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April 18th, 2006, 18:05
| #1 |
| Old Skool  Join Date: Jan 2006 Location: KLAS
Posts: 3,574
 |  Getting a Loan
Im thinking of getting a loan for training. What are some good lenders besides Sallie Mae. I heard there is one specific for flight training but I can recall the website. Anyone ?
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April 18th, 2006, 18:28
| #2 |
| Senior Member  Join Date: Apr 2006 Location: TUS/AVL
Posts: 1,155
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Pilot finance, key bank are the only two I know of. Else if you have anything to use as collateral, ie. car, house, kids, jk!, you could take a loan out against that and maybe save on interest!
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April 18th, 2006, 18:45
| #3 |
| Moderator  Join Date: May 2003 Location: GRR
Posts: 8,628
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__________________ . If life gives you lemons, throw 'em into a quart of vodka. ~Red Green |
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April 18th, 2006, 18:56
| #4 |
| Old Skool Join Date: Jan 2006 Location: KLAS
Posts: 3,574
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Thanks 
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April 18th, 2006, 19:27
| #5 |
| Old Skool  Join Date: Aug 2005 Location: Tarzana, CA (KVNY)
Posts: 1,610
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pilot finance is a good company in the sense that they don't give the school ALL the money up front. That way if the school closes down or you just don't like it you won't be out all your green. Interest rates are about the same as Sallie Mae. Another thing is that you have a shorter period to pay them back so higher payments. However this saves you a ton of $$ on finance charges in the long run.
__________________ "I know that you believe you understand what you think I said, but I’m not sure you realize that what you heard is not what I meant." |
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April 18th, 2006, 19:31
| #6 |
| Senior Member  Join Date: Sep 2003 Location: Vero Beach, Florida
Posts: 1,196
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April 18th, 2006, 20:20
| #7 |
| Old Skool  Join Date: Aug 2003 Location: Frigid NWA Hub
Posts: 1,885
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Just borrow as little as possible. Having a $200-400 loan repayment every month really bites into a flight instructor/regional FO salary. Interest was 4% when I took out a loan and now it's up to 7.6% and rising....ouch.
__________________ "I'd rather screw my way around the country then blow my way around..." - Saab 340 Driver |
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April 18th, 2006, 20:33
| #8 |
| Junior Member  Join Date: Jan 2006 Location: Socal
Posts: 214
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The down side of pilot finance is they don't offer large amounts(for academy type training). They only report negatives on your credit reports. I have had a loan with them, and paid on it for two years and never been late, but it hasn't helped to build my credit as it should.
__________________ adam |
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April 18th, 2006, 21:21
| #9 |
| Junior Member Join Date: May 2005 Location: CH PA
Posts: 238
| sallie mae
Any complaints about sallie mae?
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April 18th, 2006, 22:53
| #10 |
| Senior Member  Join Date: Mar 2005 Location: Chicago Suburbs, IL 1C5 (Clow)
Posts: 314
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sallie mae career loans. thats my pick for right now But I have some more reading todo. |
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April 24th, 2006, 22:04
| #11 |
| Junior Member Join Date: Feb 2006
Posts: 31
| Re: Getting a Loan
Are the Sallie mae career loans variable or fixed, i wouldnt be surprised if i take out 10K in a loan at 5% and by next year its at 8%. I need to find a strictly fixed interest loan for training or i'll never afford it.
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April 25th, 2006, 00:54
| #12 |
| Old Skool  Join Date: Apr 2003 Location: Atlanta
Posts: 2,205
| Re: Getting a Loan
I used Sallie Mae have never had a problem. The customer service has been outstanding and if you get in a tight spot they have options available so that you dont get behind or incur late payments.
__________________ Once you have tasted flight, you will forever walk the earth with your eyes turn skyward, for there you have been, and there you will always long to return.----- Leonardo Da Vinci |
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