Can I use a personal loan to finance building multi-engine time after my checkride?

Yes, absolutely. Many pilots use personal loans not just for the initial rating but also for building the multi-engine flight time required by regional airlines or other employers. When you apply, you can request an amount that covers both the checkride course and an additional block of 10-25 hours for time building.

How is a loan for a multi-engine rating different from a loan for an initial private pilot license?

The main differences are the loan amount and the applicant's profile. Multi-engine loans are typically much smaller ($3k-$8k) compared to PPL loans ($10k-$20k). Furthermore, applicants for an ME rating are existing pilots, often with an established career and stronger credit history, which can lead to more favorable loan terms.

Can I get a loan for an MEI (Multi-Engine Instructor) rating?

Yes. The process and loan purpose are virtually identical. An MEI is another add-on rating with a similar cost structure. You can use a personal loan to cover the aircraft rental, instructor fees, and examiner fee for your MEI checkride just as you would for your initial multi-engine rating.

How quickly can I receive the funds for my multi-engine training?

The process is designed for speed. After you select a loan offer and complete the final verification with the lender, funds are often deposited directly into your bank account in as little as one business day. This allows you to pay your flight school promptly and secure your spot in the aircraft.

What happens if I finish my training under budget?

If you have leftover funds after completing your training, you have a couple of great options. You can either use the money to immediately make a lump-sum payment back on the loan principal (which will reduce the total interest you pay), or you can use it for other aviation-related expenses, like a new headset, charts, or building a few extra hours of multi-engine time.

Does the type of twin-engine aircraft I train in affect my loan?

The specific aircraft (e.g., Piper Seminole, Piper Seneca, Beechcraft Baron) does not directly affect your loan eligibility, but it does affect the total cost of your training. More complex or higher-performance twins have a higher hourly rental rate, which means you may need to request a larger loan amount. It's crucial to get a detailed quote from your flight school for the aircraft you'll be using before you apply.

Loans for Your Multi-Engine Rating

For licensed pilots ready to add a multi-engine rating and advance their career, we offer fast, simple financing to cover the cost of training.

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The Final Hurdle: Financing Your Multi-Engine Add-On

You've earned your wings—private, commercial, maybe even your instrument rating. Now, the multi-engine rating stands as a critical next step for many career paths, opening the door to more complex aircraft and airline opportunities. While the training is notoriously quick, often completed in a week or two, the cost is concentrated and significant. The high hourly rate for a twin-engine aircraft, plus the cost of a seasoned Multi-Engine Instructor (MEI), can create a sudden financial hurdle.

This is where a multi-engine rating loan comes in. A personal loan tailored for this specific purpose allows you to cover the entire cost of the add-on—from aircraft rental to the examiner's fee—with a single, upfront infusion of cash. This means you can book your training block with confidence, focus on mastering asymmetric thrust, and get your rating without draining your savings or resorting to high-interest credit cards.

Finding the Right Funding for a Short-Term Training Goal

My flight school's financing options are limited or non-existent for just an add-on rating.
We provide access to a competitive marketplace of lenders, giving you more choices than a single school's partner.
Traditional bank loans are too slow; I need to book my training block now.
Our online process is fast. You can check rates in minutes and often receive funds within one business day after approval.
Putting thousands of dollars on a credit card feels risky due to the high, variable interest rates.
A personal loan provides a fixed interest rate and a predictable monthly payment, making it much easier to budget.
Explaining 'asymmetric thrust' and 'Vmc' to a loan officer at my local bank is a non-starter.
We partner with lenders who understand vocational and career training costs, including the unique expenses of pilot certification.

See Your Multi-Engine Loan Options

Find out what you qualify for in minutes. It's free and won't affect your credit score.

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How a Personal Loan Works for Multi-Engine Training

Unlike a broad federal student loan designed for a four-year degree, a personal loan is ideally suited for the specific nature of a multi-engine rating. It's an unsecured, installment loan, meaning you receive a lump sum of cash upfront and pay it back in fixed monthly installments over a set period. There's no collateral required, so your assets are not at risk.

This structure provides immense clarity and control. You know the exact cost of your training, you borrow that specific amount, and you know precisely what your payment will be each month. The loan term can often be tailored to your budget, typically ranging from two to five years. This allows you to select a payment plan that fits comfortably within your finances while you move on to the next stage of your aviation career.

The funds from a multi-engine financing loan are flexible. You can use them to pay for the entire training package from your flight school or itemize the expenses yourself. This includes covering the aircraft rental, the MEI's time for both flight and ground instruction, required books and supplies, and the final checkride fee for the Designated Pilot Examiner (DPE).

Typical Multi-Engine Rating Cost Breakdown

Twin-Engine Aircraft Rental (12 hours) 12 × $350/hr	$4,200
Multi-Engine Instructor (MEI) Fee (15 hours) 15 × $75/hr	$1,125
DPE Checkride Examiner Fee One-time fee	$900
Ground School & Materials Books & Supplies	$400

Estimated monthly

$223/mo

Based on a $6,600 loan with a 3-year term at 13% APR. Your actual rate may vary.

