Anybody know of a financing company?

Varig

New Member
Hey guys, I just started my flight training, and plan on finishing everything(Comercial, ME, CFI ect..) at my flight school. To help me out, and keep me in College which I am doing at the same time, I need a financial loan.

I have just applied for a loan from Key financial loans, if anybody has ever heard of them. I wont know if I was approved or not until Saturday at the earliest, Monday or Tuesday at the latest. The tension is killing me!

Just to keep my bases covered, can anybody recomend anyother financial companies from which I could get a loan? Thanks for your help!
 

chris6387

New Member
I heard somebody mention on this forum of Pilot Finance Inc. I don't know anything about them, but you might want to check them out.
 

Varig

New Member
4349, I actually began applying to Sallie Mae, but then I heard that you have to begin repayment immedietly. Is that true?

I'll check out that Pilot Finance one, and any others you guys feel are good ones. In the meantime, I will just keep my fingers crossed until I hear back from Key loans!
 

ZUM

New Member
I've had a good experience with Pilot Finance. Application was quick, I set up an account at my FBO and was flying a few days after signing up. Interest rate for me was a little on the high side at 17%, but if you don't miss any payments they'll refund you 5% or so of the finance charge at the end (for me ~$300). If you can pay it off sooner, even better
 

JEP

Malko In Charge
Staff member
I did start paying right away. Now I looked at their website and it said something about not having to. It was a little confusing. It worked out for me to start paying anyway. good luck
 

Tim

New Member
I have a loan with Sallie Mae and they are very easy to work with. I have not talked to one person there who was nasty or had attitude. The reps seem knowledgeable but like any place you can sometimes get 2 different answers to the same question but overall I am very pleased with they way thing have been going. You can pay online if you need to or call them and make a payment if you forget.
 

zsolez

New Member
zumbrum,

I am looking at Pilot Finance also.

I am looking at their application, and on their sample loan they only have terms up to 18 payments if you fly 5 times a week. It is a bit odd how they structure their program. It seems they have limited resources that is why. I am following their math and say if you aim to take out 18k and fly 5 times a week it is around $1100/month. Not to mention that what I hoped from a loan was to fly my a$$ off, like 10x a week.

Anyways I am still thinking I might try to finance my CFI, and CFII with them so would you mind sharing a few more words about your experience? Thanks!
 

ZUM

New Member
zsolez,
I think the pilot finance program is as flexible as the FBO's finance people are willing to be. The way it works on the financial side of things from the FBO's standpoint is that the FBO will send Pilot Finance a bill on some regular basis for all of the time that you flew. Pilot finance sends a check for some amount every 2 weeks or so. Sometimes it covers the whole amount (if you fly the number of time per week that you initially agree to) and sometimes not quite the full balance. I initially signed up to fly 3 times per week, borrowing $4500, but ended up in there almost every day. If the FBO doesn't mind having a slight negative balance, you can probably fly as much as you want to. Not the ideal situation, but it worked for me and pilot finance eventually caught up and payed off my balance just as I was finishing up.
manfred Z.
 

iwork4911

Well-Known Member
This worked well for me...

I am a member of AOPA and I got a loan through their affiliation with MBNA bank. 9.9% interest. They will look at your credit to decide on your interest rate, but in todays market, if you have good credit, don't let them give you a total jacked up interest rate. I was approved in about 15 minutes. I initially took out $20,000 to finish all my ratings. They will loan up to $25,000. They were good to deal with. You can monitor your account online and also make online payments.
http://www.aopa.org/info/certified/funds.html
 

zsolez

New Member
Re: This worked well for me...

Thanks for the replies! Unfortunatelly SLM is not an option for me... for another year at least. By then I should be done anyways.

I will have to see if DCA works with Pilot Finance but as you describe it, probabaly not.

I will give a shot at AOPA though. They keep sending me some preapprovals every week anyways... though I know most don't mean nada.

Thanks for the info once more!
 
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