The Good, Bad, and the UGLY of financing FS
07-31-2024, 09:05 AM
#1
New Hire
Thread Starter
Joined APC: Jul 2024
Posts: 4
The Good, Bad, and the UGLY of financing FS
I just wanted to start a conversation on the truths or your experience about financing your flight school. Who did you finance through and why. Was it worth it or not. If you had to do it all over agian would you and what would you change.
08-02-2024, 05:47 AM
#2
Gets Weekends Off
Joined APC: Jan 2021
Position: We Need To Talk About Your Flare
Posts: 618
GOOD: Allows one to complete flight training quickly.
BAD: One incurs substantial debt.
UGLY: Should one fail, quit, become injured, lose medical certificate, etc, or otherwise never complete training - now one is saddled with substantial debt AND no job prospects to pay it back.
BAD: One incurs substantial debt.
UGLY: Should one fail, quit, become injured, lose medical certificate, etc, or otherwise never complete training - now one is saddled with substantial debt AND no job prospects to pay it back.
08-02-2024, 05:34 PM
#4
Speed Verified
Joined APC: Sep 2017
Posts: 1,122
If it was me today? Honestly, I'd take out a loan and buy an airplane. You can get a solid trainer for less than the cost of a new car. I'd take out a little more to cover costs for annuals for at least the first 3 yrs. Your monthly payment on the plane will probably be what 2 hrs will cost you. You'll reduce your cost immensely IMO.
Once you're done, keep it to time build, you can lease it out to a flight school, or sell it. Good luck.
08-03-2024, 04:58 AM
#5
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Joined APC: Dec 2007
Position: Window seat
Posts: 5,455
I started in HS and worked jobs all through college, like many, to get my tickets. But heck, that was 20 yrs ago and 4-bangers were 67/hr wet.
If it was me today? Honestly, I'd take out a loan and buy an airplane. You can get a solid trainer for less than the cost of a new car. I'd take out a little more to cover costs for annuals for at least the first 3 yrs. Your monthly payment on the plane will probably be what 2 hrs will cost you. You'll reduce your cost immensely IMO.
Once you're done, keep it to time build, you can lease it out to a flight school, or sell it. Good luck.
If it was me today? Honestly, I'd take out a loan and buy an airplane. You can get a solid trainer for less than the cost of a new car. I'd take out a little more to cover costs for annuals for at least the first 3 yrs. Your monthly payment on the plane will probably be what 2 hrs will cost you. You'll reduce your cost immensely IMO.
Once you're done, keep it to time build, you can lease it out to a flight school, or sell it. Good luck.
08-04-2024, 01:47 AM
#6
Speed Verified
Joined APC: Sep 2017
Posts: 1,122
How many H.S. or college kids can afford to buy and fund the costs of buying an airplane? They'd have to find someone to research the airplane, etc, etc. With someone's active guidance they might be able to do it but I doubt many kids, or their parents, are comfortable going this route. If they were they probably wouldn't be asking about "how do I pay for this"? Instead mom and/or dad would just be writing checks.
08-04-2024, 03:15 PM
#7
Gets Weekends Off
Joined APC: Feb 2008
Posts: 19,584
I started in HS and worked jobs all through college, like many, to get my tickets. But heck, that was 20 yrs ago and 4-bangers were 67/hr wet.
If it was me today? Honestly, I'd take out a loan and buy an airplane. You can get a solid trainer for less than the cost of a new car. I'd take out a little more to cover costs for annuals for at least the first 3 yrs. Your monthly payment on the plane will probably be what 2 hrs will cost you. You'll reduce your cost immensely IMO.
Once you're done, keep it to time build, you can lease it out to a flight school, or sell it. Good luck.
If it was me today? Honestly, I'd take out a loan and buy an airplane. You can get a solid trainer for less than the cost of a new car. I'd take out a little more to cover costs for annuals for at least the first 3 yrs. Your monthly payment on the plane will probably be what 2 hrs will cost you. You'll reduce your cost immensely IMO.
Once you're done, keep it to time build, you can lease it out to a flight school, or sell it. Good luck.
08-06-2024, 12:34 AM
#8
Gets Weekends Off
Joined APC: Feb 2006
Position: B-737NG preferably in first class with a glass of champagne and caviar
Posts: 5,995
