Is there a way to borrow money to get a private pilots license?
Tags: We talk about private plane ownership, etc., operating costs, costs to charter private planes and jets, renting and many other things related to private planes. Licensing
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Themocracy
No. They have a deal with the bank. Flight schools don’t loan money and banks don’t teach flying.
For a private, its difficult to find any sort of student loan. About the only chance you might have would be a personal loan from a bank or credit union or an equity loan on your house. You can get student loans for higher ratings like Commercial multi-engine. I think most banks probably think its not worth making a loan for a private certificate because a. not enough money is involved ($10,000 or less) and they won’t make much interest and b. You can’t legally make any money with a private certificate in order to pay back the loan. You have to have a commercial certificate to do that. In order to obtain a commercial multi-engine instrument rating, you would need loans for upwards of $50,000.
I’m not sure how they are since the credit crunch, but you might try Sallie Mae (federal) as a student loan. A friend of mine did this a few years ago an dlisted “job vocation or change” as a reason…he wants to be a CFI… they approved it at 3%…then… who knows now.
Good luck!
Bank would be the best bet
Sure… borrow against an asset like your house. But you should think it through. You don’t want to borrow money for a purpose that doesn’t generate the income to pay it back. Learning to fly is a small enough thing that you should be paying for it as you go.
If, on the other hand, you’re on track for a commercial ticket and plan to make money flying, then paying back your loans is one of the things you can do with the money you make from flying. I just don’t think the average person should borrow to get their private pilot’s license. It’s like borrowing money to play laser tag or to go to the movies.
You have to get contact with a school which has a good financial status with a bank.. they will then give you a loan.. but you need to do your best to be the best..
Try Sallie Mae Loans. I knew a guy who got a loan for his Private a few years ago.
There is a company called Pilot Finance which does exactly that. Its like a student loan for flight training. Here is their website
Hope this helps and good luck!