Before you get started here’s a list of things you will need to complete the application process:
*Payments are based on the following loan amounts; $6,000-12,000 PPL, $7,000 instrument rating and $3,000 multi rating. Flight training costs vary by location, aircraft and other factors. These are minimum required monthly payments based on the loan amounts noted. $25 for every $1,000 borrowed.
You can apply right here by submitting an inquiry from here.
You should receive a decision within 1 business day.
Before you get started here’s a list of things you will need to complete the application process:
This will be worked out with the lender during the closing process, you have two options. An account will be created, and then you may request a:
Yes, you must be a member to apply. Please click here or call Member Services at 800.872.2672 to sign up or renew today. Mention you are applying for a Flexible Aviation loan and you will be eligible for a discount!
No, a down payment will not be required.
Yes, the maximum loan amount is $20,000.
Our Flexible Aviation Loan is a “non-secured” loan, meaning there is no automobile, home or property to repossess if the loan is in default. As a result of the increased risk, lenders charge a higher interest rate. Compared to other similar loan products, the Flexible Aviation Loan is very competitive with rates and terms.
Our Flexible Aviation Loan can be used for any flight school and any certificate or type rating.
Timeline: 1 business day for decision, if approved, 2-3 business days to funding (once documentation has been received).
Foreign students are eligible to apply for the Flexible Aviation Loan, however each loan will be reviewed on a case by case basis. The term of the loan cannot exceed the length of the student visa.
Interest accrues on a daily basis, but is charged monthly. In addition, interest only accrues on the amount that is advanced, not the amount approved.
Here’s an easy calculation to help you determine the loan amount you should apply for given your monthly gross income. If you have a credit score of 761 or better, and assuming no additional debt, take your gross monthly income and multiply it by 2, the result will be your qualifying loan amount. For credit ratings between 721 and 760, multiply your gross monthly income by 1.5, and the result will be your qualifying loan amount. For credit scores 720 and under, multiply your gross monthly income by 1, and the result will be your qualifying loan amount.
Here are some examples:
Monthly Gross Income |
761+ |
721-760 |
720 and Under |
|---|---|---|---|
Monthly Gross Income
$2,500 |
761+$5,000 |
721-760$3,750 |
720 and Under$2,500 |
Monthly Gross Income$5,000 |
761+$10,000 |
721-760$7,500 |
720 and Under$5,000 |
Monthly Gross Income$7,500 |
761+$15,000 |
721-760$11,250 |
720 and Under$7,500 |
Monthly Gross Income$10,000 |
761+$20,000 |
721-760$15,000 |
720 and Under$10,000 |