This is the first question that most students want answered. Generally we can approve most applications, unless:
- There is no credit history or extremely limited credit history (a co-borrower will be necessary); or
- There are outstanding delinquencies or collections; or
- There is a lack of sufficient income to pay the scheduled monthly payments.
When we are looking at an application, your credit score is one of the things we look at, but not the only one. The score by itself can be deceiving. We are interested in the duration and type of credit in your history, as shown in your credit report, related to the amount and type of financing you need (unsecured).
When considering your application, we look to answer two simple questions: “can you afford the payments?”, and “will you make the payments?”
Can you afford the payments?
We want to see that you can “easily afford” the monthly payment. You should have sufficient income to pay your current living expenses as well as the monthly payment for your flight training. While we welcome new business, we do not want to overburden you financially.
Will you make the payments?
Flight training financing is not secured like car financing or home mortgages. You pay us back because you have promised to. If you have gone through financial difficulties but have since resolved these issues, we see that as a very good thing. However, if you have unresolved delinquencies or defaults, or seem overburdened with debt, it is unlikely we will approve your application.
Yes! Our application provides a blank section where a Co-Borrower can submit their information. Adding a Co-Borrower can only help the strength of your application.
Normally a Co-Borrower is a close relative, such as a spouse or a parent. Non-related Co-Borrowers can be considered in some circumstances. If the Co-Borrower is not related to you, it is best to offer comments regarding your relationship and the reasons why the Co-Borrower wishes to be a party to the transaction. Legally, you and the Co-Borrower have the same responsibility for making the payments.
A Co-Borrower should not participate in the transaction unless he or she is fully prepared to promptly pay the monthly payments.
Our team is committed to processing applications as efficiently as possible. The length of the approval process can vary depending on a number of factors, and we will process applications in the order they are received.
Although we aim to provide you with a decision as quickly as possible, we also want to ensure that we are thorough in our evaluation to give you the best financing solution for your needs.
If you have received a Conditional Approval, the next step is to sit down with an enrolled flight school and price out your training program. This is done on a fill-in-the-blanks form called a Prepaid Flight Training Agreement. You and your school will sign the form. By signing the form, you agree to purchase the training program and your school agrees to sell it to you at the prices and terms stated.
Once your program is priced and ready to go, the school will fax it over to us. We will prepare your finance contract and send it to the flight school via express delivery. You can expect it to arrive there within 1-3 business days.
The school will contact you when your contract has arrived. Just stop by to sign it and you will be ready to begin your training! The flight school will provide you with a copy of your transaction documents for your records, including your Preferred Customer Interest Refund Certificate.
There are several things you can do that will give you the best possible chance of being approved. Remember, we want to approve your application!
- Fill out your application as completely as possible.
- If you have income from multiple sources, be sure to disclose it.
- If there is anything you’d like us to consider or be aware of when looking at your application, be sure to let us know in the “Optional Information” section.
- Co-Borrowers can only help an application.
- Make sure your social security number and date of birth are correctly listed.
- Try to fill out the application as legibly as possible to avoid any confusion.