# Taking out a loan to purchase a horse



## myhorsesonador (Jun 21, 2009)

OK I'm talking like a cash loan to buy a horse, not a horse ON loan. When I was goggling, it was hard to find whats what! 


With in the next year, I would like to buy a nice horse for eventing/low level dressage(I know dressage is "in" eventing). I just don't have the money to drop a large amount at this time in my life, but I have enough to make payments. I'm planing on taking out enough to pay for tack as well, since I sold all of mine after I sold Soñador. I obviously want to have a good sized down payment.

So my question is, who here 
has done it? What was your experience through the proses? Would you do it again? Did you get insurance on the horse?


Thats all I can think of right now, I'm trying to do as much research as possible on this.


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## possumhollow (Apr 19, 2012)

I would think it would have to be a personal loan with a bank and I doubt it would be an amount that would be what you'd need. Around here, most banks won't go more than 3K on a personal loan.


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## Joe4d (Sep 1, 2011)

never finance toys, sorry but I think it is just unsound financial management to finance a toy. Especially one that can doe on you and still leave you in debt. Save for what you want then buy it.


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## NorthernMama (Mar 12, 2008)

Yup, I agree. ^^ If you can't afford the toy, then you do without. Save up the money and THEN buy.


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## PaintHorseMares (Apr 19, 2008)

possumhollow said:


> I would think it would have to be a personal loan with a bank and I doubt it would be an amount that would be what you'd need. Around here, most banks won't go more than 3K on a personal loan.


Also, even at our credit union (which has good rates), you'll be paying about 11% interest on an unsecured loan (since no bank is going to take a horse as collateral on a loan).


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## MHFoundation Quarters (Feb 23, 2011)

Would I do it, probably not. I know a lot of people who have though on finished show horses.


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## MySerenity (Jul 18, 2011)

People at the barn I ride at take out loans, but I'm pretty sure they are using home equity loans. I agree that most any loan for a toy is a bad idea. Although I totally agree that it's tempting to do. I have a low budget and would love to get something more.

Some people will offer lease to own options so you could look into that.

I might be getting a small "Mom" loan if I find something that's just a couple thousand more than the horse I'm selling. She joked that if I bought her dinner that would be more than the interest that she is earning. lol.


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## bigbayboy (Jun 25, 2012)

I'm not sure how much you are wanting to spend but...I would save up the money first, pay cash and be done with it. Then you own the horse outright and can save the money you would have been making payments with to buy tack and fun horsey stuff. It may take a little longer until you can get your horse but it will be worth it.

Also keep in mind that horses get sick, injured etc. and the last thing you would want to do is make a loan payment on a horse in addition to unexpected (and potentially expensive) veterinary bills.


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## myhorsesonador (Jun 21, 2009)

Please stick on topic. I did ask should I do it, ask who has. People finance toys all the time, as long as they manage there money right, then they usualy don't end up in trouble.

What do you think cars, boats, guns..... (the list goes on) are? Are they not toys? I would think they are. People finance them all the time. 

And yes, it would be a personal loan, and I'm aware, that it might be hard to find a bank that would do it.


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## waresbear (Jun 18, 2011)

Never pay interest on anything unneccessary, perfect example of living beyond your means.


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## farmpony84 (Apr 21, 2008)

A friend of mine pulls money from her credit card to buy horses. I know tons of people that take out personal loans. I think it depends on what you can afford to pay. I made payments on my first horse. He was only $500 but I was only 16 so that was big bucks for me. 

I actually will probably take a personal loan the next time I buy one. In a perfect world paying cash would definitely be the way to go and if you can afford to pay cash, I suggest you do. But if you can't then make sure you can afford the extra payment.


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## myhorsesonador (Jun 21, 2009)

MySerenity said:


> People at the barn I ride at take out loans, but I'm pretty sure they are using home equity loans. I agree that most any loan for a toy is a bad idea. Although I totally agree that it's tempting to do. I have a low budget and would love to get something more.
> 
> Some people will offer lease to own options so you could look into that.
> 
> I might be getting a small "Mom" loan if I find something that's just a couple thousand more than the horse I'm selling. She joked that if I bought her dinner that would be more than the interest that she is earning. lol.


I'm not sure that people will do lease to own these days, but it is on my list of options.

Also on my list of options is a "Dad" loan, don't know if he would go for it or not, because he doesn't think horses are worth any thing, but he has no problem shelling out $1'000s on guns he's never shot. XD


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## MyBoyPuck (Mar 27, 2009)

Depends on your situation. In my case, I was already 40 and still hadn't managed to scrape together the $$ to buy a horse. I'm single living in a very expensive state. Money doesn't grow on trees no matter how much you are making. I wasn't getting any younger and have a very secure job. It was either finance it or don't do it. I took out a small loan, ate lean for a year, and paid it off as soon as I could. Buying my horse is the best thing I ever did, and I'd do it again in a second.


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## LonesomeRanch (Jul 6, 2012)

There are local credit unions that will give personal loans. And you don't always have to say for what. I did my horse trailer this way. I have a 10,000 limit on anything I want go use it for at 9.25%. I only needed 4,000 so that's what I took. Horse trailer, boat, atv, horse... I don't see what the big deal is here.
_Posted via Mobile Device_


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## Macslady (Oct 23, 2009)

I think joining a local credit union would be the way to do it since most require some amount of savings kept with them. I did it years ago back when banks were free with their money and would lend to you cause you were local and they knew you and your word was good. 

I also think you have to have a credit score over 700 or they won't even invite you to fill out an application now.


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## myhorsesonador (Jun 21, 2009)

Macslady said:


> I think joining a local credit union would be the way to do it since most require some amount of savings kept with them. I did it years ago back when banks were free with their money and would lend to you cause you were local and they knew you and your word was good.
> 
> I also think you have to have a credit score over 700 or they won't even invite you to fill out an application now.


Just to clairafy, I have nooooo credit. ZILCH! My parents would have to take out the loan, and I would be the one to pay it. My parents have amazing credit.

I also plan on having at least $2-4,000 saved up before I take out a loan. I just started saving again, since I just bought a car, and no I don't have payments on it just incase you were interested.


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## Arab Mama (Jun 10, 2012)

I would think a better option would be either a lease to own or finding a seller that is willing to take payments.


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## DancingArabian (Jul 15, 2011)

I know a lady who tried to take out a personal loan to buy her horse but when she talked to the man at the bank it was actually cheaper (lower interest rate) to open a line of credit (bank credit card) and put the horse on that. The horse she bought was $12k if that matters.

When I bought my horse I saved up half in cash, but mostly because it took me a while to find something I liked. I got a Dover Saddlery credit card, charged the entire amount for the horse then immediately paid off half once the charge hit. Then I made payments. Since the credit card was a Dover rewards card I ended up racking up a nice chunk of Dover for certificates and ended up getting a lot of horse stuff for free.
_Posted via Mobile Device_


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## gunslinger (Sep 17, 2011)

Are you planning to take out a loan for the up keep and vet bills too?


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## littleamy76 (Jun 30, 2011)

Your parents are ok with taking out a loan for you to pay them back? Most important question, can you afford to take care of a horse or will you be getting loans out for that as well? How old are you?


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## busysmurf (Feb 16, 2012)

Personal experience on loans of those types (personal or stuff not necessary for survival) BAD idea. I thought I had a steady job, no risk of having any type of money problems, so I borrowed to pay for extras to build credit, and because I didn't want to wait for it by saving. Nothing extravagant, but not exactly necessary. HUGEST mistake of my life! A week after I received a raise I was "laid off indefinitely" took me well over a year to find an even close to decent job. 10 yrs later, I am still trying to get rid of the debt. I wasn't living out of my means, everything I bought at the time I could easily afford the payments! But what I learned the hard way was that no matter what it is (except maybe a house), if you have to borrow money to get it, you are living beyond your means.
_Posted via Mobile Device_


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## Dreamcatcher Arabians (Nov 14, 2010)

I have never taken out a loan to buy a horse and I wouldn't but as a seller I take payments all the time. I require 50% non-refundable down, then depending on how long they need to pay off the horse we either do a few large payments and the horse stays with me and they pay board or if they need to spread the payments out over a longer period and are not local to me, then I require insurance with me as loss payee, and a legal note showing the amount owed, payments to made and when, and due dates. If the amount they want to finance is over $5K, I make them go through a bank because at that point, you're getting into me for one of my better or best horses and if they don't pay, I don't want to have to chase them down, fret about what the condition of my horse will be when I repo it....blah blah blah!


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## myhorsesonador (Jun 21, 2009)

I guess I have to say it again. STAY ON TOPIC! I didn't ask SHOULD I DO IT<<<<<<< I ASKED HAVE YOU DONE IT!!!! 



gunslinger said:


> Are you planning to take out a loan for the up keep and vet bills too?


No I'm going to feed the horse clouds and rainbows, and put hello kitty band-aids on its boo boos.




littleamy76 said:


> Your parents are ok with taking out a loan for you to pay them back? Most important question, can you afford to take care of a horse or will you be getting loans out for that as well? How old are you?


Nope I'm just going to walk up to the bank teller and get the money out of my parents bank account. 

Seriously I didn't ask for any ones opinion on how I run my life. As I've said over and over and over have you done it. Simple as that, why does it have to be that hard? This isn't my first horse, I'm not that stupid.

I guess your not allowed to way your options any more?


