Help with how best to fund flight training

Hi,

I was wondering if anyone can help with the best way to borrow 100K to realise my life long ambition to become a pilot!!

I have rang a few banks but most of them will not lend in excess of 50K and want crazy security!!

Anyone with any innovative solutions bar robbing a bank would be much appreciated!!

Wish List

Low Interest rate 6.9% - 7.76% or less!
Variable interest rate so I can pay off in lump sums later when I am earning more!!

Interest Free period ideally for duration of training 12-14 mths

If not Interest free interest only for 14-18mths
Sufficently long lending term to allow manageable payments so I can still have a life after I do the course!

All suggestions and guidance very welcome!!

?

Hi Clubman,

Tried Googleing AAM,is this an acronym for something?

Thanks in advance for your help,

WP.

AAM = Askaboutmoney. My post contained a link to a Google site specific search of Askaboutmoney.com which returns a few threads of relevance to your query.

Cheers Clubman just realised that after I posted my reply Doh!! thanks again!!

you didn't come across any specific threads on advice on loans? had a quick scan of the links and their seems to be little advice on the nuts and bolts of getting a loan for that amount of money and good lending banks with favourable terms!!

It's a niche area. Have you considered contacting a trade union/professional body and see what they have to say?

You are looking for a large unsecured loan. It is not going to be easy to get, especially on the terms you mention in your original post.

Cityjet recruit through Sigmar recruitment [broken link removed] (Choose "Sigmar Aviation" drop down on theior website), I looked at this as I had the same dream, but the cost was crazy (around €100k). They had aa crowd advising on loans etc, and it might be easier to secure if there was some sort of guarantee of employmenyt ay the end of it. Still risky though.

An alternative would be to secure your PPL then CPL (single engine rating), the cost would be much lower, even in Ireland you could do this I reckon for around €10 - €15k. You might be lucky and get in with Aer Arran, smaller airlines or even Aer Lingus armed with a decent PPL / CPL rating. Some people people did it this way and have been lucky to get onto a training programme. Have you looked into this?

Probably mentioned in the threads in the search but maybe try the www.pprune.org site/discussion forum.