Payment Plan Question - Page 2 - The Horse Forum

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post #11 of 16 Old 02-24-2010, 09:45 AM
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Originally Posted by luvmyperch View Post
It's risky. Who is reponsible for the horse's health during the payment time period? Who is responsible for the cost of caring and feeding the horse? Who retains ownership? When will you have the horse vetted? What happens if the horse becomes lame during the time period? A lease option might be a better way to go (i.e. Draw up papers for a six month free lease, and a seperate agreement for payments to purchase at the end of six months). However, in the mind of the seller, I might be more interested in finding a buyer who offers me a little less, but has cash in end to close the deal.
That's what difficult. If you can find someone who's selling a horse directly from their property you should be ok. There are no big expenses for them. The market being what it is, sellers might be more willing to work a deal out.

Good luck with your horse search!
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post #12 of 16 Old 02-25-2010, 09:39 AM
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I am wondering how easy it really is to get a bank loan for a horse.

With a morgage its easy, if you default they take the house. For a horse- you might need a appraisal. And I don't know that a bank really wants to worry about trying to sell a horse if you default. Maybe you can get a home equity loan/ line of credit and borrow against that for the horse? If need be.
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post #13 of 16 Old 02-25-2010, 10:03 AM
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Originally Posted by ptvintage View Post

I think my next strategy with him will be to explain how dog (in my avatar) cost $1,000, and she only weighs 5 lbs, so it could be said that logically we're getting a deal on an animal that weighs 200x that!
Cheeehehehehe.... try telling THAT to my husband! Lol, would never fall for it, ha, he got mad when I spent $175 on my dog!

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Originally Posted by sillybunny11486 View Post
I am wondering how easy it really is to get a bank loan for a horse.

With a morgage its easy, if you default they take the house. For a horse- you might need a appraisal. And I don't know that a bank really wants to worry about trying to sell a horse if you default. Maybe you can get a home equity loan/ line of credit and borrow against that for the horse? If need be.
Banks most generally don't loan on horses. Case in point: I took out a $3500 loan to buy my first horse. That was $2500 toward the horse, and $1000 to apply toward vet checks, farrier, wormer, feed, etc... everything to get started. I had to borrow against my car, and have a co-signer with a cd to borrow against.

However, it may be wise for you, and in good interest, go put your $6000 in a CD and borrow against it. This way you're earning interest (should be around 4 or 5 %..) AND able to soften the blow. It might spark his interest a little to know that the horse IS, in fact, making him some money in the cost of it all... and when you pay it back, say, $300 a month, and pay it off, you get that $6000 back for whatever you want it for, PLUS 4 or 5 % EXTRA, PER YEAR it took you to pay off the loan!

(This is the strategy husband and I used to pay for our latest addition. We ended up with an extra $2200 at the end of it!)
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post #14 of 16 Old 02-25-2010, 10:34 AM
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Originally Posted by sillybunny11486 View Post

With a morgage its easy, if you default they take the house. For a horse- you might need a appraisal. And I don't know that a bank really wants to worry about trying to sell a horse if you default. Maybe you can get a home equity loan/ line of credit and borrow against that for the horse? If need be.
It is called an unsecured personal loan. Higher interest rate and have to have good credit to start with.

On high dollar horses I am guessing they take the risk and there has to be an insurance policy with the lender as the beneficiary.
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post #15 of 16 Old 02-25-2010, 10:57 AM
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Great information guys. Learning a lot from the above posts. Appreciate the time taken to type it up.

You know, you have nothing to lose. You can look around, ask the sellers and go from there. If they're answer is no, then probably start looking at a loan.
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post #16 of 16 Old 02-25-2010, 12:30 PM
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Originally Posted by Alwaysbehind View Post
It is called an unsecured personal loan. Higher interest rate and have to have good credit to start with.

On high dollar horses I am guessing they take the risk and there has to be an insurance policy with the lender as the beneficiary.
I know you can possibly get an unsecured loan, but Im wondering if banks still do this as much as they used to before. The best thing to do is get a secured loan, with a lower rate if you can.
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