Pilot Training Loan

jmeasows1

I have manged to get onto a Pilot Training Program, however the cost of the training is £50 000. Does anyone know of a loan or someway of borrowing this amount of money? The course last 12 - 14 months so the loan would need to be frozen for this amount of time.
I can't seem to find anywhere that does a loan for this amount to suit my criteria.
Any advice would be much appreciated!

Clive_Woody

jmeasows1 wrote: »

I have manged to get onto a Pilot Training Program, however the cost of the training is £50 000. Does anyone know of a loan or someway of borrowing this amount of money? The course last 12 - 14 months so the loan would need to be frozen for this amount of time.
I can't seem to find anywhere that does a loan for this amount to suit my criteria.
Any advice would be much appreciated!

SO you want to borrow £50k with no payments for 12 - 14 months.

How did you plan on paying this back once the 12 months is up?

Do a quick search on this forum for 'pilot' and see how many other threads have come on here asking the same or a similar question.

Bottom line is that I think it is highly unlikely anybody would lend you the sum of money.

sharp82

Have you asked the Training Provider?

Fishingtime

Clive_Woody wrote: »

How did you plan on paying this back once the 12 months is up?

Drug running is a lucrative business these days :rotfl:

Buzby

Your training provider will have arrangements with finance houses capable of funding your training, but not under the terms you suggest. The ourse will be in modules, and as you complete each block staged payments are made.

No firm would contemplate no payback until you are licenced - that is both unrealistic and an obvious recipe for disaster. If you failed or gave up - they lose out.

You will need to have startup capital of your own, of at least 25%, and b able to top this up as the course progresses. If you plan to take a course in Florida, it also means you have currency conversion issues.

ILW

Don't the major airlines actually pay their employees to train?

Clive_Woody

ILW wrote: »

Don't the major airlines actually pay their employees to train?

Yes I would imagine they do which can't leave many openings for those who have opted for private run pilot schemes.

John1993_2

This sort of thing is popular with people seeking to move on from working in the City, because they can find the £50k upfront, and don't mind the risk at the end (often as they'll be happy being a pilot on a pittance, as they are already well enough off from their first career).

It makes a lot less sense if you need to borrow for it, and then to be paid a good wage at the end.

Aletank

My ex girlfriend use to work in Carcraft selling finance, she had a colleague who use to be a pilot. I didn't believe it at first, I thought, what's a pilot doin working in Carcraft ! I seen pictures etc of him in his uniform in the cockpit of Jumbo's etc. Apparently who use to work for Excel Airways that went bust along with a lot of other smaller airlines at that time, hence him and a lot of other pilot looking for work ! Apparently because he didn't have any flying hours/experience in the last 12 months it was impossible for him to get considered by airlines for jobs.
There was the programme on recently about the Ryanair pilots and there zero hours contracts etc - Maybe it's not the exclusive job it once was ?

andy_vip

So you got onto the course without thinking first about how you were going to finance it?

I went through pilot training in 2007, at the time HSBC were providing the finance as an unsecured loan frozen for about 18 months. I am STILL paying this off and wish I had never done it - my loan repayment is over £1100 a month. I love my job now and am on a good salary but still cannot get credit, drive around in a clapped out banger and have only just managed to buy a house. I am 28. Think very carefully about what you want from life.

A lot of my uni and school friends now drive nice cars, bought their houses 3 or 4 years ago and are nicely settled. It's certainly not the career it once was, expect to have to pay for EVERYthing, especially if you fly for the blue and white Irish carrier, including uniform, your own food, medical etc. This all use to be paid for. I hope you like 3am because you'll be seeing it a lot, either getting up to do operate the first wave, or getting back after your night Ibiza where the passengers have been absolutely vile and you'd be better off carrying freight.

That said, I get free healthcare, a good pension, I get to see the world and as I said the salary isn't bad. But I don't fly for ryanscare. Get yourself on PPrune and emerse yourself in the threads over there about the current state of the industry.

andy_vip

Clive_Woody wrote: »

Yes I would imagine they do which can't leave many openings for those who have opted for private run pilot schemes.

No, they don't. Only BA do, if you're lucky enough to get in. They haven't taken new cadets for a while as there are enough pilots who have been made redundant begging for jobs in recent years.