Have you ever heard of Pilot Finance?

FloridaPilot

FloridaPilot

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Pilot Finance is a company that helps a student finance their training. That is all I know about it, has anyone on this board had any experience with them they would like to share, (Positive or Negative). This might be an option if I wanted to take the expensive course. Or for other students out there.

I know a lot of folks here mentioned pay as you go but if I were to finance my training and the school closes down am I still on the hook for the rest of the amount? Inquiring minds want to know.

As usual thanks for your input!!


http://www.pilotfinance.com/
 
FloridaPilot said:
Pilot Finance is a company that helps a student finance their training. That is all I know about it, has anyone on this board had any experience with them they would like to share, (Positive or Negative). This might be an option if I wanted to take the expensive course. Or for other students out there.

I know a lot of folks here mentioned pay as you go but if I were to finance my training and the school closes down am I still on the hook for the rest of the amount? Inquiring minds want to know.

As usual thanks for your input!!


http://www.pilotfinance.com/
Click to expand...


I used them, but interest rate was high in 2009 and I regretted financing once I had $225/mo payments for 5 years just for my private. Pay as you go is much better IMO
 
depending on your goals, you are either:
1. borrowing money to learn to do an expensive hobby that isn't getting any cheaper
2. borrowing money to train yourself for a poverty-level job

does either one sound like a good idea ?
 
Bad idea, but I feel for you.

I don't know how young people do it. I was able to work my way through college at a state university with the help of a modest amount of student loans. I learned to fly in the Navy.

When I see what lessons and rentals cost now - and see regional pilots earning $30k - I wonder where this is all going because it's unsustainable.

The only people with plenty of training money at my home field are from China.
 
Extremely bad idea. Pay as you go.

The answer to your second question is, yes, you are on the hook if your flight school goes out of business.
 
Pilot finance has ridiculously high interest rates. That's the one thing I remember. If you can do pay as you go, I would recommend it. The way it worked at the flight school where I taught is you signed the receipts after each flight and we would fax in a copy. I don't believe you were responsible for the whole thing, just the parts you used but do not take that to heart. It's been a while since I dealt with them. Most flight schools will recommend getting approved for more than you hope to use which is why I think it would be bad practice to get approved for ten thousand, use eight thousand but still be on the hook for the rest. If you can find any way other than financing and especially Pilot Finance, go for that. Use it as a last resort and only if you can put extra on the payments a month. Be ready for sticker shock of over $200 a month. Don't be discouraged though, flying is worth the money. You just have to make the best choices for your situation. Good luck!
 
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Dependaing where you are in life, and how determined you are to fly there are other ways to finance, but pay as you go is the best. I you must do it, and you feel the need to finance it, and you own a home, a home equity loan generally has lower interest rates than the Pilot finance, and that is tax deductible.
 
Heck.. That's easy....

Find a college that has an Aviation course, get a government backed student load and run up the bill, ie,,, food, phone, classes, flight time etc,etc,etc..... Then just default on paying it back like millions of other dead beat kids..... Remember... BHO has the student load forgiveness program in effect right now...:rolleyes:
 
N801BH said:
Heck.. That's easy....

Find a college that has an Aviation course, get a government backed student load and run up the bill, ie,,, food, phone, classes, flight time etc,etc,etc..... Then just default on paying it back like millions of other dead beat kids..... Remember... BHO has the student load forgiveness program in effect right now...:rolleyes:
Click to expand...

On this note, I believe that flight training is a quilified expense for 529 investments (tax exempt educational mutual funds). Granted I have no idea how old you are, or if you have access to 529 funds.
 
JHW said:
depending on your goals, you are either:
1. borrowing money to learn to do an expensive hobby that isn't getting any cheaper
2. borrowing money to train yourself for a poverty-level job

does either one sound like a good idea ?
Click to expand...

Not a good idea,

But what if you owned property that can pay that $200-300 per month payment for as long as you wanted to attend the school?

I'm not learning how to fly because I want to get a job in the airlines, I want to learn how to fly because I have a LOVE for flying. It's a big difference!
 
I would highly recommend paying as you go, if you can't afford training right now, how will you afford flying after you get your PPL?:dunno: I know this is a foreign concept to many young people, including my kids, but save the money over a year or two and just pay for it. :D
If it takes an extra few hours at work or skipping a night out with friends, you can make it work if you want it bad enough. And if you are paying for it out of your account, you will study harder and be prepared for every lesson.:D
 
Borrowing for your training would be easy in the short term but much, much harder over the long term. You don't want to saddle yourself with payments.

