Is Paying for a horse over time a good idea? - The Horse Forum
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post #1 of 33 Old 10-18-2010, 12:48 AM Thread Starter
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Is Paying for a horse over time a good idea?

Hey guys!

I was wondering if you could give me some opinions on buying a horse over time, like paying $30 dollars a month to the current owner until you have accumulated the asking price. The seller would keep the horse until you had made enough payments, but they wouldn't be allowed to sell the horse to anybody but you.

Thanks ahead of time, and feel free to ask any clarifying questions.
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post #2 of 33 Old 10-18-2010, 12:52 AM
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I don't think its a bad idea.. unless the asking price is $30,000.. then it might take you a while to pay off lol.

Seriously though, I have heard of people doing this a lot and so far haven't heard anything bad. Just make sure you get everything in writing!
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post #3 of 33 Old 10-18-2010, 01:07 AM Thread Starter
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^ I wish I had enough for an awesome $30,000 horse in the first place!

No, if I did decide to look further into this, I wouldn't be looking for anything over $3,000. And I would adjust my monthly payment accordingly so the horse would be mine after I get out of college.

Edit* I'm a Junior in High School, btw. And I would make a chart so when I would pay for a particular month, both myself and the seller would have to intial that I paid. And I would make a "contract" so I would pay X amount of dollars evry month, the end total/time for ownership to change hands, and that the horse can't be sold to anybody but myself.

Last edited by A knack for horses; 10-18-2010 at 01:11 AM.
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post #4 of 33 Old 10-18-2010, 01:13 AM
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I think that it as long as everything is written out and signed, and both parties know exactly what they are getting into, and who's responsible for what, that paying chunks at a time to pay off the horse is a great way to get a horse in this economy especially without breaking the bank, and still having to have left over money for board, and vet fees, ect. Definitely decide though before signing anything, what the options are if say the horse gets injured and can no longer do what it is you want to do with him, will you be able to back out, refund money, not refund money, ect. Have an end date as well, and if he gets paid off sooner than great, but at least you are working towards a goal of a date not just an amount of money. My bf bought me my Arab, and I'm slowly buying him out of her a month at a time, so that I can do with her what I want, since the original plan to train her a bit, and either sell her or lease her isn't working out so well. I've gotten to attached to her, and due to problems of tack fit and stuff (all my stuff was sized for TB's and WBs, and she's not exactly that big lol, training is taking a lot longer than expected. Good luck.
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post #5 of 33 Old 10-18-2010, 01:14 AM
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I think it's a good idea, but I don't think it'd be very practical for a long term payment (what you seem to be thinking of) unless the owners were friends with you or something similar.
I sold a mare and broke the payments down to 4 payments and had a contract. I would do something similar to that again but probably not much longer than that.
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post #6 of 33 Old 10-18-2010, 01:20 AM Thread Starter
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Originally Posted by Spastic_Dove View Post
I think it's a good idea, but I don't think it'd be very practical for a long term payment (what you seem to be thinking of) unless the owners were friends with you or something similar.
I would be buying from somebody I know, and I kind of have a particular horse in mind. If I decided not to buy her, I don't know if I would trust a stranger enough to be making this long term commitment with.
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post #7 of 33 Old 10-18-2010, 01:26 AM
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I think a few months is one thing, but years is a whole other topic. If you are a junior in HS now, even if you plan on only a two year college, that is still more than three years to be paying on a horse. A LOT of things can happen in that amount of time....with the horse and you. I'd wait.
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post #8 of 33 Old 10-18-2010, 02:57 AM
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I don't think it is a good idea. A horse kept by the seller will presumably be kept out of work and possibly not fed etc correctly. If the horse is injured both parties could lose out etc.

If you worked full time over holidays you could probably earn the money for horse. Or if you borrowed money from parents or relatives at least it would be kept "in the family". If you choose to have the pay-off method then someone over 18 would have to sign the contract anyway.

Buying a horse is usually the cheapest part of horses, its the day to day upkeep that costs a lot. If you save the money you'd spend on the day to day for a few months then you'd have your purchase funds.
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post #9 of 33 Old 10-18-2010, 05:04 AM
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My wife bought her first horse from the breeder/trainer down the road this way and it worked out very well. They offered a very nice agreement that my wife would pay $$s a week for a year that included paying for the horse and pasture board. The horse stayed in the same pasture/herd and the breeder continued the same feeding (hay+grain), vet, and trimming scheduling. Hay and feed were included in the pasture board, and my wife paid for the vet and trimming. They also included a one hour lesson every week and access to the barn, ring, and trails. My wife also had the option to lease out the horse, rent it out for trail rides, or sell it. The only conditions were that the horse had to stay on the property and the breeder kept the papers until the horse was paid for.
Before the year was up, however, my wife's birthday came around and she came home one day to a fully paid off horse waiting to see her

On the sixth day, God created the Quarter Horse.
On the seventh day, he Painted the good ones.
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post #10 of 33 Old 10-18-2010, 05:19 AM
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I've bought horses that way (in fact I'm paying one off now), and have sold one that way. I pay $250-$500 a month when I do that.

But $30 a month? I would never go for that, as a seller. I accept payments with 25% down and horse must be paid off in 4 months, and horse remains mine until paid in full. I would never accept something as low as $30 a month. It costs me money to feed, deworm, vaccinate, and have their hooves trimmed while the horse is here, I'd be loosing money that way! Even if the buyer paid all expenses, there's still the time and care and stall use I would have going on... But, if you know someone who WILL accept that...
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