Real Answers from Real Pilots

Financing through ATPs suggested banks

Was just wondering if anyone has applied for financing through Fannie Mae of Wells Fargo and what the best possible interest rate might be. I can currently get a loan for about 5% and didn’t know if it was even worth it to apply to these institutions or just go with what I have. Has anyone received a rate better than 5%? I know everyone’s financial situation is different but curious on rates before applying. Thanks

Kevin,

I’m sure some current students will chime in but from what I’ve heard recently 5% is a pretty good rate. Anybody?

Adam

From working in banking I can tell you 5% for an unsecured loan is really good. I recently when through the financing process with Sallie Mae and I have 9% which is still good for the amount of money im asking for considering its unsecured. One of the main reason I chose to go with Sallie Mae. only because I choose to defer my payments,

I would stick with the 5 percent unless you can pay without using a loan. I doubt SM or WF could do better. I am using SM and have a high interest rate.

Andy

My rate is a little over 9%… I’d take 5% in a heartbeat!

I think mine was 6.25 through Sallie Mae

thanks everyone. I’ll stick with what I have

What bank did you get 5% with?

This was a secured loan. Refinance a home at 5% and took the equity out for ATP school. I knew I could go this way but did not know what Wells Fargo and others rates were, which drove my initial question. I know not everyone can do this but it was an option for me and probably my best one.

Wow that’s a great option wish I could do that… Got to own a home first! :smiley: thanks for the reply wish you good luck, you’re go for launch! :flight_departure::flight_departure::small_airplane::rocket::rocket: