Pilot Finance??

[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...

[BrianNC]

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.

[jawright]

So if I take out 3g's and pay it back in like 4 months, will I even accrue that much interest?

[BrianNC]

Originally Posted by jawright

So if I take out 3g's and pay it back in like 4 months, will I even accrue that much interest?

Depends on how they handle you paying it back early. The only way to know that would be to call them.

[Adam2006]

I have had a loan with them for over 2 years. It was fairly easy to get(my credit wasn't the best then). The bad thing about them is they only report defaults, so after paying on-time/never late it has never helped my credit. Just my $0.02.

[slushie]

Dude...I have been finding ways to pay for flying for the past five years...

If you can make that much money in 6 months, just save up for 6 months, or spend it as you get it.
Unless you're nearing 60, there's no need to go into debt with a place like pilot finance.

Instead of paying 20% or whatever rediculous rate they charge, you could EARN 5+% (secured) while you're saving.

"The borrower is slave to the lender."

[jawright]

Originally Posted by slushie

Dude...I have been finding ways to pay for flying for the past five years...

If you can make that much money in 6 months, just save up for 6 months, or spend it as you get it.

It's not that I won't have the money several months from now...it's that I don't have it right now. I'm going to be travelling the country from June-August and won't have an opportunity to fly...so I want to get my comm SE and ME add on before I leave.

Unless you're nearing 60, there's no need to go into debt with a place like pilot finance.

Instead of paying 20% or whatever rediculous rate they charge, you could EARN 5+% (secured) while you're saving.

"The borrower is slave to the lender."

I am nearing 30...does that count? Believe me, I'd rather not borrow, but in this case I kinda feel like I need to. If I wasn't going to be gone all summer, I'd be paying cash all the way.

[slushie]

So do it after you get back.

[SeanD]

Originally Posted by jawright

It's not that I won't have the money several months from now...it's that I don't have it right now. I'm going to be travelling the country from June-August and won't have an opportunity to fly...so I want to get my comm SE and ME add on before I leave.



I am nearing 30...does that count? Believe me, I'd rather not borrow, but in this case I kinda feel like I need to. If I wasn't going to be gone all summer, I'd be paying cash all the way.

I tried to get a loan through PF. Im 33 and got denied for it. I have pretty good credit so it was a bit of a mystery on why they said no. Im not sure my age had anything to do with it but who knows. I saved up a lot in 4 months and opened up another bank account with a seperate debit card that I use strictly for flying.