Wanted 40,000 Euro

Divine

Hi im on the verge of finishing a 4 year degree course and am looking for a 40.000 Euro loan which i will start paying back about a year later. Is this any way possible...loan companies etc or am i just completly wasting my time even going looking?

Any sort of information at all would be muchly appreciated.

Cheers!

damnyanks

Whats the purpose of the loan? Can you get someone to guarntee the money for you? If its for a reasonable reason and someone will pay it back if you are unable too then you should have a good chance.

L5

Divine wrote:

Hi im on the verge of finishing a 4 year degree course and am looking for a 40.000 Euro loan which i will start paying back about a year later. Is this any way possible...loan companies etc or am i just completly wasting my time even going looking?

Any sort of information at all would be muchly appreciated.

Cheers!

im not sure theyll loan it to you for a year without any payments

Divine

It's actually for flying school which is why i wont be able to pay back for the first year. Am i better off to go to a loan company or a bank?

joePC

€40,000 for flying school, Do you have your instructors licence yet? I take it the 40 g's are for a private Commercial licence.

Good luck.....

D!ve^Bomb!

Divine wrote:

Hi im on the verge of finishing a 4 year degree course and am looking for a 40.000 Euro loan which i will start paying back about a year later. Is this any way possible...loan companies etc or am i just completly wasting my time even going looking?

Any sort of information at all would be muchly appreciated.

Cheers!

well do you have a job at the moment? do you have a history of saving? have you had many previous loans? any trouble paying these off?

if you don't have a job i doubt you'll get a loan that big tbh, but seeing as this is for a career move, would your parents help you out?

you could always got for 2 loans, a 20k bank loan and a 20k credit union loan

lomb

the only way ul get it is with A security like a house, shares etc or B a gaurantor like a parent who has security.

dearg_doom

joePC wrote:

€40,000 for flying school, Do you have your instructors licence yet? I take it the 40 g's are for a private Commercial licence.

Good luck.....

In that case, you'd be far better off getting a job as a trainee pilot with AerLingus/ any other international carrier.

Or join the AirCorps, with a 4year degree behind you, you would be very likely to be considered for pilot training straight off!

Most large airlines don't give the PCL a lot of respect because of the possibilty that you pick up bad practices while training. It's a lot harder to 'unlearn' bad technique than it is to learn the right way.

bounty

no bank would loan you that cash if your not in full time employment

aer lingus dont have a trainee pilot scheme anymore

becoming a pilot looks expensive and dubious. i read up about it here:

http://www.pprune.org/forums/

not_sure

Loan Shark perhaps?

Divine

JoePC :You cannot go for your instructors commerical licence until you have your commerical licence so that does not make the slightest bit of differance. And it not for private commerical its the proper licence and they even set you up with a job, Quantas, Cathay Pacafic etc on completion of your training and once your flying hours are enough.

D!ve^Bomb!: No i dont have any previous loan history and no regular savings because i have been a student for the last few years!

dearg_doom: application for Air Corps already gone in and am currently awaiting reply.

bounty: dubious is certain but my father works as air traffic controller and my sister is already crew for BA so avaition is kind of in the blood so to speak!

So if i get my father to guarntee the loan does that mean i will certainly get it can anybody tell me?

Our man in Havana

Divine wrote:

JoePC :You cannot go for your instructors commerical licence until you have your commerical licence so that does not make the slightest bit of differance. And it not for private commerical its the proper licence and they even set you up with a job, Quantas, Cathay Pacafic etc on completion of your training and once your flying hours are enough.

D!ve^Bomb!: No i dont have any previous loan history and no regular savings because i have been a student for the last few years!

dearg_doom: application for Air Corps already gone in and am currently awaiting reply.

bounty: dubious is certain but my father works as air traffic controller and my sister is already crew for BA so avaition is kind of in the blood so to speak!

So if i get my father to guarntee the loan does that mean i will certainly get it can anybody tell me?

Im afraid it dont look good.
Your father gaurantee will not work either. Is he really silly enough to risk his house?

dearg_doom

Divine wrote:

You cannot go for your instructors commerical licence until you have your commerical licence so that does not make the slightest bit of differance. And it not for private commerical its the proper licence and they even set you up with a job, Quantas, Cathay Pacafic etc on completion of your training and once your flying hours are enough.

