# Loan for Pilot Training: Will CU do staged drawdown for each module?& longer than 5y?



## V1Rotate (4 May 2013)

Hi Everybody,

I am hoping to complete Pilot training for a while now.

Finance is my biggest issue as it is for most people.

My intention was to apply to the CU for a loan of 12,000 to get my PPl and ATPL groundschool completed.

I would however need the CU to view the loan as being "open". In that I mean a loan that can be topped up with each completing module of which I would have to complete -

PPL + ATPL THEORY
HOUR BUILDING
CPL/ME
IR
MCC

***Does anyone have any advice on how I should approach the CU with this special loan request?***

Also is anyone here aware of longer term loans than the standard 5 being offered from CU's?

Many thanks in advance for all advice received.

Best
John


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## V1Rotate (4 May 2013)

Thank you whoever edited the title.

I didn't know they could be that long.


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## ajapale (4 May 2013)

No problem!

Why not call into your local CU and ask them?


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## landlord (4 May 2013)

I wouldn't be the best person to advise about the financial route in. 
However I would advise if you can afford it to go for an ab initio JAA pilot course for a frozen ATPL. It is generally preferred by the airlines (this is what I did) I assume you have applied for all of the cadet schemes out there ? Best of luck.


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## V1Rotate (4 May 2013)

@ajapale

Well yes, calling in is certainly part of the plan, but strangely I called to make an appointment with the loan officer / manager to discuss the matter and I was told I MUST apply for a loan first before sitting down with a member of the team. Perhaps that's the way they roll but I thought it odd.

You see what I am looking for here is advice in particular how to approach the request as a whole.  
Should I supplement my application with a letter outlining my plans, costs and stages to the manager?

I think we may have crossed wires with "I didn't know they could be that long" - I of course was referring to the title length and not the CU term lengths.


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## Slim (7 May 2013)

Hi V1Rotate,

Max loan period in CU is 10 years. They are reluctant to grant these but it is possible. Your application will be based on your current income, with a possible ICB check. A guarantor may be sought. You would be best to get approved for as much as you can initially, pay down the loan and top up the loan as you go on. This assumes that you have an income that will support this. You can draw down the loan in stages but approvals will lapse after a certain period so you may have to re-apply.


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## V1Rotate (7 May 2013)

Thanks for the info Slim.


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## Sandals (7 May 2013)

I applied for loan back in roughly 2003 and I thought I may need X amount but decided to mention that I may only need Y amount. Their advice was to ask for the most I needed (saving paperwork I was told) and then I did draw out two payments, fairly quickly as happened. I was really pushed towards the five year plan (with the benefit of the less interest).


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## V1Rotate (7 May 2013)

Hi Sandals.

Thanks for your input. Can I ask was your loan for the same reason?

PM me if you prefer. 

Thank you.


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## V1Rotate (7 May 2013)

Just a thought and it is probably a crazy one but I will put it out there.

I have a tracker mortgage. Do you think I might be in a position to approach the bank and ask for a new deal while trying to get some of the loan written off or request to them, in exchange for the tracker that they give me a lump sum?

Just a thought!


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