At Holladay Aviation, we know that three basic things are required to succeed in becoming a pilot: time, desire, and money. If a student lacks any one of these three things, they are unlikely to achieve their goal. That’s why especially in these uncertain economic times, we understand that providing our customers with an easy way to finance their flight training program is essential. One of the challenges with obtaining financing for flight training is that very few banks offer such loans. However, there are a few that do serve this market sector.

We Florida Financial

We Florida Financial is a credit union based in Fort Lauderdale that offers flexible loan programs for flight training, as well as aircraft purchase and refinance. The aviation loan program managers, Bisher Al Latmini and Alex Martin, are both pilots who understand the unique challenges students face in this industry. Unlike many other flight school loan programs, We Florida Financial’s Learn To Fly financing program does not require the student to train under Part 141 or submit regular reports on their progress. Once the loan is secured, the student simply transfers the amount they need into their credit union savings account, and pays the flight school directly with a cashier’s check withdrawn from the savings account.

Here is some basic information about We Florida Financial’s Learn To Fly financing program:

  • Unsecured loan amount ranges $5,000 – $30,000
  • Interest rates are typically around 7.99% – 9.99%
  • 72 month term
  • Line of credit loan; only make payments and interest based on the amount you use, not the amount you are approved for.
  • Monthly payments start 30 days after first withdrawal. No deferments available. Expect monthly payments to be roughly 2% of amount withdrawn in total.
  • No pre-payment penalties
  • Withdrawal period is the first two years
  • Can be used for any flight training and school
  • Borrower pays school directly

 Requirements:

  • Applicant and co-signer must be US citizen/Permanent Resident and must meet credit union membership eligibility (generally speaking, applicant must be a FL resident to have an account at our credit union)
  • Applicants must have over a 600 credit score to be considered
  • Either the applicant or the co-applicant must have at least two years of established credit history
  • Either the applicant or the co-applicant must have employment income
  • Co-applicant must have the same primary address as the applicant

Application Submission:

AOPA Finance

The Aircraft Owners and Pilots Association (AOPA) offers flight training loans. Applicants must be AOPA members to be eligible. While their advertised rates are slightly higher than We Florida Financial (see below), they do offer higher loan amounts. For more information or to apply, visit the AOPA Finance website.

  • Rates start at 9.99% and go up to 11.99% APR
  • Loans up to $100,000
  • 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 strong credit it is Prime + 4.99%
  • Total unsecured debt should not exceed 35% of annual income
  • Maximum DTI of 50%