Big training loan needed - help needed

Mutleymo

I need to borrow £30,000 to finish my pilot training and increase my earnings. My current job pays £34,000 annually. My bank credit checked me and cleared me for a £20,000 loan over 5 years.
Can anybody recommend me a way to be able to borrow the £30,000 either by loan, credit cards or a combination of the both ( and minimise the interest rate)? I would like to pay it off over 5-7 years maximum. I have never had a credit card and I have no debts. I am a house owner but there is very little equity in it (£5,000).
Thankyou in advance of any replies.

Emmzi

you don't need it, you want it

there is no guarantee you will a) pass or b) get a pilot job at the end of it

putting it that way, do you sound like a safe bet to you?

do you need it all at once? What do the flight school have on offer in the way of finance?

paddyrg

What is left in your training? Are you just working up to your CPL/IR? Why not check out overseas training? New Zealand is a heap cheaper.

Tixy

Surprised you were offered as much as £20k on your salary, extremely doubtful you'd be offered more by anyone.
There was a long previous thread about pilot training and other alternatives to massive loans.

Mutleymo

Well to finish the training I need a loan!
I have my CPL so need it for the IR.
There are no finance options available from training establishments that I have come across. Difficult to finance it. But thanks I will look for the pilot training thread.

paddyrg

Can you use your CPL to do VFR scenics over the summer and work as a PPL instructor to fund your IR? £20k would be quite a lot for an IR, try Australia and New Zealand, you may find much cheaper deals as another option.

Mutleymo

Thanks for the advice. I have looked into all other options but sadly I need to borrow 30k if I am to be able to comPleted the training.

paddyrg

In which case the reality is there is a very real risk that you will not complete the training - based on the figures above, even £20k is surprisingly high indeed exceptionally high. Of course people here can only give guides based on annecdotal evidence as we do not work in the lending deprtments of institutions, but still gearing up to £30k is extremely unlikely as the risks are huge, and payback period is a good decade or so where you would have to be in guaranteed work, in lord alone knows what financial climate. The usual thing is to estimate 50% of annual earnings as the limit of available credit, so cards would refuse you if you had a £20k loan.

I did my PPL many years back. I remember how badly I wanted it, and how I thought there was only one route to getting it, but it was an impossible dream away. I managed to make it happen, but by living overseas with a family for a few months over winter, and it was still cheaper thanks to the flying hours costing approx 50% what they cost here. South Africa is another good place for relatively cheap tuition and for IR. If the Euro wasn't so savage it'd be worth trying Jerez in Spain too, and closer to home. As the £30k loan is as good as not-gonna-happen, realise the £5k in the house and survive in SA on beans and you're there. Or wait and keep saving!

Mutleymo

Where there's a will...