If you are thinking about taking a pilot course anytime soon, you need to make preparations in advance. Before you sign up for this course, your flight school’s staff will provide you with all kinds of pertinent information, along with the total financial cost of your pilot course. Since these courses vary in cost from one pilot school to the next, you need to determine which school or schools fit your budget.
Once you have selected a pilot course within your price range, you need to secure a listing of specific fees. By collecting a list of these prices, you can design your financial plan to cover the cost. Also, if you are looking to schedule your pilot training in a few months, you need to know all of the financial resources available to you. Whatever your situation, here are 4 finance options that you may want to factor into your plan,
1. Low-interest credit card
As previously mentioned, there are multiple finance options that you may have access to. Based on your personal situation, you may think about using a low-interest credit card to pay certain types of fees along the way. For instance, you will be required to pay for your instructor’s hourly fees. Because these are separate fees that may cost $45 per hour, you may charge this cost to a low-interest credit card whenever the school requests you to do so.
By paying for these fees on a credit card, you do not have to chip away at your savings little by little until it is all gone. Instead, you can pay this amount gradually in installments. Before taking this course of action, however, you should always pay close attention to the terms of the credit card institution. For instance, one of your primary goals is to make sure that you can handle the total cost without acquiring too much debt.
2. Short-term loan
In addition to paying for your instructor’s hourly fees, you need to devise a plan that will help you to pay for your supplies and testing fees. According to the latest information on paying for pilot courses, you can expect to pay approximately $1,000 or more. Unfortunately, these fees can also easily add up. Here is a sample of the items that you will be expected to fund.
- One hundred to two hundred dollars for the required pilot training manuals and books
- Five hundred dollars and more for the pilot’s course testing fees
- Some fees will vary (i.e. based on student rates for medical and other types of insurance coverage.).
Again, these costs are tabulated separately and usually paid for according to your pilot’s school’s requirements and policies. Therefore, you need to create a plan that gives you a chance to pay the full cost when required.
In this case, you may want to consider borrowing a loan in short term. Typically, once you have added up the total cost of these fees, you will have an opportunity to seek out a way to make these payments, too. For example, if all of these fees add up to $1,000, you may want to apply for a short-term loan for $1,000 and a little more.
3. Borrow money from close relatives
If you are exhausting all of your finance options, you may want to cover leftover expenses by other means. For those of you who have close relatives, you may want to reach out for a loan from family members that have these funds available. For instance, if you are running low in funds, you may want to ask them about covering the cost of your airplane rental fees.
Based on recent information published online, your airplane rental fees can grow to be quite expensive, ranging between $109 to 169 an hour. Therefore, if you have close relatives that can help you out, you may be able to negotiate a small family loan before your pilot school courses start.
4. Loan from a pilots’ association or institution
To finance your pilot course in just a few months, you need to consider all options for paying for this type of training. As you create your plan, you may also find a variety of other options. For instance, one great one-stop-shop alternative is to finance your training from a pilots association or other institutions.
Before you choose one of these loans, however, you need to do your research first. You need to determine how much you can afford, look at the terms of the loans, and the interest rates that you will be charged.