need help finding an FBO

arizonaflyer

New Member
Hi all been awhile since i've posted and i need some help.
After being turned down for the loan with Key and Sallie because of no co-signer, i found a place called Pilot Finance Inc.
After sending in the application,some added paperwork, they approved me for up to $7500 woohooo.
Now the bad,
The flight school i was planning on going to(thats the place i found out about pilot finance) about an hour from my house had two bussinesses going and decided that closing the flightschool would put them back into the green.
Now i'm stuck with no flight school(they have to be signed up with pilot finance at no obligation to the school just available financing for students)that i know of close buy.
If anyone knows of a school from Las Vegas(hour drive) to Pheonix(3 hr drive) that uses pilot finance please send me a PM.
Thanx everyone
 

DE727UPS

Well-Known Member
I'm starting a flight school in Spokane and got set up with Pilot Finance. I think they have a great program and it was easy gettin signed up with them. Where do you live? I'm guessing Kingman or Bullhead. Anyhow, find the nearest school that you'd be interested in working with and have them get set up with Pilot Finance. There is no reason not to, in fact, I think this will give me a competitve edge over the other school on the field...though, I'm sure they will soon find out about it.

Did you get the 18% rate? Did you find Pilot Finance easy to work with and did they approve you quickly?
 

cointyro

New Member
18% ? ! ?!

Holy cow! That's crazy! It's cheaper to just charge it to your credit card at that rate... anyone contemplating getting your license should save the cash first before borrowing at that astronomical rate. IMHO.
 

DE727UPS

Well-Known Member
As usual with Cointyro....I beg to differ.

For one thing, if you charge up your credit card for flight training, you lose the ability to charge it up for other stuff. Using Pilot Finance allows you to get a loan without messing with your credit cards.

High interest rates don't mean much if you pay it off early...which I'd highly recommend.

Doing the Pilot Finance thing allows you to establish a good credit rating. I've always been very conservative with credit, didn't have much of a credit rating early on in my career due to never having a loan. If you use Pilot Finance, and pay it off early, you will establish a good credit event which is over and above the credit card.

Those with a good credit history can get better than 18%. Pilot Finance figures their advertised payments at the highest possible rate and trys to give you a lower rate if you can qualify....seems like a classy thing to do rather than to adverstise low payments that no one can qualify for.

Saving up before you train is fine if you can do it. The most important thing is being able to have the money to finish what you start in an efficient manner and that's why I like Pilot Finance...using them allows you to fly three times a week or more which is best for training retention...in the end, you could save money by finishing your training in less time.
 

DE727UPS

Well-Known Member
I'm setting it up to use free-lance CFI's so you can keep most of the $35/hr. The guy that owns the building wants 15% and in turn is giving us a really nice place to work out of.

I have three guys now who want to instruct and are local. If you were up here and didn't mind beating the bushes for students, I might consider it, but for now...I think I'll stick with the three I have and see how it works out.
 

arizonaflyer

New Member
Yes, i,m in Bullhead City.
Yes, they approved me for $7500 with the $750 I have for a downpayment. With 18% interest rate, but if i don't miss any payments then I will recieve 3% interest reduction at the end of the loan.With my prior credit, I don't mind paying 18%, gotta start rebuilding it somehow.
I was also approved to fly 4 days a week, and i have already finished ground school at the college 8).
I sent in the application and about a week later got a letter stating they needed more information :current bills, check stubs, bankruptcy paperwork, etc.
Then less than 2 weeks later got the approval letter.
Think i'm going to have to try the hard sell on a couple of flightschools here to see if i can get them to sign up. If so its a guaranteed student that will start after 4th of July weekend.
 
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