Getting your PPL isn't all that expensive. You can do it for $6-8k in a rural area or $10-12k in most metro areas ... if you shop around. If you want it enough and are willing to sacrifice to achieve your goal, you'll be able to save up that money pretty quickly. Take on some extra part-time jobs, cut your lifestyle down to nothing, and you'll pile up enough cash to pay for it within a few months.

That will leave more of your income free to actually enjoy flying after you get your ticket, too!
 
FloridaPilot said:
Not a good idea,

But what if you owned property that can pay that $200-300 per month payment for as long as you wanted to attend the school?

I'm not learning how to fly because I want to get a job in the airlines, I want to learn how to fly because I have a LOVE for flying. It's a big difference!
Click to expand...
why do you need a school or a loan ?

If you have $300 in a given month, go to the local airport and hire $300 worth of airplane and CFI time. Next month repeat.
 
What Jeff said...

I don't know anything about the place but if over 5 years it's going to cost thousands more just to pay the interest then why bother?

I would add that if you only have $300 a month to spend on training, it's probably going to take you a while. That's a couple lessons a month...not near what you need to be doing to stay proficient to keep things moving at a steady pace.

Whatever floats your boat - I couldn't stomach paying a loan off for 5 years to get a pilot's license. Keep in mind, that it's not like once you're done your making any money with it - in fact, it's costing you $100's per hour just to enjoy it. So, if you can't afford it now...it's going to be even tougher when you've got a loan payment to cover and now you have no money to go enjoy your new license.
 
JHW said:
why do you need a school or a loan ?

If you have $300 in a given month, go to the local airport and hire $300 worth of airplane and CFI time. Next month repeat.
Click to expand...


Because I don't have any flight experience, at all, zip, none. How can I pass the written, oral and the check ride without taking a class? Inquiring minds want to know.

I don't need to get a loan to pay for my classes but I don't have a problem with borrowing money if the need arises.

You guys sold me on the pay as you go method and that is the route I'm going to take.
 
If you just want to fly for fun and $ is a concern there are a couple places like this in FL. Cheaper and more fun then vanilla general aviation.
 
FloridaPilot said:
Because I don't have any flight experience, at all, zip, none. How can I pass the written, oral and the check ride without taking a class? Inquiring minds want to know.
Click to expand...

Very few of us had any solid experience before we started, so your situation isn't as unique as you're trying to play it.

For the background knowledge to start you off for the flight lessons and get you well along on the written knowledge exam, the FREE books found on the FAA.gov site will serve you well.

For added depth, the well known textbooks from authors like Gardner (one of our members here), Machado, Gleim, Kershner(sp?) and others will work.

For the check ride, your instructor will have added input on what will work based on what he learns about you. Once there, many good products exist from ASA, King, Gleim, Daumtless and others.
 
FloridaPilot said:
Because I don't have any flight experience, at all, zip, none. How can I pass the written, oral and the check ride without taking a class? Inquiring minds want to know.
Click to expand...

I did it. I bought some books and got in the woodshed. I started in December 2012 and went to my checkride in September 2013 with 64 hours in the books. That's about 8 hours a month, which is, IMHO, about what you need to be doing to keep moving ahead at a steady clip. And, I work way too much, travel at least a couple weeks a month for work, have 3 young boys and a wife that's taking some finishing classes so she can take the CPA exam...all while I'm training to be a pilot.

This stuff isn't rocket science and the test is pretty simple and straightforward and the questions have been around a long time and are well documented. Hell, most of the questions only have 3 answers...you can usually eliminate one and then you have a 50/50 on the few that pop up on the test that you don't know.

If I got hung up on anything I'd take it to my CFI and we'd discuss and move on. When I asked him for a signoff for the exam I was 3 weeks from my checkride and based on our conversations up to that point he knew I was in the books. He didn't even hesitate to sign my logbook...I walked across the tarmac to the testing center and made a 95.

You can do it too. Just don't wait until the last minute...study every day for a little bit and use Sporty's Study Buddy (free or $9) to take at least 10 questions a day. I waited until the end so that I didn't have to re-study for the checkride oral portion. I wasn't at all worried about not passing it - so putting it off until the end didn't raise my stress levels.

