Regardless of the reasons why you are buying a horse(s), it is not all that hard to get a loan for this purpose. If you do a Google search for “horse loans” you may find that there are not a whole lot of companies that specifically offer financing for you to buy a horse and the items you would need for its care. With that being said, There are countless other types of loans you can get to purchase your horse.
When starting out in your search for funding, it’s very important to know that you do not need to get a specific ‘horse loan’ to get the financing you need to buy one. Many lenders, both commercial and private, will loan you the money you need without you having to specify what you will spend it on. Actually, most finance companies are more concerned with your ability to pay the loan back than they are with what the loan is spent on. installment loans
It is simple enough to approach any lender and state that you would like to take out a general loan, and know what you are willing to offer up as collateral, or if you intend to take out a mortgage on the house etc. The interest rates vary from company to company and they also depend on your credit rating. If you have bad credit then it will be harder to get a loan, although not impossible, and your interest rates will likely be higher than if you have a good credit history.
One very important thing to do, however, is to thoroughly research any loan company you are considering working with. There are a lot of unscrupulous lenders out there waiting to take advantage of people. Many of these companies offer very low interest rates but the fine print on the contract will show that the interest rates rise drastically after a certain period of time. Make sure you know exactly what you are getting into by reading all the fine print and ask about anything you do not understand. Most online lenders will have posted all of their loan types i.e. fixed rate loan, adjustable loan etc. Simply read into each loans offerings.
Horses are not cheap, especially if you are buying more than one, or are looking into breeding them. First you pay for the horse itself but then you will need to pay for the food and equestrian equipment needed, not to mention a barn to shelter it. It is vital that before you go into buying mode that you calculate the funds you will need not only for the purchase of the horse but also for the items you will need to care for and/or train it. Then you will know how large a loan is needed.
If you are new to horse training or caring for them, then it helps to research a bit about this. Doing online research is quite easy these days and will help you to be more aware of all that goes into training them and caring for them. Maybe find someone who has experience in this area, then go to this person and ask your questions so you have a better idea of what purchasing a horse entails and what is the best way to go about it.
Also, look at your budget and make a plan for how you will pay the loan back. It may take a few years, it may take over twenty years, depending on the payment plan that you agree on with the lender but you should have the confidence that you will be able to pay the loan back. If you are not sure that you can pay the loan back, or are simply hoping that things will go as you planned and you will have more money down the line, then you should reconsider taking the loan out at all.