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## littleamy76 (Jun 30, 2011)

Just from personal experience, loans are evil. I got a loan for a truck last year because both myself and hubby had jobs and could afford it. Beginning of this year, he got fired. My hours at my job got cut and my health insurance rates went up. I'm having to work 2 jobs now to not only pay my mortgage, but to pay this stupid loan too. If it wasn't for that loan, I'd be alright. Just because you can make payments now, doesn't necessarily mean you will be able to make them a year from now.


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## myhorsesonador (Jun 21, 2009)

DancingArabian said:


> I know a lady who tried to take out a personal loan to buy her horse but when she talked to the man at the bank it was actually cheaper (lower interest rate) to open a line of credit (bank credit card) and put the horse on that. The horse she bought was $12k if that matters.
> 
> When I bought my horse I saved up half in cash, but mostly because it took me a while to find something I liked. I got a Dover Saddlery credit card, charged the entire amount for the horse then immediately paid off half once the charge hit. Then I made payments. Since the credit card was a Dover rewards card I ended up racking up a nice chunk of Dover for certificates and ended up getting a lot of horse stuff for free.
> _Posted via Mobile Device_


I'm looking in more of the $5-8,000 range horse wise, and the loan would be no more than $10,000. 

How do you buy a horse on a credit card? That sounds like some thing to look into.


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## nyx (Jun 12, 2012)

Haha! Sorry but my god that made me laugh about the clouds and rainbows and hello kitty bandaids... 

Yes, I have taken out a loan for a horse but I made sure I could pay it off in a month in which I did.  
Other wise I wouldnt have done it.


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## Saskia (Aug 26, 2009)

myhorsesonador said:


> How do you buy a horse on a credit card? That sounds like some thing to look into.


I'd imagine you just get a credit card, go to an ATM and withdraw the money. If you credit card didn't allow withdrawals or something you could always pay via Pay Pal or something like that.


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## myhorsesonador (Jun 21, 2009)

littleamy76 said:


> Just from personal experience, loans are evil. I got a loan for a truck last year because both myself and hubby had jobs and could afford it. Beginning of this year, he got fired. My hours at my job got cut and my health insurance rates went up. I'm having to work 2 jobs now to not only pay my mortgage, but to pay this stupid loan too. If it wasn't for that loan, I'd be alright. Just because you can make payments now, doesn't necessarily mean you will be able to make them a year from now.


I don't have a house or a car payment, really the horse would be my only big payment. I have 2 dogs, and I still live at home. I'd be keeping the horse at home, so I wouldn't be paying boarding. Eventualy I'll be paying rent, but that is all being writen down, so I can work on a payment plan to see where I'll be in a few years if I still have a job.


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## myhorsesonador (Jun 21, 2009)

Saskia said:


> I'd imagine you just get a credit card, go to an ATM and withdraw the money. If you credit card didn't allow withdrawals or something you could always pay via Pay Pal or something like that.


I guess thats true, never thought about doing that.


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## littleamy76 (Jun 30, 2011)

Wouldn't it be cheaper and easier to just to ask the seller to take payments??


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## busysmurf (Feb 16, 2012)

On topic, YES I HAVE, AND IT'S A BAD IDEA!!!!!! Biggest regret of my life. You sound young(er), I was 20-22 when I did what you are planning on doing, I wish I could go back & slap some sense into myself. I cannot afford to do things now because of the mistakes I made then (one of them being the same thing you want to do). I cannot buy my daughter a decent beginner horse, because I have to pay a credit card bill (that included a saddle) that I ended up selling because I couldn't make the payments. I know you said you CAN make the payments right now. BUT do you have a GUARANTEED income until your loan is paid off? I thought I had a good job! I was wrong!

How's that for staying on topic?
_Posted via Mobile Device_


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## myhorsesonador (Jun 21, 2009)

nyx said:


> Haha! Sorry but my god that made me laugh about the clouds and rainbows and hello kitty bandaids...
> 
> Yes, I have taken out a loan for a horse but I made sure I could pay it off in a month in which I did.
> Other wise I wouldnt have done it.


:lol: 

If I do take out a loan, I want to pay it off as fast as I can, thats why I want to have a good sized down payment.


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## AQHSam (Nov 23, 2011)

myhorsesonador said:


> I'm looking in more of the $5-8,000 range horse wise, and the loan would be no more than $10,000.
> 
> How do you buy a horse on a credit card? That sounds like some thing to look into.


You attach the credit card to pay pal and send the amount via PayPal. The seller just needs to agree to creating a PayPal account if he/she doesn't have one. 

Or you do a cash advance but those are usually at higher interest rates and have lots of quid pro quod such as payback rules and service fees.


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## myhorsesonador (Jun 21, 2009)

busysmurf said:


> On topic, YES I HAVE, AND IT'S A BAD IDEA!!!!!! Biggest regret of my life. You sound young(er), I was 20-22 when I did what you are planning on doing, I wish I could go back & slap some sense into myself. I cannot afford to do things now because of the mistakes I made then (one of them being the same thing you want to do). I cannot buy my daughter a decent beginner horse, because I have to pay a credit card bill (that included a saddle) that I ended up selling because I couldn't make the payments. I know you said you CAN make the payments right now. BUT do you have a GUARANTEED income until your loan is paid off? I thought I had a good job! I was wrong!
> 
> How's that for staying on topic?
> _Posted via Mobile Device_


I wasn't talking to you when I said that. You were on topic, Did you, Yes, would to do it again, No. 

BTW no one can guarantee a job any more. If we all live life like we wont have a job, then we wouldn't get out much would we? Thats why I plan to pay the loan off asap, and thats IF I even decide to do it. 

I'm 19 almost 20, so yes I am young.


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## myhorsesonador (Jun 21, 2009)

AQHSam said:


> You attach the credit card to pay pal and send the amount via PayPal. The seller just needs to agree to creating a PayPal account if he/she doesn't have one.
> 
> Or you do a cash advance but those are usually at higher interest rates and have lots of quid pro quod such as payback rules and service fees.


I know about PP but I didn't even thing about using it to buy a horse!

I don't know enough about a cash advance, to feel safe about doing that. Sounds like it could be more trouble than its worth.


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## myhorsesonador (Jun 21, 2009)

littleamy76 said:


> Wouldn't it be cheaper and easier to just to ask the seller to take payments??


A lot of people that I've talked to don't want to do payments these days.


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## nyx (Jun 12, 2012)

myhorsesonador said:


> :lol:
> 
> If I do take out a loan, I want to pay it off as fast as I can, thats why I want to have a good sized down payment.


If you have thought it through and know what you can afford id do it. 
But dont take out a credit card, man them things are trouble and the intrest will be way more nasty than a loan. 

You may or may not regret it later, but isnt that with everything? Life is too short and we all work too much I say. Only thing that makes us different from everyone else is two days a week.


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## myhorsesonador (Jun 21, 2009)

nyx said:


> If you have thought it through and know what you can afford id do it.
> But dont take out a credit card, man them things are trouble and the intrest will be way more nasty than a loan.
> 
> You may or may not regret it later, but isnt that with everything? Life is too short and we all work too much I say. Only thing that makes us different from everyone else is two days a week.


Yeah, CC are evil, but it is on the list of "look into" 

THATS WHAT I'M SAYEN!! I don't want to be wreckless, but every thing in life is a gamble, and some things are just worth doing. A horse for me is worth it to me, and I plan to be very carefull, and look at all my options. This isn't some thing I want to rush into, and this isn't some thing I just thought of. I've been looking into it for a while now.


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## Amir (Nov 18, 2009)

A couple years ago I got a personal loan for a holiday. $35K to be exact. I was making enough with my partner to be making more than the minimum payments. Now that we want to go on another big holiday and want to start saving for a house, we have this massive debt over our heads and we can't afford to do what we want. Holiday was awesome, but that was 2 months, 2 years ago. We have paid far too much for some photos and memories.
Not saying you're going to get that much for your horse and gear, but rather than thinking of "gee I'd love a horse and can make at least the minimum payments" you should be thinking of the future. Things can change, your life plan you have now may take a hard left turn at any point.


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## DancingArabian (Jul 15, 2011)

myhorsesonador said:


> I'm looking in more of the $5-8,000 range horse wise, and the loan would be no more than $10,000.
> 
> How do you buy a horse on a credit card? That sounds like some thing to look into.


Actually what everyone said in response was wrong  I did not do a cash advance or Paypal. The seller had a horse boarding facility with a lesson program. She took credit card payments for board and lessons. I just charged it the way one normally does.

I should also add that the credit card had a promotion going and had 0% interest for 18 months and a required min payment (I forget what it was but it was very low). I split up the rest of the amount of money I owed into 17 payments (because through past experience that last one can come in late and get you hit with interest). Whenever I had extra money, I put it on the card but stuck to my payment plan. I ended up paying it off much sooner than the original 17 payments.

To date, I still have my Dover card. I put *everything* on it - even our rent. I pay it off pretty immediately and the constant charging keeps me well stocked with Dover gift certificates. Replacing my car was done more cheaply with credit card than bank loan. Buying a trailer was the same. The current interest rate is MUCH lower than a line of credit from the bank that I was offered. It's in the wiggle digits but I forget how much it is - I believe 8 or 9%. I think my household salary has something to do with the rate (and obviously my limit is huge).

