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Originally Posted by troopernflight  I did this loan and got 10.9%. My wife co-signed and we have very good credit. There is a surcharge every time you cash a check ($50.00 I think). |
I did this. With me alone I got 8.99% fixed for life of the term. I think they call it a Personal Line of Credit Loan or something like that. But they will charge 2 or 3% of the balance everytime you write a check. Figure that into taking 7 years to pay off, it does not add a large percentage when compared to other traditional loans. Pay it off quicker though, and you have to figure your effective rate is higher. But then of course, the longer you take to pay, the more you pay in the end anyway. Conclusion, BOA wins every time!
I have not used my credit line yet at all. I have it there for emergency funds only. Luckily, I still have enough cash to cover the rest of my flight training with money to spare. But then, living on CFI pay is not real great. So one never knows when I will have to tap into this as emergency finds.
Overall though, this is a reasonable loan when it comes to alternative financing. At least if you also get the 9% rate.
At the end of the day, SLM is still the best bet.