Loan question.

[Swarm3513]

I guess I'll start off with I currently have approximately 83 hours of flying. I currently don't have any loans out, but I have come to terms I will have to get a loan to get my Commercial, and beyond. This is, if I want to finish and move on before the next century. I am currently going to a part 61 school. No, I was not in the military. The school has "partnered" with some loan businesses, so I have that part down. My question is, what total hours flown should I aim for so I can calculate the loan for? For example, should I calculate a loan for 300 total hours flown, then add on extra for the cost of an instructor? I don't want to ask for more money than I need. I also don't want to be in the same boat I'm in now with little funds but with having to repay a loan. I am currently working full time, but it just isn't cutting it especially with everything going up in price.

 

[321Captain]

Can you get a line of revolving credit versus a fixed loan? It can be difficult to estimate how many hours it will take to achieve your goals. If you can qualify for a line, it might better suit you. I obviously don’t know what your goals are or your financial situation, but I think it would be better to have more credit available for your use than to run out in the middle of your training. Just my opinion Swarm.

 

[Swarm3513]

Can you get a line of revolving credit versus a fixed loan?

Good question. I didn't think of this. I'll have to talk to the lending agencies the school partnered with.

 

[Zeede]

I guess I'll start off with I currently have approximately 83 hours of flying. I currently don't have any loans out, but I have come to terms I will have to get a loan to get my Commercial, and beyond. This is, if I want to finish and move on before the next century. I am currently going to a part 61 school. No, I was not in the military. The school has "partnered" with some loan businesses, so I have that part down. My question is, what total hours flown should I aim for so I can calculate the loan for? For example, should I calculate a loan for 300 total hours flown, then add on extra for the cost of an instructor? I don't want to ask for more money than I need. I also don't want to be in the same boat I'm in now with little funds but with having to repay a loan. I am currently working full time, but it just isn't cutting it especially with everything going up in price.

Greetings, and welcome!

Sorry to answer your question with another question, but what is your long term aviation goal? (after your Commercial)

 

[Swarm3513]

Greetings, and welcome!

Sorry to answer your question with another question, but what is your long term aviation goal? (after your Commercial)

I should have included that in my first post. I would like to fly cargo, but I wouldn't turn down a passenger airline.

Also, I'm in the US.

 

[Zeede]

I should have included that in my first post. I would like to fly cargo, but I wouldn't turn down a passenger airline.

Also, I'm in the US.

Ah okay, so then the additional question is how were you planning on getting to 1,500 hours? There are a few low total time (TT) gigs, but not many, so if you go the CFI route then you need to add in additional costs for that.

 

[Swarm3513]

I was thinking of starting with CFI and seeing where that takes me. I know the current school I'm attending the instructors get paid more than I do at my current job. They also are growing and hopefully I'd have a job after getting my CFI through them.

How much does the average CFI rating cost? I know I'd also have to get Multi as well, along with probably CFII.

 

[Zeede]

How much does the average CFI rating cost? I know I'd also have to get Multi as well, along with probably CFII.

My flight school requires CFII to be hired, but not every school does. You should check.

Getting your Multi engine commercial is required for the airlines, but many people don't get it until near the end of their time building.

The cost to get your CFI varies greatly, as it depends on how quickly you learn to fly while talking, and how good you are at teaching. In short, it is very hard to determine how many hours it will take. Figure 30 hours of flight time, with 60 hours of instructor time (you have a lot of ground school time learning and teaching the lessons).

 

[Swarm3513]

My flight school requires CFII to be hired, but not every school does. You should check.

Getting your Multi engine commercial is required for the airlines, but many people don't get it until near the end of their time building.

The cost to get your CFI varies greatly, as it depends on how quickly you learn to fly while talking, and how good you are at teaching. In short, it is very hard to determine how many hours it will take. Figure 30 hours of flight time, with 60 hours of instructor time (you have a lot of ground school time learning and teaching the lessons).

Now I'm beginning to understand why people go to schools like ATP and maybe I should have.

I don't think my school requires CFII because I know an instructor was working towards his when he started.

Thanks for your input.

 

[Zeede]

Now I'm beginning to understand why people go to schools like ATP and maybe I should have.

I would not recommend ATP. If you don't learn fast enough they kick you out of the program and do not refund you. They also won't give you any extra time if you want to work on something.

 

[Swarm3513]

I would not recommend ATP. If you don't learn fast enough they kick you out of the program and do not refund you. They also won't give you any extra time if you want to work on something.

I did not realize that. Kind of a low blow business approach IMO.