I use tea tree oil to help heal cuts and abrasions, I've also had luck with it growing the hair back over healed wounds very quickly. I just adore the stuff. My mare once cut her hock up pretty bad, I treated it with the tee tree oil once a day and kept it cleaned and it healed within weeks. I also use it on my dogs.
Just started with coconut oil, I've had great luck with it as well. It really hydrates the hair and makes it "poof" out and give it a healthy glow. I even used it on my own hair and noticed a nice difference. So far the best method is to lather it into the hair, and braid/tie it up to keep it clean then wash it out a day or two later (Or just overnight if you use it for yourself). It's been a couple weeks, and there is defiantly a difference in Indie's tale, it's stronger and has a great poof to it; which in turn makes it look bigger! LOVE coconut oil.