That sounds cool, who is it?

Have you spoken to people (ie preferably Quantas or Cathay Pacafic air crew) who have done that training and can reccommend it? If so that sounds cool, you would be trained but without having to sign up for the next 7years to the one airline(who would have trained you) at reduced pay.

Divine wrote:

dearg_doom: application for Air Corps already gone in and am currently awaiting reply.

bounty: dubious is certain but my father works as air traffic controller and my sister is already crew for BA so avaition is kind of in the blood so to speak!

Nice one, good luck with the AirCorps, you seem to be set on this.

Divine wrote:

So if i get my father to guarntee the loan does that mean i will certainly get it can anybody tell me?

AFAIK yes, that should be grand.

lomb

Firstly 40 grand isnt alot at all. and he wont be risking his house, if he makes what an air traffic controller makes ie 60 grand+ and he has an average house worth 500 grand how is he risking his house?

secondly a loan shark might break ur legs if u dont pay.

ChRoMe

Not meaning to be rude mate but if you are only finishing college are you sure you want to go and put 40k on your head straight off the blocks. Seems like suicide to me.

Also not to shoot your dreams down but what if you fail your exams. Your a college graduate with little to no work expeirence with 40k on your head not a good place to be.

I also think that any finical instutuion is going to touch you with a barge pole.

dearg_doom

Bond-007 wrote:

Im afraid it dont look good.
Your father gaurantee will not work either. Is he really silly enough to risk his house?

Why would you think that, would the banks not look at a loan like this as an investment?

If it is guaratored by his da, it is a win-win situ for the bank, no?

Our man in Havana

Lomb wrote:

Firstly 40 grand isnt alot at all. and he wont be risking his house, if he makes what an air traffic controller makes ie 60 grand+ and he has an average house worth 500 grand how is he risking his house?

If he defaults on 40K the bank would need to realise the value in the house to get its cash back. i.e. sell it.

lomb

Bond-007 wrote:

If he defaults on 40K the bank would need to realise the value in the house to get its cash back. i.e. sell it.

so what? most people who are 'old' have a hundred or more grand in liquid assets.

Our man in Havana

lomb wrote:

so what? most people who are 'old' have a hundred or more grand in liquid assets.

Banks would be very unwilling to go down that road.

lomb

the easiest thing to do is to get the money from ur father, if he doesnt have it he could remortgage the house. this is the cheapest way of extracting 40grand for the average joe soap. i still maintain 40 grand isnt alot. the average pilot probably makes 90000+

Are u sure u want to be a pilot, u mite get a pain in ur boll$x when ur 40 or 50 flying all over the place, jetlagged.
i have travelled and its a bitch, take my word for it.

joePC

JoePC :You cannot go for your instructors commerical licence until you have your commerical licence so that does not make the slightest bit of differance. And it not for private commerical its the proper licence and they even set you up with a job, Quantas, Cathay Pacafic etc on completion of your training and once your flying hours are enough.

I was refering to you getting your PPL, then your Instructors licence to instruct the PPL, You can build up your hours as an instructor without paying €145/ hr, or in your case €40,000.

Just out of interest, what licence are you going for?

Divine

Bond-007: lol youre not gonna get far with that negative attitude But we own two houses anyway and as far as i know the mortgage is paid off on both of them so the money wont really pose a problem, its just a case if he actually goes for it or not!


dearg_doom: No i dont know of any pilots working for those companies, i could get information on BA which is whom i would most like to work for on completition but as far as Quantas and CP go i definately do not know anyone. Cheers for the Cadet thing, got acknowledgement of form the other day so hopefully... www.basair.com


lomb: As it happens im an extremly well travelled man myself for 22 (just back from Rio) and i definately want this sort of career. We usually go business and i know for certain that pilots and whoever is on their consession list are automatically place into First!

JoePC: With the private licence you speak of you are 1. not allowed to fly people for money or reward, 2. Cannot fly at nighttime, 3. Cannot fly in bad weather, 4. Can only fly single engine!
And besides if you did try it that way, it would take years and you would not even be coming put of an accrediated flying school.

So this is the right way, its just a matter of getting the cash, Hmmm!

lomb

to put 40 grand in context its only 1/10 of the average half way decent dublin semi detached in a **** area like clondalkin or the first years depreciation on a bmw 740i. and people who have the money buy these without a thought.

