Financing a CPL

[shags_j]

Hi All,

 

Just some queries on how anyone can possibly finance a CPL. I am keen to do it (I hate my job). What I want to know is how do you finance it? Do you just go and get a personal loan? How does the repayments work if you are training for flying full time?

 

I'm an accountant and I just cant get the numbers to work or am I overthinking it?

 

Cheers,

 

Shags

 

 

[shags_j]

Biggest problem is that I'm 30 and time has passed me by a bit. I didn't have the guts to pursue it (financially) while I was younger. I listened to others around me who told me it was not possible. My mistake.

 

 

[Bubbleboy]

Shags....look in to it properly first. Even with a fresh CPL you will find it hard to get work. When I was looking they wanted at least 400-500 hours before they would employ you for insurance purposes. So its all great financing the first 150-200 hours then you still need more hours before you can get work. Then you are competing with 18 year olds with rich Daddy's who paid for their training and are basically flying for free to get their hours up. Its a bitch I tell you! I cant afford to fly for basically nothing but I can still fly for fun now!

 

Scotty :thumb_up:

 

 

[motzartmerv]

mmm.. Welcome to the machine..

 

A quick answer is this, get into paid, or free flying as quickly as possible.

 

RAA instructor rating is one way, or volenteering in skydive or glider towing ops is another way.

 

The prospects for a bare 200 hour CPL holder aren't flash, realistic employment starts at around the 500 hour mark (in my opinion).

 

A CPL with instructor rating would be the cheapest and quickest way into paid flying on the GA line.

 

I would reccomend getting into it with the minnimal amount of debt possible.

 

How m,any hours PIC do you have?

 

 

[Tomo]

In my small understanding, you either have to have the money, or get a loan from someone/where.

 

The numbers probably won't line up, cause to make a small fortune in aviation, you start with a big one! ;);)

 

 

[shags_j]

See i have no intention of making huge amounts of money. I'm not going to work for the airlines (boring) but want to just fly choppers around doing something. Figured something along the lines of getting CPL then mustering or instructing for a year then go from there.

 

Was just really wondering how other people went about it. I am finishing my xcountry endo soon then will do my PPL (hopefully by July). Wanted to have it sorted by then and worked out. Like I said though, just couldn't get the numbers to work.

 

 

[facthunter]

CPL. Financing.

 

If it is any consolation, it has always been the same. I think I ended up spending a sum equal to half a suburban house, and I was living on the smell of an oily rag., at the time.

 

Relatively, it is cheaper now. One weeks wages would only buy one and a half hours flying back then. IF you are going choppers then it is a lot more, but you would know this already.

 

30 is not too old but the pay is bad unless you get a good job. If you work for the right show, that wouldn't matter so much except you are supposed tp break the rules to keep the show on the road, if you are working for a "shonky" outfit, and you could lose your life or your house if you are unlucky. Luck plays a part, but the more you concentrate, the better your luck gets. Nev

 

 

[shags_j]

Meh it's all too depressing. Maybe I go back to 9-5 and enjoy my weekends. Always hard coming back to work after a holiday ;)

 

 

[Guest basscheffers]

So many ways to do it!

 

If you go the loan route, make sure you get a credit line you can draw down from over time; don't start paying interest until you actually pay the shool! A mortgage offset account would be ideal; lower rates than personal loan and can pay it back as fast or slow as you need or want to without penalty.

 

Do you have your own accounting business, or can you start one? Can you have others make money for you? i.e.: work part time on meeting clients and working out strategies, then outsource the mundane, leaving you time to study while still making money!

 

Can you live like a student for a year, pretend you have no money? I have no doubt the average aussie can save $20-30K/year by moving to a cheap old rented unit and driving an old banger. (and driving it as little as possible) By the end of the year, you'll have enough to pay for your CPL. Work part time after that so you can afford the cheap unit for another year while getting your CPL. I am surprised at the personal luxuries I see some local CPL students afford themselves and taking a very long time to get the needed hours because they don't have any money.

 

Save money by owning your own aircraft! Find 4 other students in the area, buy an aircraft that still has 1000 hours left on the engine. Sell it (or just your share) when done. More money up front will save you in the long run...