There's nothing wrong with charging stuff or taking out a loan. You can lose a job at any time. You could pay cash for your horse and the next day it can still die, you can still lose your job, or whatever. Yes you'd be stuck with one less payment but when you have zero income anyway, it doesn't matter what you owe if you can't pay any of it. You also have to keep what you charge reasonable. Does it matter if I pay the bank $140 a month or my credit card for a truck payment? No not really. I still consider my purchases carefully and keep an Excel spreadsheet to keep track of where I am and budget out payments. Instead of sending several payments a month to a few places, I send them all to one place.
_Posted via Mobile Device_


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## Faceman (Nov 29, 2007)

Well, I am a retired banker, so let me point you in the right direction. In reading your responses that outline your situation, here's what I would suggest...

Whatever amount you need - say $5,000, have your father buy a $5000 CD (certificate of deposit) at his bank. Then YOU borrow $5,000 against that CD. The bank will provide him with a form so that he can pledge the CD as collateral.

This will do several things...

1. You will get the loan - the fact that you have no credit is not relevant with a CD loan.

2. The interest rate will be very low...with interest on CD's as low as it is, you won't get the traditional rate of 2% over the CD rate, but the interest will probably still be in the 5% range.

3. You will be establishing credit in your own name.

4. Should you end up in a position where you can't make the payments, your Dad just cashes in the CD and pays off the loan and you pay him back whenever you can, or make some arrangement with him - or he can just forgive your debt.

5. Assuming you pay the loan off, your Dad is still making interest on his money, although CD rates are very low these days.

A good banker will do loans like this to help you establish credit. Hope this helps...


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## DancingArabian (Jul 15, 2011)

myhorsesonador said:


> I know about PP but I didn't even thing about using it to buy a horse!
> 
> I don't know enough about a cash advance, to feel safe about doing that. Sounds like it could be more trouble than its worth.


Cash advances have a higher interest rate than the credit card itself.

Not everyone trusts PayPal. It's too easy to do a chargeback. Most businesses have a swipe machine anyway and that's cheaper for them than Paypal (though only by a bit).
_Posted via Mobile Device_


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## heymckate (Nov 23, 2010)

I did not take a loan out on my horse, so I'm sorry... but I am going to go off-topic here for a second. 

You say you want a low level eventer, and you're prepared to spend $5,000 to $10,000. Why not adopt an OTTB? You can get a young, athletic horse that with just a few months training will be exactly what you're looking for, if he/she isn't already what you're looking for if it has gone through training at the adoption center. And the price tag, even for one that already has some training under its belt, will be substantially lower than what you're prepared to currently spend. And then one of two things might happen: You might not even need a loan, or the one you do get will be substantially lower than what you're planning.

Whatever happens... good luck!


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## myhorsesonador (Jun 21, 2009)

heymckate said:


> I did not take a loan out on my horse, so I'm sorry... but I am going to go off-topic here for a second.
> 
> You say you want a low level eventer, and you're prepared to spend $5,000 to $10,000. Why not adopt an OTTB? You can get a young, athletic horse that with just a few months training will be exactly what you're looking for, if he/she isn't already what you're looking for if it has gone through training at the adoption center. And the price tag, even for one that already has some training under its belt, will be substantially lower than what you're prepared to currently spend. And then one of two things might happen: You might not even need a loan, or the one you do get will be substantially lower than what you're planning.
> 
> Whatever happens... good luck!


I've thought about that in the past, but most horses off the track have an injury of some sort (I know that not all of them do) Any way, I'm more interested in a young unbroke/green WB or sport horse. I know TB are what really dominate at eventing, but I guess I'm just weird like that. I used to work for a broker, and I worked with TB and WB all day long, and even then I liked the WB over the TB.


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## Kayella (Feb 11, 2012)

I actually just bought my first horse, and I did make payments. The foal in utero was $1,500. I put down a min. $300 down payment. The payments were set to $300 a month until I finished the rest off, which would put me paying him off when he is weaned. I, however, made $200 payments every two weeks and paid him off in three months. Henny was born three days before I made my last payment. Since I paid him off basically when he was born and not when he was weaned, I actually got to choose his registered name.  And it's a great one at that!

If you took economics in highschool, which it was required for me, look back to your economics teacher. What would he/she say about your plan? Would they approve, or would they help you come up with a better situation? Whenever money comes into play, I find that thinking about it in different situations helps you come up with the best outcome. What plan will your parents think is the best? Your economics teacher? Your boss? What they think influences what I think. And I am 19, the same age as you, so I can definitely relate.


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## WhisperingMist (Jul 16, 2012)

Joe4d said:


> never finance toys, sorry but I think it is just unsound financial management to finance a toy. Especially one that can doe on you and still leave you in debt. Save for what you want then buy it.


agreed! save for what you want, because the expenses don't end with buying the horse- there will always be feed bills, accessories, vet expenses, it's never ending.


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## myhorsesonador (Jun 21, 2009)

Kayella said:


> I actually just bought my first horse, and I did make payments. The foal in utero was $1,500. I put down a min. $300 down payment. The payments were set to $300 a month until I finished the rest off, which would put me paying him off when he is weaned. I, however, made $200 payments every two weeks and paid him off in three months. Henny was born three days before I made my last payment. Since I paid him off basically when he was born and not when he was weaned, I actually got to choose his registered name.  And it's a great one at that!
> 
> If you took economics in highschool, which it was required for me, look back to your economics teacher. What would he/she say about your plan? Would they approve, or would they help you come up with a better situation? Whenever money comes into play, I find that thinking about it in different situations helps you come up with the best outcome. What plan will your parents think is the best? Your economics teacher? Your boss? What they think influences what I think. And I am 19, the same age as you, so I can definitely relate.


I was homeschooled, so my Mom was my teacher XD but, my Mom was/is an acountant, and she is going to help be look at all my options are, and what they would cost in the long run.


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## Kayella (Feb 11, 2012)

Ah, so your economics teacher is your mother! Haha, it'd still work though. And with your mother being an accountant, she'd well aware of investments and eventual payoff/loss in the future. Talking it over with your parents is the best thing to do. Take your time and find the right horse, and see if they'll take payments.


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## myhorsesonador (Jun 21, 2009)

Kayella said:


> Ah, so your economics teacher is your mother! Haha, it'd still work though. And with your mother being an accountant, she'd well aware of investments and eventual payoff/loss in the future. Talking it over with your parents is the best thing to do. Take your time and find the right horse, and see if they'll take payments.


In the perfect world, payments would be best, but I'm just not sure if it will happen. But it is on the list of things I'm looking into.


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## MelissaAnn (Aug 26, 2011)

My friend took out a student loan to buy her horse. The interest rates are good for student loans, if you are in college. If you are not in college, please enroll soon, as a college degree will help you pay for your expensive hobby. 

In other news, the same friend is currently debating if she should take out another student loan to pay off her $2,000 vet bill. The interest is much lower for a student loan than what the vet is charging. 

I think you have messages coming from a lot of older more experienced people who wish they had less debt. You should listen to them.


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## JustDressageIt (Oct 4, 2007)

As a banker, I see the results of this every day. Young people taking out personal loans because they *must have* such-and-such. Then they scrape by on the minimum, interest-only payment and stay in a basement suite while their friends move on and buy houses etc. 
My advice is to not get into debt like that at your age. I would have different advice for someone older with an established career and assets, who could feasibly afford such an extravagance. Don't get saddled with what is, in my opinion, a frivolous debt. 
Save up and buy outright. If I were in your shoes and had access to a credit line it would be - and is - tempting... But horses are the epitome of a very bad gamble. 
I do have more to say but my thumb is bleeding.. I hope to say a bit more on the subject with a full keyboard.. 
_Posted via Mobile Device_


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## bsms (Dec 31, 2010)

MelissaAnn said:


> My friend took out a student loan to buy her horse. The interest rates are good for student loans, if you are in college...
> 
> In other news, the same friend is currently debating if she should take out another student loan to pay off her $2,000 vet bill. The interest is much lower for a student loan than what the vet is charging.


fftopic:

Hope your friend is studying something with a high payback. I wouldn't have thought it was LEGAL to use a student loan to buy horses or pay for vet bills, but your friend might want to remember that students loans are forever - the only way to clear the debt is paying it. It is stories like these that cause me to be unsympathetic when I read of new college grads with $50K+ in debt, ballooning with interest forever and ever...

There are rare occasions when borrowing money to buy a horse makes sense, but not many. I'm not the OP's daddy, and she is SOOOO lucky I am not...


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## myhorsesonador (Jun 21, 2009)

bsms said:


> fftopic:
> 
> Hope your friend is studying something with a high payback. I wouldn't have thought it was LEGAL to use a student loan to buy horses or pay for vet bills, but your friend might want to remember that students loans are forever - the only way to clear the debt is paying it. It is stories like these that cause me to be unsympathetic when I read of new college grads with $50K+ in debt, ballooning with interest forever and ever...
> 
> There are rare occasions when borrowing money to buy a horse makes sense, but not many. I'm not the OP's daddy, and she is SOOOO lucky I am not...


I doubt it is legal, and it sounds like a bad idea.

Your right your not my Dad, but you pay for your kids to have horses, mine isn't. So I really don't see your point.


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## poppy1356 (Jan 18, 2012)

Faceman said:


> Well, I am a retired banker, so let me point you in the right direction. In reading your responses that outline your situation, here's what I would suggest...
> 
> Whatever amount you need - say $5,000, have your father buy a $5000 CD (certificate of deposit) at his bank. Then YOU borrow $5,000 against that CD. The bank will provide him with a form so that he can pledge the CD as collateral.
> 
> ...


This is the best idea yet. You want to build credit and this allows that without having the possibility of debt collectors after you.