I'm glad you decided to do the pay as you go...senseless to go into debt for a recreational PPL.
 
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kenjr said:
I did it. I bought some books and got in the woodshed. I started in December 2012 and went to my checkride in September 2013 with 64 hours in the books. That's about 8 hours a month, which is, IMHO, about what you need to be doing to keep moving ahead at a steady clip. And, I work way too much, travel at least a couple weeks a month for work, have 3 young boys and a wife that's taking some finishing classes so she can take the CPA exam...all while I'm training to be a pilot.

This stuff isn't rocket science and the test is pretty simple and straightforward and the questions have been around a long time and are well documented. Hell, most of the questions only have 3 answers...you can usually eliminate one and then you have a 50/50 on the few that pop up on the test that you don't know.

If I got hung up on anything I'd take it to my CFI and we'd discuss and move on. When I asked him for a signoff for the exam I was 3 weeks from my checkride and based on our conversations up to that point he knew I was in the books. He didn't even hesitate to sign my logbook...I walked across the tarmac to the testing center and made a 95.

You can do it too. Just don't wait until the last minute...study every day for a little bit and use Sporty's Study Buddy (free or $9) to take at least 10 questions a day. I waited until the end so that I didn't have to re-study for the checkride oral portion. I wasn't at all worried about not passing it - so putting it off until the end didn't raise my stress levels.

I'm glad you decided to do the pay as you go...senseless to go into debt for a recreational PPL.
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My apologies, I mentioned in my previous posts that I didn't know any pilots. I thought everyone went to school and became a pilot but there are some self study pilots out there and I like that route simply because I can learn at my own pace and FULLY understand what I am learning.

So far I have read Stick and Rudder, (Good book BTW) and I'm working on Rod Machado's book Private Pilot handbook. I'm enjoying what I am reading so far.
 
FloridaPilot said:
My apologies, I mentioned in my previous posts that I didn't know any pilots. I thought everyone went to school and became a pilot but there are some self study pilots out there and I like that route simply because I can learn at my own pace and FULLY understand what I am learning.

So far I have read Stick and Rudder, (Good book BTW) and I'm working on Rod Machado's book Private Pilot handbook. I'm enjoying what I am reading so far.
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There are *lots* of self-study pilots. I know more self-study pilots than I do college trained.

You're reading some of the right stuff there. If you have a local community college somewhere nearby see if they offer a ground school class if you like. Community colleges are great for that sort of thing.

But, you can also go online to someplace like Sporty's and buy the private pilot course from them. It's online, multimedia and pretty solid, and prepares you with what you need to know. Combined with Rod's book you'll be in great shape if you study well. Ho old are you? If you're under 18 go find a young eagles flight and you'll get the Sporty's ground instruction for free. If you're over 18 pay for it, it's worth it.

Much of what you'll be studying is reinforced and taught practically in your flight training. You can certainly do both at once, just don't get behind on the ground/book training - that's a common mistake people make.
 
To the original poster:

If you're self-motivated, you could pass the FAA written exam with very little money. I spent $100 on the Gleim Online Ground School (although, looking back, I could have probably gone even cheaper using Sporty's Study Buddy to get the job done) and passed the test after a couple of weeks of intense studying.

I'm starting my flight training next month. In my case, I was required to pass the written exam before I could join the local flight club. But this path could work for you, too — again, as long as you're self-motivated. You won't have an instructor to crack a whip and make you learn.

The upsides to doing the written exam first are 1. it doesn't cost much, and 2. you'll feel like you made a ton of progress toward your goal of becoming a pilot.

The downside is that it starts the clock ticking. You'll have to get all your flight training and practical exam completed within two years, or else you'll have to re-test.

In my case, that's no problem because I'll have my training complete in a few months (knock on wood). I have the funds to pay for it.

In your case, earning the money might slow you down some ... but I still say a few months to a year of working extra on the side, even in a really crappy part-time job, would generate enough income to pay for your training.

Deliver some pizzas. Sweep some floors. Stock some shelves.

Most of us have worked at awful jobs in the past, but they'll help you pay for your true dreams and — if you do them really, really well — can lead to awesome career opportunities later on.
 
FloridaPilot said:
So far I have read Stick and Rudder, (Good book BTW) and I'm working on Rod Machado's book Private Pilot handbook. I'm enjoying what I am reading so far.
Click to expand...

