Buying a horse with a loan

[jenbleep]

Has anyone here ever bought a horse with a loan?

And if you did could you afford the repayments and the keep of the horse? (E.g on a monthly basis?)

 

[immybrookstud]

i have brought ponies on credit card. but took me alot longer to pay off than origanally planned. best thing is to sit down and work it all out how much you spend each month and add in your loan payment, make sure that you have enough spare for emergancies and unplanned expenses

 

[JJ2]

Yes, it is not ideal but can be done. Just be realistic with how much you can afford each month, leaving some for emergencies etc

 

[jenbleep]

mmm gets thinking cap on..............

thanks for your replies

 

[bhpride]

yes £128pm as will for a year!!!! Was worth it though

so long as you budget etc and can afford it. But I'd never take a loan out for longer than a year.

 

[Wan2bEventer]

I did it! Next month is my last payment (£250 a month) and I have had her for 18 months

 

[jenbleep]

Sorry to be nosy - and if I am tell me to shove off - but how much does your horse cost you a month?

Don't think I could afford £250 a month - more like £130 a month for repayments hehe

 

[bhpride]

Tia costs anything from £100 to £300 including lessons etc, her livery is only £48pm but everything still adds up - lessons, feed, hay, straw..shoeing, worming. It depends how much your take home pay and other outgoings etc, work out a budget, if you've got a good credit rating £130 could get you £1500 maybe over a year? moneysupermarket is good for quotes

 

[immybrookstud]

or maybe put the money a horse would cost you + what extra you have free into a seperate accont it would mount up quickly to buy a horse you wont have interest to pay then either

 

[Crazy_Caz]

Hello

I didnt actually take out a loan but agreed a price and repayment amount and time with seller.

we drew up a contract that stated date of payment and amount (i.e direct debit) and begin and end date of payment. it stated that I was responsible for insuring horse etc., as if anything happened I had to re-imburse the seller etc.,

Took me about 10 months at £250 per month with an initial deposit. Worked well for me - it was interest free - and at the end I now own a remarkable animal that I would not have been able to afford to buy in one hit...

 

[dieseldog]

I've bought most of my horses on my credit cards - keep moving the balance around and it ends up interest free.

 

[Donkeymad]

I bought my first one with a loan. She was fairly cheep and the grazing I rented was cheap too. I made sure the repayments were will within my budget, so no problem.