I have financed everything. I am almost 24 and have 5 years left until my credit is fixed. I am speaking from experience that anything can happen. I gave my jeep back to the bank because of a car accident that was not my fault and a ****ty insurance company and lawyers not even worth the dirt on the ground. 

Would I do it all again? Absolutely not. I financed toys, cars, shopping, you name it. But I paid it all off and now only have a car payment that I financed with a very hefty down payment so as to never owe more than it's worth.


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## bsms (Dec 31, 2010)

I don't pay for my kids to have horses. My wife bought a horse for her own use. I bought one horse - Mia - for me. We were given one free. My daughter rides my wife's Appy, and the free horse is for when all 3 of us ride.

But if my kid suggested she would borrow money on my security to pay for a horse, her best bet would have been an inheritance after I died laughing. We got our horses when my wife & I were 50. We didn't have the money for the land or upkeep until then. And BTW - we paid $1200, $1200 and $0 for our horses, and had enough money at that point to do so without blinking an eye. Good thing, because the real cost of a horse is keeping one...

Borrowing money for a house is an investment. Borrowing for a car can be one as well, provided you are buying transportation and not show. In 54 years, those are the ONLY things I've ever borrowed money for...never for a toy. And the two cars I borrowed money for were transportation, not show. Maybe it is because my parents grew up in the Great Depression, but I was raised to be very cautious when borrowing money.

BTW - I'm not trying to be offensive. My son finished a tour with the Army Guard in Afghanistan in December, and that year paid off his student loan - a loan he should have never taken. I guess it is my age showing. It astounds me what people will borrow money for...


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## caseymyhorserocks (Apr 5, 2010)

myhorsesonador said:


> What do you think cars, boats, guns..... (the list goes on) are? Are they not toys? I would think they are. People finance them all the time.


But THOSE toys don't need to go to the vet or be regularly fed. Well, sure, cars and boats need gas but, they aren't going to die if they sit in your garage without food. If you cant afford to feed/do maintenance on your non living toys they wont go hungry or loose condition*, they will simply be sitting there useless. Horses, however, need food no matter what. If you have to take out a loan to buy a horse, you probably dont have the financial stability to feed and care for a living breathing animal.

* although they will loose condition after decades, they would be in much better shape than a horse that sits there for decades without food or vet/farrier care.


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## myhorsesonador (Jun 21, 2009)

bsms said:


> I don't pay for my kids to have horses. My wife bought a horse for her own use. I bought one horse - Mia - for me. We were given one free. My daughter rides my wife's Appy, and the free horse is for when all 3 of us ride.
> 
> But if my kid suggested she would borrow money on my security to pay for a horse, her best bet would have been an inheritance after I died laughing. We got our horses when my wife & I were 50. We didn't have the money for the land or upkeep until then. And BTW - we paid $1200, $1200 and $0 for our horses, and had enough money at that point to do so without blinking an eye. Good thing, because the real cost of a horse is keeping one...
> 
> ...


The point was that you have a horse that your daughter rides, and you are paying for it. Even if it was a free horse, you are paying for the upkeep, not your kid.

My issue with a lot of what is being said, is that I don't go out and hang with friends, I don't go to the movies or concerts. I walk my dogs, and go to the dog park. I prefer the company of my animals over people my age. I'd rather be riding than hanging out. It's what makes me happy, and I feel complete when I'm around horses. Ever since I sold my horse last year, I've been waiting for the chande to have a horse again, and thats all I've thought about for the past year. If living off of roman noodles is what it takes to pay for a horse, then so be it. I don't mind not having luxury, I want to spend my money on a horse, and my dogs.


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## myhorsesonador (Jun 21, 2009)

caseymyhorserocks said:


> But THOSE toys don't need to go to the vet or be regularly fed. Well, sure, cars and boats need gas but, they aren't going to die if they sit in your garage without food. If you cant afford to feed/do maintenance on your non living toys they wont go hungry or loose condition*, they will simply be sitting there useless. Horses, however, need food no matter what. If you have to take out a loan to buy a horse, you probably dont have the financial stability to feed and care for a living breathing animal.
> 
> * although they will loose condition after decades, they would be in much better shape than a horse that sits there for decades without food or vet/farrier care.


fftopic:

No really? you mean it eats? Wow I never knew that. Seriously I've already gone over this, do you think I'm that dumb? This isn't my first horse, my last horse, was high mantanence. 1 bale of hay a day + pasture + more grain than 2-3 horses would normaly get, just to keep weight on her. Thats why I'm working on a budget.


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## Bellasmom (Jun 22, 2011)

When I was MUCH younger, my dad did borrow a substantial sum of money so that I could get the show horse of my dreams. At the time he was partner in a company servicing oil field equipment & was very secure financially UNTIL his partner embezzled most of their funds and left the country. About the same time (80's) the oil/gas industry took a nosedive. We ended up bankrupt, loan defaulted on, horse gone. I am now in my 50's and have lived conservatively my whole life. Everything I own is paid for.....it is amazing how much money you have for fun stuff when you don't have a car payment, a house payment, or a credit card payment. People that say "you only live once, you can't predict the future, gamble on what you love" are generally either young or slow learners, IMO.


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## NorthernMama (Mar 12, 2008)

myhorsesonador said:


> OK I'm talking like a cash loan to buy a horse, not a horse ON loan. When I was goggling, it was hard to find whats what!
> 
> 
> With in the next year, I would like to buy a nice horse for eventing/low level dressage(I know dressage is "in" eventing). I just don't have the money to drop a large amount at this time in my life, but I have enough to make payments. I'm planing on taking out enough to pay for tack as well, since I sold all of mine after I sold Soñador. I obviously want to have a good sized down payment.
> ...


The posts that are anti-loan are "off topic" but the posts that give you ideas of how to do it, regardless of if they've done it or not aren't off topic.

Seems to me the topic is "taking out a loan to buy a horse." Since I say it's a bad idea in my opinion, how is that off topic? Doesn't answer your questions, but neither does how to buy a horse on a credit card.

So to answer your questions:
_Who has done it?_ Not me.
_What was your experience through the proses?_ s/b "process" -- I have no experience, so I can't answer that.
_Would you do it again?_ I would never do it in the first place
_Did you get insurance on the horse?_ I haven't, but I most certainly would.

That's not "off topic."


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## myhorsesonador (Jun 21, 2009)

NorthernMama said:


> The posts that are anti-loan are "off topic" but the posts that give you ideas of how to do it, regardless of if they've done it or not aren't off topic.
> 
> Seems to me the topic is "taking out a loan to buy a horse." Since I say it's a bad idea in my opinion, how is that off topic? Doesn't answer your questions, but neither does how to buy a horse on a credit card.
> 
> ...


The posts that give 1000 reasons not to do it are off topic, since they have never done it. like I've said over and over and over and over.... I didn't ask should I do it, I asked have you done it. The posts about how to buy on a credit card were in respons to some one who has done it.


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## texasgal (Jul 25, 2008)

I've done both. I took out a loan when I was young to buy a palomino show horse.. he wasn't expensive, but it helped me establish some credit.

I just last week came back from Arkansas with two horses purchased on a credit card. Why? Well, because that is the method of payment I had available when I was made the offer. Also, it was a suprise for my husband and the only way I could pull it off.

I don't see it any different from the motorcycle, or the land, or the tractor that we have purchased on time. The credit card will be paid off pretty pronto, but many people buy "toys" on credit..

It's a personal choice.

BTW .. loans are neither "evil" or "good" .. it's what we DO with them that is either good or bad for us.


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## NorthernMama (Mar 12, 2008)

Texasgal, buying a horse on a credit card because that's the only option at the time, but the card will be paid at the end of the month is very different than buying on a credit card and paying it off over the next two years.

OP -- you know, there is no problem that you have your opinion about buying on credit. The problem is how you have jumped at people that have stated their opposing opinions by stating it's OFF TOPIC. It's not off topic, you just don't agree. Those of us that have never bought a horse on credit are answering your first question. so ON TOPIC.

I'm done now... bye bye la.


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## JustDressageIt (Oct 4, 2007)

MelissaAnn said:


> My friend took out a student loan to buy her horse. The interest rates are good for student loans, if you are in college. If you are not in college, please enroll soon, as a college degree will help you pay for your expensive hobby.
> 
> In other news, the same friend is currently debating if she should take out another student loan to pay off her $2,000 vet bill. The interest is much lower for a student loan than what the vet is charging.
> 
> I think you have messages coming from a lot of older more experienced people who wish they had less debt. You should listen to them.


Shock does not even start to describe my feelings towards this. Unless a student loan is open somehow - student loans are for expenses relating to school!! Not frivolous expenses... I hope that it's some sort of open loan, not a true student-expenses-only loan as most student loans are otherwise she could be in big trouble if she's ever audited. 
And people wonder why the economy is the way it is...
_Posted via Mobile Device_


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## JustDressageIt (Oct 4, 2007)

myhorsesonador said:


> fftopic:
> 
> No really? you mean it eats? Wow I never knew that. Seriously I've already gone over this, do you think I'm that dumb? This isn't my first horse, my last horse, was high mantanence. 1 bale of hay a day + pasture + more grain than 2-3 horses would normaly get, just to keep weight on her. Thats why I'm working on a budget.


People are trying to give you sound advice here, MHS... Replies like this make me wonder a bit about the level of maturity behind the motive. Accept the help - this is a forum after all, you're going to get lots of different opinions and thoughts. Please don't get mad at those that are just trying to help you see things from a different side. 
Financing a horse is day and night different from financing a car. Cars are more or less a steady price - I.e. if you have a 2010 Silverado with 67894 miles, it's worth approximately X amount. There is nothing tangible with a horse... It's all relative. If the horse is injured badly, there goes its value. You can park a car for a year and have no expense other than the loan payment - you cannot do this with a horse. 
Financing a horse is above and beyond risky. 

