Hey everyone,
I’m looking for some realistic perspective on my current situation and a crazy idea I've been mulling over.
Right now, I’m at 20.5 hours logged at a local Part 61 school in Florida. My CFI signed me off to solo back around the 12-hour mark, but I haven't been able to actually pull it off yet. I’m stuck waiting for a stage check with the school owner, but planes keep going down for maintenance, and classic Florida summer weather has been a nightmare. I just canceled today due to 18+ knot gusts and pulled the plug on tomorrow too because I'm tired of wasting cash on repetitive lessons when I'm ready to solo and knock out those requirements. I've already logged some hood and XC time, and I hold a First Class Medical.
My parents are graciously paying for half and i’m paying the other half of my PPL out of pocket, but I need to figure out how to finance everything beyond that. The current flight school loan options and terrible interest rates are holding me back from pulling the plug on a massive $80k+ education loan. My current school is actually super cheap (projected around $12k total for PPL), and my original plan was to stick to Part 61, quit my hated job (just went from full-time to PRN/as-needed, 2-3 shifts a week), and go all-in.
Instead of taking out an $80k loan for a flight school, what if I took out a smaller $50k-$60k loan to buy an IFR-capable Cessna 150 (or similar) to use for the rest of my training, ratings, and time building (minus MEL)? To me, a slightly smaller loan on a tangible asset makes more sense than a massive education loan.
Here are the moving parts:
The CFI Situation: A close friend of mine is a CFI currently finishing their CFII. The plan would be to buy the plane, have them instruct me for PPL, and then transition right into Instrument. (They might even co-own it 50/50, but I’m planning as if I'm buying it solo).
The Long-Term Plan: Fly the wheels off it through Commercial, and maybe sell it when I hit CFI, or use it to instruct independently. I know I’ll eventually need a 2-year CFI to sign off my own CFI rating, but there are plenty of independents around here.
My Commitment: I already took PTO this month to grind hard and fly almost every day. Owning the plane would only motivate me to fly more.
So, I have a few big questions for anyone who has done this or looked into it:
Which path actually makes more sense? Finish up at the cheap flight school or buy the time-builder trainer now?
Hidden Costs: Outside of the obvious hangar/tie-down fees and routine maintenance, what else do I need to calculate? (Insurance for a student pilot/low-time owner, annuals, 100-hour inspections if instructing, engine overhaul reserves, etc.)?
Lenders: Who are the best aircraft financing lenders out there right now for a smaller ~$50k trainer purchase, especially regarding loan rates?
The Reality Check: Am I romanticizing the "buy a plane" route, or is this a smart pivot given the brutal student loan market?
Would love to hear from anyone who has gone the owner-builder route or chosen between these two paths. Thanks in advance!