Round these two off with Gardner's "The Complete Private Pilot" and the FAA handbooks, and you'll be well set for your lessons.
 
Borrowing money could be a feasible option depending on your goals and the interest rate. For example a low interest (eg five percent) heloc or unsecured all purpose loan might be a good option if there is an opportunity cost to waiting until you can fully pay as you go. Alternatively getting a low interest aircraft loan and buying a cheap used plane could be a good way to significantly reduce the expense of flight training.

When I bought my mooney I got a 3 percent UNSECURED loan through lightstream loans. Good deal, barely any paperwork. You need good existing credit to qualify for that option though.
 
greghughes said:
There are *lots* of self-study pilots. I know more self-study pilots than I do college trained.

You're reading some of the right stuff there. If you have a local community college somewhere nearby see if they offer a ground school class if you like. Community colleges are great for that sort of thing.

But, you can also go online to someplace like Sporty's and buy the private pilot course from them. It's online, multimedia and pretty solid, and prepares you with what you need to know. Combined with Rod's book you'll be in great shape if you study well. Ho old are you? If you're under 18 go find a young eagles flight and you'll get the Sporty's ground instruction for free. If you're over 18 pay for it, it's worth it.

Much of what you'll be studying is reinforced and taught practically in your flight training. You can certainly do both at once, just don't get behind on the ground/book training - that's a common mistake people make.
Click to expand...

How do you feel about the King courses? I happen to see one that I can buy for cheap. I've heard of them before, but is the content just fluff?
 
frcabot said:
Borrowing money could be a feasible option depending on your goals and the interest rate. For example a low interest (eg five percent) heloc or unsecured all purpose loan might be a good option if there is an opportunity cost to waiting until you can fully pay as you go. Alternatively getting a low interest aircraft loan and buying a cheap used plane could be a good way to significantly reduce the expense of flight training.

When I bought my mooney I got a 3 percent UNSECURED loan through lightstream loans. Good deal, barely any paperwork. You need good existing credit to qualify for that option though.
Click to expand...

It is a good option, but the folks on here are right. Why spend future earnings plus interest you can put in your pocket. If I need the funds really badly then I will go that route.
 
kenjr said:
I did it. I bought some books and got in the woodshed. I started in December 2012 and went to my checkride in September 2013 with 64 hours in the books. That's about 8 hours a month, which is, IMHO, about what you need to be doing to keep moving ahead at a steady clip. And, I work way too much, travel at least a couple weeks a month for work, have 3 young boys and a wife that's taking some finishing classes so she can take the CPA exam...all while I'm training to be a pilot.

This stuff isn't rocket science and the test is pretty simple and straightforward and the questions have been around a long time and are well documented. Hell, most of the questions only have 3 answers...you can usually eliminate one and then you have a 50/50 on the few that pop up on the test that you don't know.

If I got hung up on anything I'd take it to my CFI and we'd discuss and move on. When I asked him for a signoff for the exam I was 3 weeks from my checkride and based on our conversations up to that point he knew I was in the books. He didn't even hesitate to sign my logbook...I walked across the tarmac to the testing center and made a 95.

You can do it too. Just don't wait until the last minute...study every day for a little bit and use Sporty's Study Buddy (free or $9) to take at least 10 questions a day. I waited until the end so that I didn't have to re-study for the checkride oral portion. I wasn't at all worried about not passing it - so putting it off until the end didn't raise my stress levels.

I'm glad you decided to do the pay as you go...senseless to go into debt for a recreational PPL.
Click to expand...

Thanks, your story is very inspiring. I'm very self motivating and I believe I can get the job done!
 
FloridaPilot said:
It is a good option, but the folks on here are right. Why spend future earnings plus interest you can put in your pocket. If I need the funds really badly then I will go that route.
Click to expand...
Because it could delay your career by several years which could far outweigh the cost of interest. And flying is not getting any cheaper either, so rising gas prices could outpace the cost of interest as well.
 
One good reason to finance the flight training portion of your journey is to maintain continuity. Even a week off during the flight training can set you back quite significantly because you haven't yet developed the muscle memory that you will rely on later to build more advanced skills. Financing allows you to just drive on with an aggressive schedule without having to worry about where the money is going to come from for that next big milestone like the long XCs.
 
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