 

 

[shags_j]

Thanks bass. Some good points there. Unfortunately I don't own my own firm (didn't really want to get my cpa. Probably should though). But yeah a few good points there.

 

 

[shags_j]

Hmmmm. Don't think accountants make as much as you think. My father made a huge amount out of it but spent most of his twenties working 12 hour days to start his business.

 

 

[Spriteah]

Shags another point not mentioned is that you definitely do your CPL in fixed wing then cross over to the Chopper.

 

Save yourself thousands that way and you then have two skills.

 

Jim

 

 

[Guest basscheffers]

My father made a huge amount out of it

So get him to pay for it!

 

 

[shags_j]

You're a funny funny man.

 

EDIT: Sprite. That was the plan anyway. Would save heaps of cash definitely.

 

 

[Mazda]

I just paid as I flew. It takes time but you can get there. Schools might offer hours for help too, if you can take bookings, refuel aircraft, paint the briefing rooms etc.

 

Now if you are talking helicopters that does get expensive, and that's why it is cheaper to get fixed wing first then convert.

 

 

[Foto_Flyer]

I think the most important thing is not to rush. I have a mate at Archerfield who always wanted to fly choppers, but did something totally removed from aviation for a number of years first.

 

Now in his fifties, having made enough money, he gained his helicopter CPL, now owns two choppers and has started his own opperation out there. He tells me because he's his own boss, he enjoys every day!

 

(BTW Congrats on getting hitched, shags!)

 

 

[shags_j]

Thanks foto :)

 

Mazda. Not a bad suggestion. Just take it slowly.

 

I thought about it all last night and decided on the following:

 

Get my PPL by July is possible. Once that is acheived, beg borrow or steal aircraft hours wherever possible (maybe air cadets, i knew someone once that use to fly the cadets out to amberley in their tomohawks for flying training).

 

Do any required courses or theory as I go. Just can't afford an aircraft to learn in yet but will keep an eye out for any other people wanting to get CPL in the area and perhaps discuss buying an aircraft.

 

 

[Mazda]

Shags how far have you gone so far and how many hours do you have? If you are heading for the 200+ hour CPL you could get stuck into the theory and get your PPL and CPL exams done. If you are going for the 150 hour CPL check the rules on that because you can't do all the exams, they must be done at certain times during your training.

 

You can do much of your CPL training in a non-CPL aircraft. You will need to do your test in a 120+ knot CSU aircraft, but you don't have to do all your training in one.

 

 

[shags_j]

Mazda: I haven't done a huge amount yet. Probably 25pic. I wanted to check all my options before I just jumped into doing my ppl's to see if I should look at CPL at the same time.

 

I think I will look into how to do this after the PPL is complete. then I will look into the 150hr CPL.

 

 

[Mazda]

Shags do check the rules on when you need to do theory exams if you are aiming for the 150 hour CPL. Ask your instructor and if he or she is a bit vague about it, either look it up yourself or get your instructor to do it. Otherwise you will need another 50 hours. The time for theory exams applies right from the start, not just the CPL theory, so it is important to check this. The assumption is that the 150 CPL is an integrated training syllabus.

 

Also, if you are aiming at 150 hour CPL, make sure your school knows so they can use the 150 hour syllabus, plus you will save money as you don't pay GST for training towards CPL.

 

 

[shags_j]

So should I look at that pre ppl or post ppl?

 

 

[Guest Escadrille]

Shags, If you want to fly helos, have you thought about joining the ARMY as a pilot(military aviator, ;-0. ) You will get good pay, Officer privileges and taught to fly some of the most advanced helicopters in the world. At 30 you are still very eligible..and when you leave the Defence force you will come out the other end with very many skills , not just flying skills either!

 

 

[shags_j]

Doing that at the moment escadrille. I am just going back to do high school maths which i should have finished in a month. I wanted to have my options sorted for if i didn't get in (which i see as likely due to my age) so I can start immediately.

 

 

[Mazda]

Shags look at that pre-PPL. The 150 hour syllabus is assumed to be from the start, with ALL exams done at certain times during your training, including BAK.

 

 

[shags_j]

Thanks Mazda. I will do.