If you get a loan from a parent, great... I do not suggest you borrow against a bank for that. Very few instances would I advocate it. 

Build up good credit with a low limit credit card. Build up positive history. Don't start your credit history with a giant loan for a toy.
_Posted via Mobile Device_


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## BBBCrone (Jan 28, 2012)

JustDressageIt said:


> Shock does not even start to describe my feelings towards this. Unless a student loan is open somehow - student loans are for expenses relating to school!! Not frivolous expenses... I hope that it's some sort of open loan, not a true student-expenses-only loan as most student loans are otherwise she could be in big trouble if she's ever audited.
> And people wonder why the economy is the way it is...
> _Posted via Mobile Device_



Love your post! Oddly enough ... I'm not shocked at all *shrugs* ... Mad as heck? You bet, shocked ... not really. Which is sad 

Anyway to stay ON TOPIC!! No ... never done it.


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## kitten_Val (Apr 25, 2007)

myhorsesonador said:


> What do you think cars, boats, guns..... (the list goes on) are? Are they not toys? I would think they are.


Not the car. I commute 40 miles and there is no public transportation anywhere in area. So I don't consider it as a "toy" (and I go with the cheapest and most economical one).

As for finance, I think it'll depend on your credit history and bank statement, and of course on how much you want a finance for ($1000 is clearly easier to get than $10000). But frankly I'm not sure how you get loan on horse - I haven't seen such a category in my bank. Hopefully someone who did it will pitch in.


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## kitten_Val (Apr 25, 2007)

bsms said:


> I guess it is my age showing. It astounds me what people will borrow money for...


bsms, I'm younger than you, but I agree completely. BTW, my horses were way cheaper than yours, and I didn't get the one till I got a well-paid, stable job. I was not feeling even nearly comfortable to ask my parents to pay for my (quite expensive) hobby till I could do it myself.


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## myhorsesonador (Jun 21, 2009)

JustDressageIt said:


> People are trying to give you sound advice here, MHS... Replies like this make me wonder a bit about the level of maturity behind the motive. Accept the help - this is a forum after all, you're going to get lots of different opinions and thoughts. Please don't get mad at those that are just trying to help you see things from a different side.
> Financing a horse is day and night different from financing a car. Cars are more or less a steady price - I.e. if you have a 2010 Silverado with 67894 miles, it's worth approximately X amount. There is nothing tangible with a horse... It's all relative. If the horse is injured badly, there goes its value. You can park a car for a year and have no expense other than the loan payment - you cannot do this with a horse.
> Financing a horse is above and beyond risky.
> 
> ...


I'm sorry but I'm sick of this thread going around and around. I didn't ask for advice, I wanted to know what other peoples exsperiance was with it. I knew I would get good and bad, but I don't want to hear about the what ifs, and the obvious, it eats from people that have never done it. I've had a horse before I know it costs a lot to keep one. I already KNOW all that.


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## JustDressageIt (Oct 4, 2007)

myhorsesonador said:


> I'm sorry but I'm sick of this thread going around and around. I didn't ask for advice, I wanted to know what other peoples exsperiance was with it. I knew I would get good and bad, but I don't want to hear about the what ifs, and the obvious, it eats from people that have never done it. I've had a horse before I know it costs a lot to keep one. I already KNOW all that.


This type of reply makes me worry about the level of maturity behind the motive. Sorry. Good luck.
_Posted via Mobile Device_


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## myhorsesonador (Jun 21, 2009)

kitten_Val said:


> Not the car. I commute 40 miles and there is no public transportation anywhere in area. So I don't consider it as a "toy" (and I go with the cheapest and most economical one).
> 
> As for finance, I think it'll depend on your credit history and bank statement, and of course on how much you want a finance for ($1000 is clearly easier to get than $10000). But frankly I'm not sure how you get loan on horse - I haven't seen such a category in my bank. Hopefully someone who did it will pitch in.


It would have to be a personal loan, and I know that can be hard to get these days.



kitten_Val said:


> bsms, I'm younger than you, but I agree completely. BTW, my horses were way cheaper than yours, and I didn't get the one till I got a well-paid, stable job. I was not feeling even nearly comfortable to ask my parents to pay for my (quite expensive) hobby till I could do it myself.


I don't want my parents to pay for it, I just need their credit since I have none. I will be paying the loan myself.

I know the best option is payments on the horse, but I'm just trying to look at all the options before I choose one. I've not even started looking for a horse, because I want to have a good sized down payment any way.


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## COWCHICK77 (Jun 21, 2010)

I have done it sort of.... I made payments to the owner.
It was a good experience for the most part. We had a legal contract. Unfortunately the owner(and dear friend passed away) while I was still paying. His sister was in charge of his estate. I was the only one who continued to pay after he passed. She later wanted to resolve eveything and close it up and still owned about half of what was borrowed. She wrote it off and gave the papers! I still keep in touch with her.

Anyhow, I was very honest about what I could afford to pay every month. I wanted to be sure I could make those payments! 

A lot of folks finance trucks, trailers, boob jobs...why not a horse?
_Posted via Mobile Device_


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## littleamy76 (Jun 30, 2011)

> I don't want my parents to pay for it, I just need their credit since I have none. I will be paying the loan myself.


Ya know, one of these days you will eventually need to build your credit up. Now would be a good time. At 19, I had my own apartment, credit card, and bank account. I didn't have to ask my parents to get a loan for me under their name. If you want something so bad, learn to do it on your own. Life isn't given to you on a silver platter. If my kids were your age and asked me to put a loan in my name so they can go out and buy a horse, lol let's just say it wouldn't happen.


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## myhorsesonador (Jun 21, 2009)

littleamy76 said:


> Ya know, one of these days you will eventually need to build your credit up. Now would be a good time. At 19, I had my own apartment, credit card, and bank account. I didn't have to ask my parents to get a loan for me under their name. If you want something so bad, learn to do it on your own. Life isn't given to you on a silver platter. If my kids were your age and asked me to put a loan in my name so they can go out and buy a horse, lol let's just say it wouldn't happen.


I just graduated. I'm working on buidling credit, but it doesn't happen over night.


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## heymckate (Nov 23, 2010)

Why are you being so rude to people who are offering their advice? Even if you consider it "off topic" (which I don't think it is), there's no reason to be sarcastic and snarky. People are offering their opinions, many of whom are mentioning valid issues you should consider before embarking on such a big financial decision. There may be some issues that people are addressing that you might not have thought of or considered. And there is nothing wrong with that.

It seems like all you want is for people to say, "It's a great idea! Go do it!"

So... it's a great idea! Go do it! It sounds like that's what you're going to do anyway. So no point in being rude to anyone else offering opinions and things to consider.


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## myhorsesonador (Jun 21, 2009)

I don't know if I'll do it or not. I prefer to pay out right, but I would like to not have to wait that long. My first option is going to be payments to the owner.


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## kitten_Val (Apr 25, 2007)

COWCHICK77 said:


> A lot of folks finance trucks, trailers, *boob jobs*...why not a horse?


****! I would NEVER pay for that.

Sonador, if your parents are OK to loan money to you I don't see it as being an issue frankly. My concern is not so much the money to buy, but will you be able to maintain the horse (boarding/vet/trim/etc.) without getting more and more into the loan? As I said my horses were cheap, however the expenses to keep them are quite high.


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## myhorsesonador (Jun 21, 2009)

kitten_Val said:


> ****! I would NEVER pay for that.
> 
> Sonador, if your parents are OK to loan money to you I don't see it as being an issue frankly. My concern is not so much the money to buy, but will you be able to maintain the horse (boarding/vet/trim/etc.) without getting more and more into the loan? As I said my horses were cheap, however the expenses to keep them are quite high.


 
I understand, Thats one of the resons I want to try and stay away from a loan, but before I make the decision, I'm going to make payment plan. I want to factor, gas, dog food, loan/owner payments, hay, grain, supp, ferrier, vet, and I wont do it if I don't end up with at least $30-50 to put in savings. 

Who knows, by the time I find a horse, I could have enough saved up to pay out right, but like I said, I'm looking into all my options.


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## Faceman (Nov 29, 2007)

kitten_Val said:


> ****! I would NEVER pay for that.


Being a banker, I guess my first question would be what would the collateral be on a boob job?...:rofl:


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## COWCHICK77 (Jun 21, 2010)

Faceman said:


> Being a banker, I guess my first question would be what would the collateral be on a boob job?...:rofl:


LOL! Can you at least repo them???


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## myhorsesonador (Jun 21, 2009)

Faceman said:


> Being a banker, I guess my first question would be what would the collateral be on a boob job?...:rofl:


I think the post has gotten me the information I wanted, so I will alowe this talk of boobs, since I would like to know as well. 

Speeking of boob jobs, have you seen that one lady that is adicted to her boobs? She was like a KKK!


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## nyx (Jun 12, 2012)

Addicted too boobs.. Wtf? 

I dont get it lol
_Posted via Mobile Device_


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## myhorsesonador (Jun 21, 2009)

nyx said:


> Addicted too boobs.. Wtf?
> 
> I dont get it lol
> _Posted via Mobile Device_


I KNOW!! She is scary, She can't hug her kids, and she has really bad back pain. I'll try to find the vid when my interet is working beter.

