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Any Ideas

  • 08-09-2011 5:19pm
    #1
    MightyDucks
    Registered Users, Registered Users 2 Posts: 106 ✭✭


    Just been into the bank to look for a loan to pay for my pilot training and got the expected "No chance". Even with a good garniture still no hope.

    Has anybody any ideas on where to get a loan? my only other option is to move to aus and work there for a year or two....


Comments

  • #2
    David086
    Registered Users, Registered Users 2 Posts: 623 ✭✭✭David086


    Loanshark? lol


  • #3
    GoGoGadget
    Registered Users, Registered Users 2 Posts: 141 ✭✭GoGoGadget


    Yeah it's near impossible these days, only way lads could do it before was if they put the folks gaf on the line. Credit Union might be more accommodating for part of the training costs but you'll need a good record and plenty of savings, history of loan repayments with them etc.

    There are other ways around it too, the way I saw it was it's a massive loan up to €100k, then you have living expenses while your training, and if you go the FR route it's another €30k'ish. Now if you can get a loan for this think of all the interest you'd be paying. Chances of getting an airline job straight out of training aren't great either.

    From day 1 the way I saw it was to work your ass off, save and do your training modular while your working, and apply for any type of cadetship out there. It's a tough long route and you'll find you're saving all your holidays to go abroad to hour build cheaply or for brush up courses for the ATPLs. Also moving back home to save can be a killer..

    It's not an easy fix but it's worth it not to be in debt. You could be paying back heavy monthly repayments for the next 10 years and if you start defaulting it's gonna be tough looking for a mortgage.

    Have a look at different cadetships like Aer Lingus (maybe next year), BA (think the deadline is tomorrow), Cathay (always recruiting), West Atlantic (every 6-12months), Air Corps, British Army Air Corps (mainly choppers) and I'm sure there's a few other schemes out there that might be able to support a loan application.

    NFC have an integrated course now for a decent price, maybe call them up to see if they have a partner bank for this?


  • #4
    xflyer
    Registered Users, Registered Users 2 Posts: 1,787 ✭✭✭xflyer


    Has anybody any ideas on where to get a loan? my only other option is to move to aus and work there for a year or two....
    Yes that used to be the only option for many. Work for a year in some mine out there. Or find a similar high paid but dangerous job. Even racing drivers used it to raise the money for their career.

    The alternative is the method I used, borrow as you go. Try and get into a decent enough job, then get 'car loans' when you need them. Also save really hard in between. The irony is that as you set up a good credit history. The loans get easier and you can get the money for the final push easier. Set a five year plan or similar. Write it down and review it often. It's easy to get discouraged doing it that way but it's quite doable.

    The flaw is that you look like a complete Walter Mitty to the unitiated and your coworkers in McDonalds or wherever;). Plus you have to kiss goodbye to foreign holidays and designer clothes and girlfriends have to be understanding or non existent.

    The upside is that you'll look back on it and see it as the best time of your flying life. I enjoyed ever miserable minute of it, if you know what I mean. You also make incredible contacts which will stand to you when you finally stick in a CV to an airline.


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