Still working towards my private pilot's, but...

Loans are probably better than credit cards. Although, most my certificates were on my student loans so...
 
JayAlarm said:
I'm not sure how ridiculous this sounds, but what worries me a little is getting someone with a bad motive. Not everyone is psychologically sound to be in a plane. Just look at that Eurowings guy
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If you start instructing you'll get so accustomed to people trying to kill you inadvertently that you'll forget about people trying to do it intentionally.
 
JayAlarm said:
I'm not sure how ridiculous this sounds, but what worries me a little is getting someone with a bad motive. Not everyone is psychologically sound to be in a plane. Just look at that Eurowings guy
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Without sounding too curt, this job is about mitigating risk. Every time you leave the ground there is a chance you could be killed.

Of all the things I consider when it come do safety of flight, that's not one of them.
 
xargos said:
Recently they changed the rules to allow the private pilots to tow gliders. If you're near a club I'd look into towing gliders.It might require a tailwheel checkout but still would be worth it, bearing in mind you'll make money, flight time and friends.
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It has always been possible to tow gliders as a private pilot, the rule change was to allow compensation for private pilots while towing. That said, you aren't likely to log a ton of hours towing (2 or 3 hours would be an average for me doing 12-16 tows). You will also need 100PIC, and the insurance company will probably insist that you have a glider certificate as well, and probably 200-500TT.
 
JayAlarm said:
There are ways around that. I wouldn't be using any sort of credit that had that interest rate, but that's just common sense.
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Using credit cards to hold long term balance is never a good idea. Loans offer more competitive interest rates and terms, especially for students. You won't get a good, low interest rate card with a poor credit rating.

I use my credit cards to pay for flying, but I pay the balance right away. A good credit rating is massively (and unfortunately) hugely important in life.
 
I got my CFI at 350 hours and yes, I had no idea what I was doing...but it got better after about 100 dual given and I wouldn't trade my 3.5 years of instructing for anything else. It was great experience that prepared me very well for the next step. I highly recommend you do it.
 
JayAlarm said:
Right, yeah.... that's the only way to do it...since ALL credit cards have 20% APR
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Again, regardless of how attractive it is with 0% APR, credit cards are not designed for long term, high debt. That's what loans are for.

(Also, the credit rating and debt-income ratio you would need for a card like that... good luck as a student. Well, thats how it is in Canada, anyways)

Do yourself, and your credit score a favor, save the money and pay for flights in cash. And if thats too hard to do, adjust your budget and get a loan, and subsidize the cash payment of your lessons with some loan use.
 
Basically, don't pay for it (loads of flight time) yourself. The best way as previously stated is to work your way through the ratings, i would suggest attempting your CFI rating, seeing how you do, and by then you will feel prepared.

When I was given my first students I probably had around 300 hours, but that was 300 more than they had and I was comfortable in the plane. You would be surprised how far you advance after you do CFI and then through the first few lessons. Its a very very rewarding experience.

C
 
1) avoid debt as best you can. You will most likely have some, but any you can avoid will make your life infinitely better once the bills come due. I financed every single penny and I'm paying the mortgage on a very nice home in the form of student loan bills lol.

2) go hang out with the old guys that own airplanes. I've had a lot of instructors build time on the side in a 152 they only had to buy gas for. That's by far the cheapest way to build time......drink hangar beers with the airport bums. I can't stress this enough. This is the one thing I reaaaaaaallly wish I would have done early on.

3) It's very easy to make friends with planes once you are a CFI because you can trade instruction for access to their aircraft. You often times end up becoming life long friends at this point as well.
 
As stressed before, avoid high levels of debt if possible. It's very easy and very tempting to get into debt, but hard to get out of it. You need to have a good income (or at least a decent income) if your going to use credit cards to pay for some of your ratings. I used credit cards to pay for about 30-40 hours flight time over the past 2 years and managed to pay it off with no problem. However I did have a steady, decent paying job as a truck driver that allowed me to manage the debt and pay it down over time. You have to be careful with credit cards. I wouldn't say don't get one, but do be very careful and try not to spend more than 50 % of what your credit limit is. Absolutely do NOT max out your card!!! Just don't do it. I've seen people do it plenty of times both in and outside of aviation and I'm just like "what in the world were they thinking?" If your an impulsive spender like some ppl are, I would advise you stay away from credit cards altogether.

Having said that I am also paying in cash as I go as well. So I'm not using ONLY credit to finance this. Use cash if you can, cash is THE best way. Use the credit card for things like cross country flights or to assist in paying for a rating or certificate. Don't use JUST a credit card to pay for your training.
 
While you may be able to find a credit card with a low APR, getting one with a hight limit finance all of your training is the really tough part. Virtually impossible I'd say. Further, most Credit Card companies don't like you to pay off your balance in full every month as they make money off the interest that accrues month to month. Besides, if you can pay off your balance in full every month, why even bother with the credit card in the first place? Also, some companies like to jack up your minimum monthly payment seemingly at a whim. My B of A card is like that (for the record I've never missed a payment on that card or any other).

A loan is the better option. You're likely to be able to get the full amount you're expecting to pay for your training (depending on your credit, of course) and your monthly payments will remain the same over the life of the loan. Some loans may have a slight increase or maybe even a "balloon payment" near the end of the repayment schedule. If you must use a credit card, use it for supplies and subscription fees.
 
JayAlarm said:
Even though I am still working towards my private pilots license, I was just wondering what everyone thinks is the best way to build flight time for the lowest cost. I was thinking about just paying straight out of pocket and credit cards to build up flight time. People have mentioned things like being a flight instructor, but I honestly feel nervous about teaching people.
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What I know now, which would have blown my mind when I got my Commercial AMEL, is how many things I could do with it. Getting your instructor certificate will open doors you can't even imagine now, well beyond what you might think a CFI generally does.

You could, conceivably go find a 152 for 80 an hour and charge it. I however would say charge a CFI and go find a place that will house feed and train you. Throw yourself into part 91 aviation. For better or worse I wouldn't trade that experience for anything.
 
Cazadores said:
What I know now, which would have blown my mind when I got my Commercial AMEL, is how many things I could do with it. Getting your instructor certificate will open doors you can't even imagine now, well beyond what you might think a CFI generally does.

You could, conceivably go find a 152 for 80 an hour and charge it. I however would say charge a CFI and go find a place that will house feed and train you. Throw yourself into part 91 aviation. For better or worse I wouldn't trade that experience for anything.
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Thanks for sharing. It's partially my personality to do this, but I've just been losing all hope lately. It seems like a near-impossible task unless you've been flying since 17 sometimes.
 
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