Need advice for training financing!

stuffliquidation · January 26, 2008

Hello,

Here's my situation. I am a fixed wing CFI. I have not flown in about 3 years but I have my tickets: Comm., Instrument, Multi engine & CFI. I want to get into flying helicopters. I want to get the equivalent tickets as my fixed wing tickets and since I have fixed wing I figure it wont take the usual amount of time and money to get into helicopters. Here is the problem: I have had pretty rough financial problems in the last few years and my credit is shot at this point. Where, how and who could get me funding/financing to get my ratings. I would even be willing to do one of those deals where financing is deferred until after graduation. What has me concerned more than anything is the credit issue. If anybody has any ideas or knows where to go and look, please help me. Please don't post ridiculous and obvious answers like: "Save up and pay", "Fix your credit and get a loan" etc...

Thank you,

Larry

Rogue · January 27, 2008

Larry I don't know if you saw the Sallie Mae thread on this site ( http://helicopterforum.verticalreference.com/helicopterfor...?showtopic=8828 ) but that was probably you're best bet but they are apparantly are no longer in the risky loan business. They probably have the worst reputation out there but Silver State offers in house financing if I remember correctly. If you really want to make money I've heard that fixed wing is more lucrative than helicopters. Why not fly what you are certified for until you can save the cash and fix you're credit? I know its not what you want to hear but... it sounds no brainer to me, sorry.

bellpilot · January 27, 2008

Hi Larry,

You may want to enroll in a college program to help secure financing. College financing may be a little easer to obtain that private.

Contact Central Oregon Community College and ask about the aviation programs and financing options.

Head of the program is John Miller, you can find this and the college contacts on the web.

Hope that helps,

Bellpilot

K-38 · January 27, 2008

Hi Larry,

When you complete RTC training you will be back in the same boat you are in now only with more debt, and a shrinking job market for new RTC C.F.I.'s. IMHO I would strongly recommend that you objectively revaluate your situation before securing any further financing. You may find that now is not the best time to make the jump.

stuffliquidation · January 28, 2008

Hi Larry,
When you complete RTC training you will be back in the same boat you are in now only with more debt, and a shrinking job market for new RTC C.F.I.'s. IMHO I would strongly recommend that you objectively revaluate your situation before securing any further financing. You may find that now is not the best time to make the jump.

For me it's the right time. I forgot to mention in my post that I will have a heli job as soon as I get my tickets. That is one of the reasons I need to get it now.

stuffliquidation · January 28, 2008

Hi Larry,

You may want to enroll in a college program to help secure financing. College financing may be a little easer to obtain that private.

Contact Central Oregon Community College and ask about the aviation programs and financing options.
Head of the program is John Miller, you can find this and the college contacts on the web.

Hope that helps,

Bellpilot

Sounds like a good deal but my training has to be in Florida. Do you know of any programs like this in FLA? I live in So. FLA and have a family. I can't move for training.

bellpilot · January 28, 2008

I am sorry but I do not know of any programs in Florida. There are a few online degree programs but I do not know how the college finance would work with these.

Hope you can work this out and good luck!

Bellpilot