How to get a Horse Loan
If you are thinking of becoming the proud owner of your very own horse or pony but the initial outlay is too much, this article will explain how to go about finding a credit company willing to lend you the money for your equestrian purchase.
A dog may be man’s best friend but the horse has carried us further, providing us with transport, labor and companionship for around 6,000. Although the strength and power of horses made them much more difficult to domesticate, once this was achieved they became indispensable for mankind. Over the centuries the bond between the horse and man has become strong and, although the role of the horse as a working animal has almost disappeared, many of us now dream of owning one of these beautiful creatures for ourselves.
What kind of Horses are available for Sale?
Horses and ponies are wonderful companions and have a long life-span around 25 to 30 years. There are around 200 breeds of horse and pony available so choosing the right animal for your needs can be daunting. Most people buy a horse to ride, either for leisure or competition including dressage, eventing, hunting and jumping.
Ponies make a wonderful companion for the younger rider and will introduce them to the joys of riding, giving them the opportunity to hone their riding skills and, equally importantly, to learn how to groom, feed and generally look after a horse or pony.
You have a choice of four types of animal:
- The Pony: suitable for the younger rider.
- The Stallion: suitable only for those wishing to breed horses, or those with advanced riding skills. Stallions can be aggressive and hard to handle and many events ban stallions so you would be out in the cold if you wished to participate in such events with your riding companions.
- The Mare: While it is true that some mares can be ‘difficult’ when in season the bad press they have had is not altogether justified. Much will depend on the individual horse and many are excellent animals.
- The Gelding: considered the best choice for most riders they generally have the best disposition and are considered a safe bet for first time buyers or riders.
How much will a horse cost?
This is rather like asking how much a vehicle will cost. There is a very wide range available and the cost will vary from a few hundred dollars to many thousands. $500 would probably be the lowest price you would expect to pay but a sound horse between 7 and 15 years old, broken for riding with no specialized training, will cost between $1,000 and $3,000. Expect to pay more for a well trained, younger horse, which would be a more suitable choice for the inexperienced rider and horse owner.
Buying the horse is just the tip of the financial iceberg. Keeping the horse and buying the necessary equipment for riding will add considerably to the expense. Vet’s bills which can be enormous should your animal need treatment.
Where can I get a loan for a Horse?
Having made your mind up to buy a horse and the price you are willing to pay for the privilege, you can ease the burden by obtaining a loan to buy your animal. The good news is that some loan companies, such as Norton Finance, do have experience of equestrian loans and will help you find the most suitable loan for your purchase. There are several large and small finance companies that can help you and a search online will bring up a long list which you can research.
Equestrian loans are generally not restricted to farmers or home owners and are available to anyone wishing to buy a horse who has the necessary credit rating. Loans are available between $5,000 to $50,000 over a repayment period between 3 and 25 years.
Interest rates will vary but will generally be in the range of 10 to 29%. Making a down-payment, if you have the money available, will significantly reduce the long term cost. Don’t forget to borrow enough money to buy the essential equipment, such as saddles, basic stabling costs and initial veterinary expenses which may include vaccines for rabies, tetanus and equine influenza.
Bear in mind that, as with every other business, the recession has had a detrimental effect on the horse market and loans may now be harder to come buy. This does not mean that loans are not available for horses but makes it even more essential that you plan your budget carefully and shop around to make sure you get the best broker for your needs at the best possible rate.
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