Getting Started: The Loan Process

Get Funded for Your Rating in 3 Simple Steps

1
Check Your Rate Online
Fill out our secure online form in about two minutes. This initial check is a 'soft pull' and will not impact your credit score.
2
Compare Your Loan Offers
If you qualify, you'll see personalized loan offers from our network of lenders. Compare APRs, terms, and monthly payments to find the best fit.
3
Receive Your Funds
Once you select an offer and complete the final application with the lender, funds are often deposited directly into your bank account as soon as the next business day.

Ready to Compare Your Options?

A few minutes is all it takes to see what you could qualify for.

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Understanding Your Loan Terms

When you review loan offers, you'll see a few key numbers. The loan amount is the total you're borrowing. The term is the length of time you have to repay it. The Annual Percentage Rate (APR) represents the total cost of borrowing, including interest and any fees. Our goal is to make these terms transparent so you can make an informed decision.

Loan amount: $3,000 – $8,000
APR: 8.99% – 35.99%
Term: 24 mo – 60 mo

Your actual APR depends on factors like credit score, requested loan amount, loan term, and credit usage history. Not all applicants will qualify for the lowest rate.

How to Qualify for a Multi-Engine Loan

Lenders evaluate several factors to determine your eligibility and the rates they can offer. While every lender is different, they generally focus on your ability to reliably repay the loan.

What Lenders Look For

Credit Score: A score of 620 or higher is generally recommended. Applicants with higher scores (700+) typically receive the most competitive interest rates.
Verifiable Income: Lenders need to see that you have a steady source of income to cover the monthly loan payments. This can be from an aviation or non-aviation job.
Debt-to-Income (DTI) Ratio: This compares your total monthly debt payments to your gross monthly income. A lower DTI ratio (ideally under 40%) indicates you have room in your budget for a new payment.
Credit History: A consistent history of on-time payments for other credit accounts (car loans, credit cards, etc.) demonstrates financial responsibility.

If your credit profile is still developing, consider applying with a creditworthy cosigner to potentially improve your chances of approval and secure a lower rate.

Find Out What You Qualify For

Get a clear picture of your financing options before you commit to your flight school.

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Frequently Asked Questions about Multi-Engine Loans

Can I use a personal loan to finance building multi-engine time after my checkride?
Yes, absolutely. Many pilots use personal loans not just for the initial rating but also for building the multi-engine flight time required by regional airlines or other employers. When you apply, you can request an amount that covers both the checkride course and an additional block of 10-25 hours for time building.
How is a loan for a multi-engine rating different from a loan for an initial private pilot license?
The main differences are the loan amount and the applicant's profile. Multi-engine loans are typically much smaller ($3k-$8k) compared to PPL loans ($10k-$20k). Furthermore, applicants for an ME rating are existing pilots, often with an established career and stronger credit history, which can lead to more favorable loan terms.
Can I get a loan for an MEI (Multi-Engine Instructor) rating?
Yes. The process and loan purpose are virtually identical. An MEI is another add-on rating with a similar cost structure. You can use a personal loan to cover the aircraft rental, instructor fees, and examiner fee for your MEI checkride just as you would for your initial multi-engine rating.
How quickly can I receive the funds for my multi-engine training?
The process is designed for speed. After you select a loan offer and complete the final verification with the lender, funds are often deposited directly into your bank account in as little as one business day. This allows you to pay your flight school promptly and secure your spot in the aircraft.
What happens if I finish my training under budget?
If you have leftover funds after completing your training, you have a couple of great options. You can either use the money to immediately make a lump-sum payment back on the loan principal (which will reduce the total interest you pay), or you can use it for other aviation-related expenses, like a new headset, charts, or building a few extra hours of multi-engine time.
Does the type of twin-engine aircraft I train in affect my loan?
The specific aircraft (e.g., Piper Seminole, Piper Seneca, Beechcraft Baron) does not directly affect your loan eligibility, but it does affect the total cost of your training. More complex or higher-performance twins have a higher hourly rental rate, which means you may need to request a larger loan amount. It's crucial to get a detailed quote from your flight school for the aircraft you'll be using before you apply.

Personal loan disclosure

Money Savvy is not a lender. We are a marketing service that connects consumers with participating lenders. Rates, amounts, and terms vary by lender, your credit history, and other factors.

Loan amounts: $1,000 – $100,000
Repayment terms: 3 – 84 months
Min APR: 5.99%
Max APR: 35.99%
Origination fees: 0% – 10% of the loan amount
Late fees: May apply; vary by lender

Representative example: A $10,000 loan with a 36-month term at an 18.99% APR would have an approximate monthly payment of $366.39 and a total cost of $13,190.04, including interest and a $500 origination fee.

Your actual APR depends on your credit score, income, and other factors. Only borrow what you can afford to repay.

California residents: California Financing Law disclosures available upon request.