I don't even want to know how in debt she is from boob jobs.


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## ARTEMISBLOSSOM (Apr 3, 2011)

I have been reading this thread with interest. OP I personally have never taken a loan out to buy a horse and I have never paid more that 1500 for a horse in my life, and I probably never would. I dont do any showing so I never needed an expensive horse. I guess this is off topic, but reading other peoples posts here has me wondering how people afford some of the high priced horses that are for sale without using some kind of credit. I just looked on "Horse Clicks" and there are more than 75 pages of horses for sale that cost more than $25,000.00. I can't imagine having that much money just sitting around waiting to be spent on a horse. Whatever you decide to do I wish you luck and hope you find the horse of your dreams and have many wonderful years with him/her.


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## myhorsesonador (Jun 21, 2009)

Found it, I'm going to post it in the saloon, and start a new thread. I really want to see where the convo will go.


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## myhorsesonador (Jun 21, 2009)

ARTEMISBLOSSOM said:


> I have been reading this thread with interest. OP I personally have never taken a loan out to buy a horse and I have never paid more that 1500 for a horse in my life, and I probably never would. I dont do any showing so I never needed an expensive horse. I guess this is off topic, but reading other peoples posts here has me wondering how people afford some of the high priced horses that are for sale without using some kind of credit. I just looked on "Horse Clicks" and there are more than 75 pages of horses for sale that cost more than $25,000.00. I can't imagine having that much money just sitting around waiting to be spent on a horse. Whatever you decide to do I wish you luck and hope you find the horse of your dreams and have many wonderful years with him/her.


Well I used to work for a broker 6 years ago, and most were over $50,000 WBs. TBs were around $10,000. My QH mare was $30,000 as a yearling but because it was a family deal I didn't pay over $500 :lol: 

Any way, if your a lawer, or were born with money, then you wouldn't need to take out credit, or if you saved for a long time.

Remember, the only way to make a $1,000 in horses is to start with a $1,000,000!

In the end, I could end up with an ugly nag that is cheap, because I click with it.


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## Golden Horse (Feb 20, 2010)

myhorsesonador said:


> I think the post has gotten me the information I wanted, so I will alowe this talk of boobs, since I would like to know as well.


:rofl::rofl: You'll allow it eh?

Did you have any glimmer of a thoughts that you would stop it??


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## myhorsesonador (Jun 21, 2009)

Golden Horse said:


> :rofl::rofl: You'll allow it eh?
> 
> Did you have any glimmer of a thoughts that you would stop it??


Nope, but since I made such a fuss over other posts going off track, I figured I might as well give my aproval for the train to go off track. XD


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## waresbear (Jun 18, 2011)

Well since you are approving....

Boob jobs = Self Mutilization. Oh yeah, and a complete & "udder" waste of funds.


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## doubleopi (Dec 27, 2011)

Hey, I was reading this and thinking....nope, I've never taken out a loan to buy a horse but I sure was in the same boat about the NO credit thing! Course, I took out a savings secured loan (the only thing I could get with NO credit...couldn't even get a credit card. I know, I applied) and then didn't buy a dang thing with it, just stuck it back in the account and let automatic payments do their things. Seems to have worked.
I would love to be able to afford any horse but I have a feeling that if I ever got serious enough in any discipline to want/need a horse worth more than....$400 (what I got my baby girl for) I would probably need a loan of some sort. I wouldn't really be much opposed to it provided there is enough money after loan payments to be able to adequately care for the horse as well. Anyway! Whatever you choose...Good luck finding your perfect partner!


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## myhorsesonador (Jun 21, 2009)

waresbear said:


> Well since you are approving....
> 
> Boob jobs = Self Mutilization. Oh yeah, and a complete & "udder" waste of funds.


Fake boobs = gross.

I can understand a reduction, because I've thought about it, but to make them bigger....just eww


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## myhorsesonador (Jun 21, 2009)

doubleopi said:


> Hey, I was reading this and thinking....nope, I've never taken out a loan to buy a horse but I sure was in the same boat about the NO credit thing! Course, I took out a savings secured loan (the only thing I could get with NO credit...couldn't even get a credit card. I know, I applied) and then didn't buy a dang thing with it, just stuck it back in the account and let automatic payments do their things. Seems to have worked.
> I would love to be able to afford any horse but I have a feeling that if I ever got serious enough in any discipline to want/need a horse worth more than....$400 (what I got my baby girl for) I would probably need a loan of some sort. I wouldn't really be much opposed to it provided there is enough money after loan payments to be able to adequately care for the horse as well. Anyway! Whatever you choose...Good luck finding your perfect partner!


I have a feeling that the money is going to e the easy part, finding the perfect partner, now that is where the hard part is going to come in!


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## kitten_Val (Apr 25, 2007)

Faceman said:


> Being a banker, I guess my first question would be what would the collateral be on a boob job?...:rofl:


FM, I'd be even more curious what would be a pay-off for the borrower in a long run.....


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## kitten_Val (Apr 25, 2007)

myhorsesonador said:


> Speeking of boob jobs, have you seen that one lady that is adicted to her boobs? She was like a KKK!


Haven't seen this one, but I remember reading about the lady who decided to use the same technology on her butt (I wonder how much that would cost!). Unfortunately she wanted it too big, so instead of new J-Lo her bum exploded during the surgery.


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## MelissaAnn (Aug 26, 2011)

Of course my friend who took out the student loan is an idiot. She is also an idiot for taking out ANOTHER student loan to pay for the vet. Student loans should be for books, etc. Federal Student Loans go directly toward tuition at school. Private student loans go directly into student's bank accounts to be used for whatever. It's predatory (in my opinion) to give that much money to an 18 year old. People taking out loans for things they don't need is what is wrong with this country. What ever happened to working for what you want?

I am suprised no one else has brought this up....
What happens if your horse colics and dies? What happens if it goes lame and you have an expensive pasture pet? You are still working you *** off to pay off a $10,000 horse. If you are riding it or not. 

I didn't say all that before because I was trying to offer impartial advice to the OP about buying a horse on credit. Which is what she asked for.


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## DancingArabian (Jul 15, 2011)

MelissaAnn said:


> Of course my friend who took out the student loan is an idiot. She is also an idiot for taking out ANOTHER student loan to pay for the vet. Student loans should be for books, etc. Federal Student Loans go directly toward tuition at school. Private student loans go directly into student's bank accounts to be used for whatever. It's predatory (in my opinion) to give that much money to an 18 year old. People taking out loans for things they don't need is what is wrong with this country. What ever happened to working for what you want?
> 
> I am suprised no one else has brought this up....
> What happens if your horse colics and dies? What happens if it goes lame and you have an expensive pasture pet? You are still working you *** off to pay off a $10,000 horse. If you are riding it or not.
> ...


How does putting something on credit mean you're not working for it? The money to pay the bill has to come from somewhere - work usually 

What happens if a person buys a car and it has a catastrophic failure where it's not worth fixing? You still owe what you have unpaid on it. What happens if you buy a house and it floods, but you dont have flood insurance as most people don't? You don't get a refund there either.

Buying anything on credit is a risk. It's just a matter of if you can afford the risk or not.
_Posted via Mobile Device_


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## MelissaAnn (Aug 26, 2011)

DancingArabian said:


> How does putting something on credit mean you're not working for it? The money to pay the bill has to come from somewhere - work usually
> 
> What happens if a person buys a car and it has a catastrophic failure where it's not worth fixing? You still owe what you have unpaid on it. What happens if you buy a house and it floods, but you dont have flood insurance as most people don't? You don't get a refund there either.
> 
> ...


Really? you think the chance of your house being destroyed by a flood is the same as a horse getting injured or sick? You think buying a horse or car is the same as a horse? We are talking apples and oranges here.


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## natisha (Jan 11, 2011)

bsms said:


> fftopic:
> 
> Hope your friend is studying something with a high payback. I wouldn't have thought it was LEGAL to use a student loan to buy horses or pay for vet bills, but your friend might want to remember that students loans are forever - the only way to clear the debt is paying it. It is stories like these that cause me to be unsympathetic when I read of new college grads with $50K+ in debt, ballooning with interest forever and ever...
> 
> There are rare occasions when borrowing money to buy a horse makes sense, but not many. I'm not the OP's daddy, and she is SOOOO lucky I am not...


Also fftopic:That irritated me too. Then they protest in the streets how unfair it is that they have to pay it back.


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## MelissaAnn (Aug 26, 2011)

natisha said:


> Also fftopic:That irritated me too. Then they protest in the streets how unfair it is that they have to pay it back.


 
The entire system needs to be fixed. It should not be so easy for an 18 year old to get their hands on that kind of cash. LOTS of people who go to school for equine studies spend student loan money on horses. I was not one of them, but it happens. You can get a "student" loan from any bank or credit union. They don't care what you spend it on, they just call it a "student" loan because you are a student. 

I have $10,000 in actual student loans that I've been paying on the past 7 years, but my debt actually went towards a bachelor's degree that is making me money. It's not something that I have to pay to feed.


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## kitten_Val (Apr 25, 2007)

natisha said:


> Also fftopic:That irritated me too. Then they protest in the streets how unfair it is that they have to pay it back.


Hey, I want some free money too!


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## natisha (Jan 11, 2011)

COWCHICK77 said:


> LOL! Can you at least repo them???


