Your interest rate will depend on the credit score and income of both the student and the student's co-signer. However, typically the rates fall within a range of 7-12%.
How much money will I be able to qualify for?
This also depends on your credit score and income. We do not want to loan out more money than a student would feel comfortable making monthly payments on. Many students have been able to fund all of their flight training utilizing our programs.
What is the term length of the loan?
Term lengths can vary based on amount of down payment and other factors. Terms are usually 5-6 years (60-72 months).
Is a co-signer mandatory for all flight training loans?
Yes, a co-signer is always mandatory to receive funding.
How long does it take to receive the funding?
The approval process typically takes 3-5 business days from the time you submit your loan application.
Will the funds be dispersed to me or directly to the flight school?
The funds will be dispersed to your approved flight school incrementally.
Will I be able to afford the monthly payments?
Because Turbine Financial Group is a group of experienced pilots, we know what young pilots can and cannot afford. Therefore, we have made it our goal to create a payment schedule that is both affordable and comfortable for our students.
When do I have to start making payments on my loan?
Payment start dates and amounts can also vary based on your flight training schedule. For more detailed information on if you have to make payments during your training you will need to ask a representative at your approved flight school.
Is there an application fee associated with receiving funding?
Yes. Upon your loan approval you will need to pay a $500 loan processing fee before funds can be released to your flight school. That payment will need to be made directly to Turbine Finance Group.
Can I cancel my flight training at any time?
Yes. You can cancel flight training at anytime and for any reason. Is this event you will need to fill out additional "cancellation paperwork" with Turbine Financial Group to revise the terms of your loan repayment.
How do I begin the application process?
You can begin the application process by obtaining a Flight Training Loan application from your approved flight school, or we can email one to you. We just need your name and email address sent to firstname.lastname@example.org in request of the application form.
Is it best to finance my flight training or to save up money and pay out-of-pocket as I go?
This is a question for each individual student to answer. However, if you would like more information on how financing can be more beneficial then the "pay-as-you-go" strategy then click here to read an informative blog post on the subject.
Are there other stipulations to the loan that I need to be aware of?
We have covered most all of them here in the FAQs. However, you also need to have a valid credit card on file with Turbine Financial Group at all times. Doing so can not only help you avoid additional fees but can also even lower your interest rates and monthly payment amounts. Talk to your approved flight school or call us directly for more details.
Am I able to contact someone directly at Turbine Financial Group if I have questions?
Absolutely! We want to make sure all of your questions are answered and that you have a complete understanding of how your flight training loan works. You can call us during normal business hours or email us anytime. We will respond as quickly as possible.