I don't consider renting the plane to be a money trap, in fact, I consider it a blessing. If I had to buy a Cessna I'm looking at about $10,000 to buy one used. Afterward I have to think about fuel and maintenance which is going to add a sizable amount to overall cost. When renting your aircraft from a flight school the fuel is typically covered. In all instances, maintenance will most definitely be covered. Therefore renting isn't such a bad deal.
As for financing flight training, I wouldn't do it. Sure, it might be a small amount, but you'll soon realize that once you get your certificate there are other ratings so juicy you probably can't resist. Then when you take the plunge you realize you've stacked on another $10,000 - $20,000 in debt. I would wait until you have a means of actually paying for it.
It also depends on how often you plan on flying, and what kind of connections you have. There are only two things better than owning a plane: Having a friend who owns a plane, and sharing a plane with an A&P.
If you plan on flying very often, in the long run owning is cheaper. For example, operating costs on my aircraft have been calculated out (Covering fuel, routine maintenance and insurance) to cost $50-$100 an hour, depending on what the going fuel rate is, and the price of the current insurance contract (I did not negotiate the contract, nor did the other owner, but rather the man who runs the business we bought the aircraft for. Idiotic, I know, but not my choice). We will call it $75 an hour wet, give or take. I usually pay around $50 a month into the plane (We have a bank account set up that even the owners pay into to fly the plane, and this account is what we charge fuel, maintenance, insurance, etc. to) because we really don't ever have to pay for maintenance. I provide free labor to keep her flying, the other owner, an A&P provides services free, so all we ever have to pay for is any part that needs replacing, which (Other than tires that seem to blow every bloody frakking month) rarely ever happens. Whereas a Cessna Rental out her is closer to $150 an hour to rent, $75 if you're in Civil Air Patrol, 18 or older, and a mission pilot with a form 5. I'm not 18, so I don't qualify for that one. So, seeing as I fly at least 2+ hours a week (A nice circle island, or hop over to another island every Sunday) it is MUCH cheaper for me to own the aircraft. If you were planning on flying maybe once a month, or even less frequently, RENT.
As far as financing this, unless you plan to make a living as a commercial pilot, I would suggest not doing it. I have my license, and I will admit, I love it. It is the most amazing thing I have ever done. But the only reason I would ever have invested that kind of money is because 1) I intend to fly as a career. This is a career move. And 2) Because I got about $5,000 in scholarships over the years specifically for earning one's pilot's license. So I paid virtually nothing, and as I try to get into the military as a pilot, it is a major bonus. But if either of those factors were not there, I would not have done it. Flying is not a cheap hobby, and as they say, the best way to make a small fortune in aviation is to start with a large one. So unless you see this paying you back very soon, wait until you have better reason, and more funding. The girls you get flying are not worth the embarassment of not being able to McDonnald's after the flight