No, that's the best part. Get a guy to pay for them, then when you break up you don't have to return them (like you would a ring) & the next guy won't mind you wearing something bought by another guy (like he would a ring) :wink:


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## wyominggrandma (Nov 4, 2009)

It can work out or it can be a diaster. I have done it, bought the horse, paid it off, hated the horse, sold the horse. My daughter had a loan for her barrel horse. Has paid it faithfully, even though horse was killed and not insured. So she is paying a loan on a dead horse. 
I think it is something personal for you and your parents to decide. As far as the comments on "don't buy something you have to pay interest on".. thats crazy. Unless you are rich and have no money issues, most folks have to use loans and pay back interest. Cars, trucks, trailers...... HOUSES, cost lots of interest. Not too many people I know can pay cash for a home. And guess what, people lose their homes also....... 
If you feel you can make the payments, no matter what happens, if your parents are willing to help them, if you realize how this will impact your parents credit if things go bad. If you have thought it over and it works for all of you, have the bank or credit union put your name on loan also so it will build your credit and go for it. 
As far as the comments about "are you going to pay for the upkeep, feed, etc on loans also?" Snarky comments and no reason for them. 
I am amazed at how many folks make comments like those, who talk about having huge savings accounts for vet use, etc and try to make everyone else seem like charity cases or that they should not have horses because they don't have huge vet funds, can't buy horses without financial help. 
My hubby and I have horses, a RZR, car payment, truck payment and house payment. We both work, live in a very low wage area, have no vet fund, have no huge cash savings accounts, yet we live just fine. We assume that we will have our jobs and enjoy our lives. If something happens, then we will figure it out. I am certainly at this stage of our lives not going to sell everything we own because we don't have thousands of dollars of cash available to pay outright for our toys. Oh yea, our credit scores are excellent, we could go buy what we want when we want it. Would some of the "know it alls" tell me that we should not have horses, toys, truck, car etc because we are paying INTEREST on it? probably, but its none of their business.
To the OP, go ahead and take a loan out if it is what you and your parents decide to do. Do not let the negative folks make you feel bad for asking your question. Just be knowledgeable on all the facts.


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## DancingArabian (Jul 15, 2011)

MelissaAnn said:


> Really? you think the chance of your house being destroyed by a flood is the same as a horse getting injured or sick? You think buying a horse or car is the same as a horse? We are talking apples and oranges here.


You can't quantify the risk with numbers. Is it more likely that your basement will floor or that your horse will kick through a wall? Does one have a 11% chance but the other has a 22% chance? Is the percentage that you'll hit a curb skidding in the rain breaking an axle 9% or is it 40%? Is that more or less likely than your horse would try to jump a fence and get stuck?

Buying on credit is a risk, period. I didn't say all risks were a bad idea nor are they all a good idea. A bad risk can turn out well and a good risk could turn out horribly wrong. My point is is that you cannot predict exactly what will happen. You have to weigh and measure the risks you are willing and can afford to take and go from there.
_Posted via Mobile Device_


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## MelissaAnn (Aug 26, 2011)

Here is an article from cnn money talking about the difference between "Good Debt" and "Bad Debt". Buying a house, financing a car, paying for college is all "Good debt". Buying a horse is "bad debt". 

Good debt vs. bad debt


Wyominagrandma brought up a good point, what if the horse dies suddenly and is not insured? How is the OP going to handle making payments on her dead horse while trying to finance a new one? Saving up is not part of her plan.


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## myhorsesonador (Jun 21, 2009)

MelissaAnn said:


> Saving up is not part of her plan.


I don't know where you got that information but it's wrong.

BTW either you shell it all out at once or you pay for it over time, that horse still cost a lot of money, if some thing happens your still out all that money.

It looks like this thread is going to turn into a "don't buy expensive horses, because some thing could happen to it." Well sorry, something can happen to cheap horses, turning them into an expensive horse. It's all a gamble.

I've decided to not get out of bed today, because I could trip and fall, and bust open my face. It would cost a lot to go to the hospital, so I'll just avoid life for today.


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## MelissaAnn (Aug 26, 2011)

myhorsesonador said:


> I don't know where you got that information but it's wrong.
> 
> QUOTE]
> 
> ...


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## DancingArabian (Jul 15, 2011)

MelissaAnn said:


> Here is an article from cnn money talking about the difference between "Good Debt" and "Bad Debt". Buying a house, financing a car, paying for college is all "Good debt". Buying a horse is "bad debt".
> 
> Good debt vs. bad debt
> 
> ...


Like I said more than once, it is a risk. You have to weigh the risk and measure if you can afford to take the gamble. I don't know why you're adamantly disagreeing with me. ANY risk can go bad. House, car and yes even a college education. Students are graduating in a super weak economy with record high levels of debt. That is a good risk turned bad - many can't find jobs or jobs that pay enough to get out of student debt.

I don't know what she would do if the horse died without insurance. However with such an expensive horse you'd think insurance is in the plan - it wasn't part of the topic. Again, the risk of a financed horse dying without insurance is part of the weighing and measuring of risk. I'm not saying she should totally do it but I won't say not to either - I don't know her situation and plan well enough to say that. Who's to say she would immediately horse shop for a replacement? That's just an assumption. All we can say really is an answer to her questions - have you done it and how did it work out.

I CAN say that I've done it, planned carefully and it turned out well. I know another who has done it and it has turned out well. I will not however say what is absolutely right or wrong for someone else without knowing every little detail.
_Posted via Mobile Device_


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## myhorsesonador (Jun 21, 2009)

MelissaAnn said:


> myhorsesonador said:
> 
> 
> > I don't know where you got that information but it's wrong.
> ...


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## natisha (Jan 11, 2011)

myhorsesonador said:


> I've decided to not get out of bed today, because I could trip and fall, and bust open my face. It would cost a lot to go to the hospital, so I'll just avoid life for today.


I wish I could do that sometimes.


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## myhorsesonador (Jun 21, 2009)

natisha said:


> I wish I could do that sometimes.


Don't we all. :lol: 

Thats the good thing about having dogs though, they make you get up. if you don't...well you have a mess to clean up!  5 o'clock every morning, they never fail.


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## MelissaAnn (Aug 26, 2011)

alright, well, I gave impartial information about how people I know finaced horses. That got everyone all rilled up. When I say that I think it's a bad idea, people get all upset about that too. Really it's no sweat off my back what you do with your money or what kind of debt you get saddled with.

The last thing I will say is you are getting a lot more credit couseling here from people who can tell you what it's like to live with debt than any credit card company or bank will ever give you. All they want is your signature.


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## myhorsesonador (Jun 21, 2009)

DancingArabian said:


> Like I said more than once, it is a risk. You have to weigh the risk and measure if you can afford to take the gamble. I don't know why you're adamantly disagreeing with me. ANY risk can go bad. House, car and yes even a college education. Students are graduating in a super weak economy with record high levels of debt. That is a good risk turned bad - many can't find jobs or jobs that pay enough to get out of student debt.
> 
> I don't know what she would do if the horse died without insurance. However with such an expensive horse you'd think insurance is in the plan - it wasn't part of the topic. Again, the risk of a financed horse dying without insurance is part of the weighing and measuring of risk. I'm not saying she should totally do it but I won't say not to either - I don't know her situation and plan well enough to say that. Who's to say she would immediately horse shop for a replacement? That's just an assumption. All we can say really is an answer to her questions - have you done it and how did it work out.
> 
> ...


yes I think insurance is a no brainer with any thing that cost a lot.

Gosh, if I had a horse die, I don't know how long it would be before I could go looking for a new horse. At least with Sonador I know she is alive and loved very much.


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## LoveMyGoGo (May 23, 2012)

Have I done it for a horse, no. With my situation, I'm too scared to even own a horse..my husband would shoot me :-? Just buying some tack, show clothes, entry fees, tickets (lawyer fees :x) things like that have put me in more debt then I should be.

Reading this just made me sick to my stomach thinking about my maybe $5,000 worth of debt (school and credit card - now a loan through my bank, less interest), not counting my house and car payments, insurance, phone bill, cable, gas and food...no matter how big or little your debt is, it's not fun thinking about paying it off.

Hopefully by the time you've saved and start looking you'll find something you can buy without having to get a loan!


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## JustDressageIt (Oct 4, 2007)

Re: insurance - still not a sure thing!!! Most companies will not offer loss of use anymore... So what if said horse injures itself badly enough to require extensive care and be unsound for the rest of its life, but not badly enough to warrant it to be put down? Insurance may not pay for some things as well - what if a condition is deemed as pre-existing? Navicular is one of those touchy things - some insurance companies may not cover it, it can decrease a horse's value, and if it's bad enough, it can be career-ending. Also with most companies, once you make a claim for X, the company may not cover for that same X for a year or ever again. 
Insurance is a great thing - I have it for Ro - but it is not a guarantee!
_Posted via Mobile Device_


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## DancingArabian (Jul 15, 2011)

Speaking of insurance...I need to renew my policy or maybe shop around for a new one.

Good luck whatever you decide to do OP!
_Posted via Mobile Device_


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## ljazwinski (Jul 7, 2012)

myhorsesonador said:


> Don't we all. :lol:
> 
> Thats the good thing about having dogs though, they make you get up. if you don't...well you have a mess to clean up!  5 o'clock every morning, they never fail.


not me.... doggy door!!!!!


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## myhorsesonador (Jun 21, 2009)

ljazwinski said:


> not me.... doggy door!!!!!


Well since I don't have a fence to keep mine in, they no get dog door.

This has to be one of my longest threads yet!


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## Reno Bay (Jul 8, 2012)

Have I financed? No.
Would I? No.