Divine

*prints copy of lomb's post to show to daddy*

EKRIUQ

Firstly 40k is a lot of money to a student with
1. No Money
2. No Savings
3. No way of paying it back
4. No credit History.

The bank manager is going to look at it that way, best bet is to get the money off Daddy, than its Daddy's problem when his son falters payment. Banks don't like the possibility of people of having to default on loans and give loans based on the capability of how that person is going to pay them back. As for looking for the bank to defer the first payment for 12 months ROTFL!!!

And over what peroid of time do you intend paying off this loan, most term loans are over 60 months.

lomb

BingoBongo wrote:

Firstly 40k is a lot of money to a student with
1. No Money
2. No Savings
3. No way of paying it back
4. No credit History.

The bank manager is going to look at it that way, best bet is to get the money off Daddy, than its Daddy's problem when his son falters payment. Banks don't like the possibility of people of having to default on loans and give loans based on the capability of how that person is going to pay them back. As for looking for the bank to defer the first payment for 12 months ROTFL!!!

And over what peroid of time do you intend paying off this loan, most term loans are over 60 months.

which is exactly why i say ask his father every father will want the best for his son, and as such giving him 40grand is not going to kill him. in the end he will probably give it to him anyway-thats usually how life gos.

yes borrowing 40grand in your own name is impossible, thats the moral of the story.

Sleepy

Divine, surely you could take a job for a year or two, get saving and contribute a few grand yourself? If you're living at home it wouldn't be impossible to put 10K together inside a year. You'd still need your father as guarantor for any loan but a bank would be far more likely to support you in this if you've got money to go towards this yourself.

Chipboard

Divine

I am a credit underwriter and before I was one, I seriously considered a career as a pilot, so I'll clear this up for ya. I ran up against all the same obstacle's your going to.

dearg_doom wrote:

Why would you think that, would the banks not look at a loan like this as an investment?

If it is guaratored by his da, it is a win-win situ for the bank, no?

Dont want to be negative but the reality is that unless you have a talent for maths/physics, have good technical ability, good dexterity and coordination there is a fair chance that you could fail flight school. For this reason the bank would only accept a guarantee from a person who has wealth other than that locked up in their Private Dwelling House (PDH). Banks dont want the negative publicity associated with taking the roof from over someones head and very few judges would grant the order for possession and sale (and rightly so). Your dad earning €60k a year wouldnt swing it as if the bank calls in a guarantee they want the amount not a few repayments and go thru all the hassle again 6 months later. If you have someone (da, uncle whoever) who has assets which are assignable (house with no debt, savings, savings bond, life assurance policy with surrender value, shares in a blue chip company) and they are willing to sign a guarantee and pledge the asset as cover for the guarantee, then your laughing, otherwise you'll have an uphill struggle.

You would have to be one of the luckiest sons of bitches in the world to get sponsored by an airline who would pay you anything worth talking about. You could go the route of applying for one of the US airlines but they'd lock you in for years on muck pay. Air Corp cadetships are like hens teeth.

One tip, banks like to get a loan guaranteed by a good customer not of their bank but of another bank. The reason is, if say AIB have a good customer with Millions on deposit and he wants to guarantee his nephew to go to flight school, they'll do it, reluctantly, to keep him happy. If the nephew fails flight school and the bank have to call the guarantee, they piss Mr Big Depositor off, and in protest he will pull his business. So, what AIB would love, is if Mr Big Depositor from ACC/BOI etc signed the guarantee.

By the way, there was an interview in the one of the national papers only 5 or 6 months ago with a Dublin taxi driver who used to be a pilot and got laid off. His only choice was to emigrate or drive a taxi. Times are changing - being a pilot is not the job it used to be.

Best of Luck.

vector

hens teeth = ?

Chipboard

It means they're rare Vector.

lomb

Chipboard wrote:

Divine

The reason is, if say AIB have a good customer with Millions on deposit and he wants to guarantee his nephew to go to flight school, they'll do it,

have AIB got any big depositors? their deposit interest rates are minisucule. if i lodged 1million euro with them they would offer me 10000euro interest at the end of a year, tax would be 4200 of that leaving me with 5800.

unfortunately inflation being what it is, it would be eroding the 1million by 50 grand a year. so at the end of 1 year i would be down 44200 euro.