Hey all, looking to get some insight and advice here.
I have all my ratings up to CFII and am looking to get my multi add on to hopefully find some extra flying opportunities. I’m estimating around 10 hours in the plane (which may or may not be accurate, this is just what I’ve been told), which comes out to just under $4 thousand at the school I’m looking at. Plus checkride at just under $1 thousand, in total a little under $5 thousand.
My dad has offered to loan me the money for my rating, but I will pay him back at a fair interest rate. So, first question to all of you is this: what is a fair interest rate for this type of loan?
My second question primarily comes down to how I should pay for the training. I currently have about $3 thousand saved up that I could use for most of the training, but would still likely need a loan for the rest. Alternatively, I could get a loan for the whole of the training, and continue saving that money up for the future.
So, I am basically asking if I should get a loan for the whole training, pay for it myself as I go, or a combination of the two. And, in the event I do decide to get a loan, what interest rate would be fair for it?
Thanks in advance.