Is there a way to borrow money to get a private pilots license?

Question

Do most pilot license companies provide financing for getting license?

Answer 1

Bank would be the best bet

Answer 2

Sure... borrow against an asset like your house. But you should think it through. You don't want to borrow money for a purpose that doesn't generate the income to pay it back. Learning to fly is a small enough thing that you should be paying for it as you go.

If, on the other hand, you're on track for a commercial ticket and plan to make money flying, then paying back your loans is one of the things you can do with the money you make from flying. I just don't think the average person should borrow to get their private pilot's license. It's like borrowing money to play laser tag or to go to the movies.

Answer 3

Try Sallie Mae Loans. I knew a guy who got a loan for his Private a few years ago.

Answer 4

For a private, its difficult to find any sort of student loan. About the only chance you might have would be a personal loan from a bank or credit union or an equity loan on your house. You can get student loans for higher ratings like Commercial multi-engine. I think most banks probably think its not worth making a loan for a private certificate because a. not enough money is involved ($10,000 or less) and they won't make much interest and b. You can't legally make any money with a private certificate in order to pay back the loan. You have to have a commercial certificate to do that. In order to obtain a commercial multi-engine instrument rating, you would need loans for upwards of $50,000.

Answer 5

No. They have a deal with the bank. Flight schools don't loan money and banks don't teach flying.

Answer 6

You have to get contact with a school which has a good financial status with a bank.. they will then give you a loan.. but you need to do your best to be the best..

Answer 7

There is a company called Pilot Finance which does exactly that. Its like a student loan for flight training. Here is their website http://www.pilotfinance.com/

Hope this helps and good luck!

Answer 8

I'm not sure how they are since the credit crunch, but you might try Sallie Mae (federal) as a student loan.  A friend of mine did this a few years ago an dlisted "job vocation or change" as a reason...he wants to be a CFI...  they approved it at 3%...then... who knows now.

Good luck!