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Finance Your Training

Quick & Easy, Affordable, Flexible

Put your loan to work right now and get on your way as a better trained, more proficient pilot.

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Before you get started here’s a list of things you will need to complete the application process:

  • Complete street address, phone number and email address
  • Social Security Number
  • Copy of valid ID and proof of income (paystub, W-2 or signed tax returns)

Already applied for a flight training loan?

*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.

Questions?

How do I apply for a loan?

You can apply right here by submitting an inquiry from here.

How quickly will I hear back from the lender in terms of a decision?

You should receive a decision within 1 business day.

What documents will I need to complete the loan process?

Before you get started here’s a list of things you will need to complete the application process:

  • Complete street address, phone number and email address
  • Social Security Number
  • Copy of valid ID and proof of income (paystub, W-2 or signed tax returns)

How will I receive the money?

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:

  • Check or
  • Debit card and/or checking

Do you have to be an AOPA member to apply?

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!

Do I need to make a down payment?

No, a down payment will not be required.

Is there a maximum amount I can borrow?

Yes, the maximum loan amount is $20,000.

Why are the rates higher than on my car loan or mortgage?

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.

What type of flight training can this loan be used for?

Our Flexible Aviation Loan can be used for any flight school and any certificate or type rating.

What does the timeframe look like in terms of when I will actually receive the funds?

Timeline: 1 business day for decision, if approved, 2-3 business days to funding (once documentation has been received).

If I am a foreign student, am I eligible for a Flexible Aviation Loan?

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.

How will the interest be accrued on this type of loan?

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.

Rates & Terms

  • Rates start at 10.74% and go up to 12.74% APR
  • Minimum credit score of 660
  • Payments are $25 for every $1000 in outstanding balance
  • There is no loan deferment at this time
  • Credit approval and interest rates are dependent upon the credit history, income and obligations of the applicant and co-borrower, if any
  • Rates are floating based on WSJ Prime rate. With a credit score of 740 or above it is Prime + 4.99%
  • Total unsecured debt cannot exceed 30% of annual income
  • Maximum DTI of 50%

What Loan Amount Can I Afford?

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 740 or better, and assuming no additional debt, take your gross monthly income and multiply it by 3, the result will be your qualifying loan amount up to a maximum of $20,000.  For credit ratings between 700 and 739, multiply your gross monthly income by 2, and the result will be your qualifying loan amount up to a maximum of $20,000. If you have a credit score in the range of 660-699, multiply your gross monthly income by 1.5, and the result will be your qualifying loan amount up to a maximum of $10,000. 

Here are some examples:

Potential Loan Amounts by Credit Rating 

Monthly Gross Income

740+

700-739

 660-699

Monthly Gross Income

 

$2,500

740+

$7,500

700-739

$5,000
$3,750 

Monthly Gross Income

$5,000

740+

$15,000

700-739

$10,000

$7,500

Monthly Gross Income

$7,500

740+

$20,000

700-739

$15,000

$10,000 

Monthly Gross Income

$10,000

740+

$20,000

700-739

$20,000

$10,000