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!
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!)