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Originally Posted by jawright  Has anyone here ever taken out a loan with Pilot Finance? Good/bad?? I'm "only" taking out 3-4K, and make enough to pay it back within the year (within like 6 months), so I don't think interest will be able to accumulate too much. I tried a search already... |
I do know from looking at it before that the payment is based on how much you fly. The more times you fly per week, the shorter your loan term is, therby making your payment bigger.
For instance, looking at their brochure, if you borrow $3000, and you have 1 scheduled lesson a week, then they will go 72 payments on the loan (6 years) and the payment per month is $69 (paying back almost $2000 more than you borrowed). But if you are scheduled for 3 lessons a week, then they will only go 48 months and the payment is $81 ($888 more than you borrowed). Not that big a difference per month on that small of an amount.