the training at the moment i'd be happy. If i don't get it (and to be honest my chances are slim to none) I think i'll be off to Australia,

Cheers for the replies:)

tippilot

It might sound obvious but have you tried a Credit Union?

You cant beat the credit union when it comes to something like this.

I would advise setting up a personal meeting with the manager. Present them with a detailed(printed) plan. Detail the industry studies that predict pilot shortages, the successes of Irish airlines and possible projected earnings. (www.ppjn.com goes into detail on salaries at various airlines)

You will need collateral or a guarantor. Be prepared on that front. Present them with your solution before they request it. They will request it. It's a high risk loan. There are many potential hurdles along the way.

Help to minimise the lender's risk. Suggest structuring the loan so that you can draw down the money in stages ie. you only withdraw the money required for the next stage on the successful completion of the previous stage. This is very important.

To echo Alan above, having a PPL first shows that you already have an aptitude for flying. You can also present them with a copy of you PPL(written) exam results. Every little helps.

MightyDucks

tippilot wrote: »

It might sound obvious but have you tried a Credit Union?

You cant beat the credit union when it comes to something like this.

I would advise setting up a personal meeting with the manager. Present them with a detailed(printed) plan. Detail the industry studies that predict pilot shortages, the successes of Irish airlines and possible projected earnings. (www.ppjn.com goes into detail on salaries at various airlines)

You will need collateral or a guarantor. Be prepared on that front. Present them with your solution before they request it. They will request it. It's a high risk loan. There are many potential hurdles along the way.

Help to minimise the lender's risk. Suggest structuring the loan so that you can draw down the money in stages ie. you only withdraw the money required for the next stage on the successful completion of the previous stage. This is very important.

To echo Alan above, having a PPL first shows that you already have an aptitude for flying. You can also present them with a copy of you PPL(written) exam results. Every little helps.

Cheers tippilot,

From what i've heard the credit union don't give out loans over 50grand. I've just joined them and it takes six months for them to give a loan to someone for the first time and even then its 1.5 times of what you have saved. i do agree with the presentation however.

MightyDucks

Could anybody give me some advice as to how to make a business plan for the bank to get a loan. i think i have some idea but not too sure.

Zyox

1. Give me money
2. Pilot training
3. ????
4. Airline job.
5. PROFIT!

No but really, think it was said before, show them the jobs network website and the salaries. Dig up that recent Boeing article about the new demand for pilots that was out over the last six months or so, that might help!

MightyDucks

Zyox wrote: »

1. Give me money
2. Pilot training
3. ????
4. Airline job.
5. PROFIT!

No but really, think it was said before, show them the jobs network website and the salaries. Dig up that recent Boeing article about the new demand for pilots that was out over the last six months or so, that might help!

Cheers Zyox,

No.3 Back to old job:o,

Any more advice welcome

Side Show Bob

MightyDucks wrote: »

Could anybody give me some advice as to how to make a business plan for the bank to get a loan. i think i have some idea but not too sure.

if you PM me your email address ill send you a template, it would probably be a few years old now, but not i'm back in work until Monday can send it then.

MightyDucks

Ya that would be great cheers SSB