Financing Difficulties

[rotorgal]

I've been flying helicopters on and off for a year now. I got my private last May and I have hardly done much since then because I used up my 20k from Sallie Mae. I've reapplied to them several times with co-signers & I am still not getting approved. I am thinking about going to several different banks and trying that out.. Does anybody have any suggestions about a place that might approve me for 40k? I don't have a house I can use for collateral but I also don't have any other debts other than that 20k from Sallie Mae. I would really appreciate the help! Also, are there any schools that loan money through their own school? I thought that would also be an easier option and I'm willing to move anywhere to fly.

[500pilot]

I heard that pilot finance company

 

http://www.pilotfinance.com/pages/539359/index.htm

 

will finance pretty much anyone but thier interest rates are akin to legal loansharking. I know everyones is in a hurry to finish but if you could, just work and save and pay as you go to get finished. That way you dont have a huge debt after you finish. Unfortunatelly it seems like money is the biggest problem with students dropping out and I wish you the best. At least you have the Private. Try to take lessons here and there for the instrument and commercial. Before long you will be there taking those ratings. Trust me. I was there at one time and am glad I didnt take a loan out. Good Luck.

[FULL TOUCH DOWN]

I've been flying helicopters on and off for a year now. I got my private last May and I have hardly done much since then because I used up my 20k from Sallie Mae. I've reapplied to them several times with co-signers & I am still not getting approved. I am thinking about going to several different banks and trying that out.. Does anybody have any suggestions about a place that might approve me for 40k? I don't have a house I can use for collateral but I also don't have any other debts other than that 20k from Sallie Mae. I would really appreciate the help! Also, are there any schools that loan money through their own school? I thought that would also be an easier option and I'm willing to move anywhere to fly.

 

When I finished A&P school I used 30k from Sallie Mae. So when I decided to fly I couldn't get a loan and I tried every lender out there. What I finally did was sign up for classes at UVSC and got a alternative loan through them with Wellsfargo for 60k for flying. You will probably have to use a co-signer but I am sure you will get what you need to fly. The money you get for flying can be used at any flight school you wish to attend they just have to make sure you are a student there. Good luck.

[Goldy]

I tend to agree with 500 here. If you can, work a few extra shifts and just fly once or twice a month..whatever you can afford to get the extra ratings...and to keep your skills up. Look for some other flying opportunities as well...don't know what part of town you are in, but most major metro areas have time building opportunities other than just rentals..

 

Good luck, Goldy