The best option would be to save up, like you plan on doing. Since the horse market is crap right now, you could probably find a good horse for less than you think. You said you're not interested in TBs, but just for comparison sake - there are ON track and retired TBs (with no injuries, perfect health) going for less than $5,000 in some areas. I adopted mine (although with a very old, cold injury that really will never bother him unless we do something stupid) for $150. I'm currently making JUST enough money to afford his board (my BO is training him for free, the lovely woman).

So although a lot of rescue horses are injured or have other issues, not all of them do and it could be a very good thing to look into because if you find one with absolutely no health issues and can adopt it for a very small fee, you can take all that other money you've saved up and use it for things like tack, food, vet bills, and whatnot.

I'm not saying DON'T get a loan. I wouldn't particularly suggest it, but it's not my call. Look into all of your options. I found my heart horse at the rescue and he's come a very long way in less than a year. Good luck to you.


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## stormylass (Jul 12, 2012)

I have done it several times, and will not do it again! I get what your saying, but for some reason in the cosmos , buying a boat doesnt cause your other horse to colic, or a motorcycle doesnt cause your back tooth to suddenly all in one day to need a root canal!! I'm just saying it was really stressful, every time I did it and finally I learned, now I PAY CASH!!!.


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## DrumRunner (Jan 26, 2011)

I'm not even going to read through the whole thread..I can tell it's gotten heated so I'll just say my piece..I took out a loan when I bought Nikki..It wasn't that I couldn't afford her, didn't have the money to make payments, or anything else like that..At the time I was 20 and had never bought anything myself, or bought it in my name anyway..I went to my bank and took out a $3,000 loan and had an automatic transfer set up with my bank account to just pull the money every month for payment. The reasoning behind doing it this way was to build up my credit. I could afford the payment and all "horse" bills no problem. My dad and I just thought a loan would be a good way to go as long as I thought I could handle it. I didn't have a single problem with paying the loan off and it did really good things for my credit...I would definitely take out another loan to purchase another horse with if I wanted to.


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## ChristineNJ (Jan 23, 2010)

Just wondering what your income is and how you plan on paying for hay, grain, lessons, supplements, boots, riding clothes, expenses that go with showing including trailering, Vet bills, Farrier bills, Worming bills and teeth floating bills????? Horses are expensive!! Oh yes, and of course insuring the horse. I think you should call Suzie Orman and ask her "Can I afford it"???? Are you working and do you have savings for emergencies???


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## KarrotKreek (Mar 31, 2012)

Ok, a lot of comments on here about if you can't pay cash you can't afford a horse.

Everyone starts out somewhere. And we all look back and would make different decisions. For some, that might be to take out a loan and have enjoyed a horse 5yrs sooner. For others that might be to have saved up more money to buy a better horse to start with.

The OP can do what is right for her. I'm personally in the camp of do what you can afford to do. If that means you can afford a loan and upkeep, go for it. Nobody knows what will happen tomorrow. Case in point I got cancer in my 20's. Talk about eye opener. I always put a lot of things in my life on hold for career, savings, and all before that. You know, the I'll go on vacation after my next raise/promotion, or I'll do that when have more time (which never comes). Then I reprioritized. Family, friends, home, personal interests, career. I still have a great job and now I do things I enjoy because I balance my life. I probably work more than i did before... but its not the center of my world anymore. Everyone has to find their own balance of income, family/home/friends and fun.


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## ljazwinski (Jul 7, 2012)

KarrotKreek said:


> Ok, a lot of comments on here about if you can't pay cash you can't afford a horse.
> 
> Everyone starts out somewhere. And we all look back and would make different decisions. For some, that might be to take out a loan and have enjoyed a horse 5yrs sooner. For others that might be to have saved up more money to buy a better horse to start with.
> 
> The OP can do what is right for her. I'm personally in the camp of do what you can afford to do. If that means you can afford a loan and upkeep, go for it. Nobody knows what will happen tomorrow. Case in point I got cancer in my 20's. Talk about eye opener. I always put a lot of things in my life on hold for career, savings, and all before that. You know, the I'll go on vacation after my next raise/promotion, or I'll do that when have more time (which never comes). Then I reprioritized. Family, friends, home, personal interests, career. I still have a great job and now I do things I enjoy because I balance my life. I probably work more than i did before... but its not the center of my world anymore. Everyone has to find their own balance of income, family/home/friends and fun.


EXCELLENT reply.... I agree totally with everything you have said.....


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## vthorse (Apr 25, 2012)

I think it doesn't matter what other options are out there. You want to know opinions on taking out a loan for a horse.

I don't see anything wrong with it as long as you have the horse vetted first. The worse thing would be to buy a horse because you love it only to find out it has serious physical limitations.

Good luck.


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## Chevaux (Jun 27, 2012)

A couple of the previous posts have pretty much captured my opinion. However, my thought is if you want to do it, OP, do it as it is after all your life. But I caution you to make sure you've got a very sound disaster plan in place (in case your horse isn't lol) to cover the unexpected and to recognize that your getting yourself tied to financial commitments that will hold on to you down life's road. I think many here will agree that juggling what may seem as adequate funds on paper is alot different in real life when it comes time to paying those uncompromising and unrelenting bills.

Also, just as an fyi, I would not take out a loan for a horse. Good luck.


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## Chevaux (Jun 27, 2012)

Please disregard this particular post -- I am now in full dispute with my computer.


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## EasterBunny (Jul 25, 2012)

I did payments on a horse so that I would have plenty of money if needed for vet bills. On note - most sellers will not let you take the horse from the property until it is paid off. So, I was responsible for medical/farrier/etc. but could not take horse from the property. Horse was too young to start, so did not really matter and the seller graciously offered 0% interest and free board at her home. So, overall it was a good financial arrangement for me. Horse did get an injury while there (no fault of the seller) and it was handled well. But glad I had not paid outright and could pay vet with 100% comfort. Should also mention that I had just taken a job double my old salary, so I knew I could make the payments without issue (and just over a few months).

FYI - Credit union gave me an unsecured loan for 6K (max I asked for, sure it could have gone up) to help finance a job related move. Interest was high (11%?). But secured loan rates are really low right now. Would check with credit union but also talk with sellers. Horse market stinks right now, many may be interested in payments just so they have one less to feed this winter. 

Good luck!


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## jillybean19 (Dec 23, 2011)

myhorsesonador said:


> I doubt it is legal, and it sounds like a bad idea.
> 
> Your right your not my Dad, but you pay for your kids to have horses, mine isn't. So I really don't see your point.


It's not legal to use student loans for anything other than school-related expenses (which do include housing and gas, for example, since you need to be able to live while you go to school and don't have a job). Your friend will be in big trouble if the government knew about her "school related expense". Then again, people misuse student loans all the time. A friend of my husband's took his wife to Hawaii on theirs!


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## horsepanel (May 4, 2012)

It's better not to consider the purchasing with loan.If the income is not available for the horse,how can you afford the everything for it?


http://www.apnetting.com


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## HagonNag (Jul 17, 2010)

fftopic:

I've read the whole thread but no one seems to have addressed the issue that bothers me...so the old fart is weighing in:

You are still living at home with your parents. You have not established yourself independently. Are you paying them room and board? Or are they subsidizing your life? In my mind this makes a BIG difference.

At 19-20, you are a recent graduate, but you aren't out on your own yet.
Until you are, my personal opinion is that borrowing for a horse doesn't make any sense. I understand that you are just considering options. It's always fun to dream.

If I were your parent, (lucky for you I'm not) I'd rather see you considering your options of a career and a place to live. Once you are on your feet and independent, THEN you consider a horse. Then, you might even ask for a loan from your parents or backed by your parents. Until then, since you'e still living at home, your parents are subsidizing you and thus indirectly subsidizing any horse you buy. Wouldn't happen at my house.

On the matter of borrowing: Nobody but the uber wealthy pays cash for a house. Very few people pay cash for a car. So we all have debt in our life at one time or another. BUT, when you owe money, you are not free.
Your pay belongs to someone else. How free you want to be is a personal decision each one of us has to make on our own. I enjoy my freedom.
Since I have no debt (partly because I'm an old fart) I'm free to leave a job or take another one without worrying about how I'm going to meet my obligations. I don't have to stay in a job I hate just to stay employed.
Don't even start to say you'd never do that. You haven't been there.

A lot of people have given you a lot to think about. Don't disregard their advice just because it doesn't mesh with what you want to do at this moment. Sometimes truth really does hurt.


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## Joidigm (May 8, 2012)

If you have to borrow against your parents credit in order to get a loan, you are not in a place where you can pay for a loan.

I have a very limited experience with loans. In summer 2008, I had enough money to buy a newish car outright. Well, I didn't. My other half wanted to finance it, to build our credit. We were financially stable enough at the time to afford it, even with non existent credit (which meant high interest rates). Well, that fall, we lost our financial stability. In fact, we lost almost everything. We recovered eventually, still have the car, and have absolutely nothing to show for it. Seriously, after 4 years, our credit is nothing. Our own bank won't even refinance our car loan.

Will I ever put anything on a loan ever again? No. Never. Not going to happen in this life. We're even buying a house right now, outright in two payments, without a loan, from any institution (parents, friends, credit cards, banks, etc).

No, I am not wealthy. I probably qualify for financial help in most instances. And yes, I am very young. But all of my toys are my own. All of them are bought outright, in cash. Except for this car loan, I owe no body, and I cannot wait for this car loan to be done with. That will happily free up extra cash to go into savings.


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