Loan Money

blakman7 · June 20th, 2006, 20:04

Hello all,

I am planning to go to AriBen but I was denied on my loan and I was denied with a cosigner. I know that someone out there has some other means of getting money other than going through Sallie Mae. What would be an easy way to get the money? Is it pretty much going to have to fall down to me trying to take out a loan from my bank and then be turned down for that too? I am out of options and I am not going to let something like this stop me from making my dreams a reality. Thanks in advance for any advice that you have.

Propilot · June 20th, 2006, 20:30

forget ariben, get a full time job near your local FBO, and work to pay as you go.

Loans bad.

This is from someone who did the key bank loan thing...Yea, 1.5 years later Ive got 1700hours and 500 multi turbine pic...but ive also got 39 grand in debt.

debt sucks. go local FBO route with full time job.

88MPH · June 20th, 2006, 20:31

Rent the movie, "Bandits"

pyrator · June 21st, 2006, 02:08

keybank is alot easier to get a loan with. I would try them (local fbos will cost the same if not more) (10k for private and instrument at local fbo all 172 time =( )

SkyHawg · June 21st, 2006, 07:14

blakman7,

Either you are really young and have no credit history, you have too much credit, or you have awful credit. Any way it goes you need to pull your credit reports and find out why. myfico.com is a good place to get them.

You need to goto www.creditboards.com and do some major reading. That is a great resource. I would recommend you not take out any loans right now because even if you do get approved your interest rate is going to be close to 14-18% instead of 8-10% you could get with good credit. I am going to estimate your credit score is anywhere from 620-630. You need a score of at least 680 to get a good interest rate.

I would hold off a least a year, work to save money, and fix your credit score.

meyers9163 · June 21st, 2006, 10:22

Skyhawk,

I had a credit report pull my score back in Feburary when i only got approved for 12k of a loan through salle mae and had a 780. That is the same time when Key said thanks but no thanks. Keep in mind it is more then the score that counts. Its past credit history, amount of money you make, how long you've had your job, risk of giving you the loan, and other factors. Ask to speak with a loan couselor possibly with whoever you applied with to get the facts straight. Also if you got your credit pulled whoever did it is required by law if you ask to give you a copy of the report. Just a thought on the issue. Anyways best of luck.

Sky if you have any info on loans that'd be great. Also when you say 14-18% you mean in addition to plus prime for him correct? So therefore even higher rate?

SkyHawg · June 21st, 2006, 11:01

No I mean 14-18% includes the prime rate. If it went any higher he would be better off getting credit cards. meyers9163 if you had a 780 you either are a really young guy very little credit history or you don't make enough money for them to justify the loan.

www.creditboards.com is the place to go to learn about how to help yourself out.

And ALWAYS get a co-signer even if you have wonderful credit. To the banks it's almost the same thing as getting a secured collatoral loan.

June 20th, 2006, 20:04	#1
blakman7 Junior Member Join Date: Nov 2005 Location: Atlanta, Georgia Posts: 116	Loan Money Hello all, I am planning to go to AriBen but I was denied on my loan and I was denied with a cosigner. I know that someone out there has some other means of getting money other than going through Sallie Mae. What would be an easy way to get the money? Is it pretty much going to have to fall down to me trying to take out a loan from my bank and then be turned down for that too? I am out of options and I am not going to let something like this stop me from making my dreams a reality. Thanks in advance for any advice that you have. __________________ Asking what a pilot thinks about the FAA is like asking a fire hydrant what it thinks about dogs.

June 20th, 2006, 20:30	#2
Propilot Senior Member Join Date: Nov 2004 Location: NE United States Posts: 340	Re: Loan Money forget ariben, get a full time job near your local FBO, and work to pay as you go. Loans bad. This is from someone who did the key bank loan thing...Yea, 1.5 years later Ive got 1700hours and 500 multi turbine pic...but ive also got 39 grand in debt. debt sucks. go local FBO route with full time job. __________________ Just fly

June 20th, 2006, 20:31	#3
88MPH Senior Member Join Date: Apr 2006 Location: AVL Posts: 1,161	Re: Loan Money Rent the movie, "Bandits" __________________ I'm just gonna find a cash machine.

June 21st, 2006, 02:08	#4
pyrator Newbie Join Date: Apr 2005 Posts: 25	Re: Loan Money keybank is alot easier to get a loan with. I would try them (local fbos will cost the same if not more) (10k for private and instrument at local fbo all 172 time =( )

June 21st, 2006, 07:14	#5
SkyHawg Senior Member Join Date: Jun 2006 Posts: 572	Re: Loan Money blakman7, Either you are really young and have no credit history, you have too much credit, or you have awful credit. Any way it goes you need to pull your credit reports and find out why. myfico.com is a good place to get them. You need to goto www.creditboards.com and do some major reading. That is a great resource. I would recommend you not take out any loans right now because even if you do get approved your interest rate is going to be close to 14-18% instead of 8-10% you could get with good credit. I am going to estimate your credit score is anywhere from 620-630. You need a score of at least 680 to get a good interest rate. I would hold off a least a year, work to save money, and fix your credit score.

June 21st, 2006, 10:22	#6
meyers9163 Old Skool Join Date: Jun 2005 Location: Indiana Posts: 2,226	Re: Loan Money Skyhawk, I had a credit report pull my score back in Feburary when i only got approved for 12k of a loan through salle mae and had a 780. That is the same time when Key said thanks but no thanks. Keep in mind it is more then the score that counts. Its past credit history, amount of money you make, how long you've had your job, risk of giving you the loan, and other factors. Ask to speak with a loan couselor possibly with whoever you applied with to get the facts straight. Also if you got your credit pulled whoever did it is required by law if you ask to give you a copy of the report. Just a thought on the issue. Anyways best of luck. Sky if you have any info on loans that'd be great. Also when you say 14-18% you mean in addition to plus prime for him correct? So therefore even higher rate?

June 21st, 2006, 11:01	#7
SkyHawg Senior Member Join Date: Jun 2006 Posts: 572	Re: Loan Money No I mean 14-18% includes the prime rate. If it went any higher he would be better off getting credit cards. meyers9163 if you had a 780 you either are a really young guy very little credit history or you don't make enough money for them to justify the loan. www.creditboards.com is the place to go to learn about how to help yourself out. And ALWAYS get a co-signer even if you have wonderful credit. To the banks it's almost the same thing as getting a secured collatoral loan.

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