horses on credit?!

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L&M

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Finally manged to read the latest copy of H and H today and was suprised to see that 'Whitegate' stables are inviting people to buy horses on credit. Isn't 'credit' the reason why this country is in such a mess in the first place?!

If you can't afford to pay up front for a horse can you afford to support it? Also if you decide to sell the horse on before the end of the credit aggreement, do you sell the finance package with it, like a used car?! The whole concept makes me feel very uneasy but would be interested in others opinions!
 
And would they want to repossess it if their yard is full and you cannot afford the repayments??
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I dont agree with it,and agree with the above,the intial outlay is the easy bit,if you cant afford that how the hell can you afford to keep it as in 6mnths it will have cost the purchase price most likely
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(we are not talking 10 k here obviously
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ok..........would be interested to know how many get a 'bank loan' to pay for their new purchase?

therefore no difference really..........................credit agreement / bank loan - you are still borrowing!!!
 
I think there are alot of people here that can afford the running costs of a horse but simply don't have the chunk of money to buy one outright if that makes sense??? I have bought one of mine very cheaply and the other was bought in installments - not much different than loan with view to buy IMHO
 
I asked a similar question a while back as i couldnt understand how most ordinary people could afford the seriously expensive horses around. People do take loans to buy horses. It isnt for me but I can understand why people do it. I have a budget and stick to it but perhaps i would have done better to have got a loan in the past!
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If you can't afford to pay up front for a horse can you afford to support it?

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Yes, some people can. I have no problem affording to keep a horse, I don't have to pay for livery and my OH makes hay for a living (amongst other things), so I can keep a horse very cheaply. I have, however, found it hard to get together a big wad of cash in one go to go out and buy a horse.

There are plenty of folks out there who own their own grazing but are cash poor, most farmers are in this situation. Personally, I would not do it, but people do take out loans to buy horses, and this may be the reason why horses don't seem to be selling so well now - not everyone can get loans anymore!

Also, it costs as much to keep a cheap horse as it does an expensive one!
 
People buy cars/horseboxes and all sorts of things on credit - personally I would not do it and I think it is risky for the sellers - if the horse gets injured or sick and the owner defaults on payments the seller would have a problem as he would not get the money or a horse of the same value back...
 
Totally agree that there are many of us that can support a horse but not afford the initial outlay. However, if your circumstances change, and couldn't keep up with repayments then what would happen to the horse? Call me old fashioned but I have always taken the view if that I don't have the money in the bank, I don't buy, or save until I can afford to.
The whole thing makes me cringe - horses are not sofas or cars......
 
I can afford to keep a horse and run a horse box. However I could not raise a cash lump sum on top. As horses are my whole life I could not wait to save the money so I broke into my pension for my new horse. I have a degenerative disease and by the time I save up enough money I may not be able to ride.
Yes it will cost me more in the long run but its worth it too me otherwise I would be doing nothing in my spare time and as all my friends are horsey would have no one to visit etc (not in the way I would enjoy anyway)

I see no difference if someone can REALLY afford both the repayments and the livery costs etc. Some of us are just not willing or able to wait.
Just because it is not something you believe in does not mean others should not do it.

However I do worry about what happens if someone doesn't keep up the payments. what happens to horse??
 
doesnt it meen theres a potential for somebody to get a horse on credit, then move, therefore no longer bothering to pay for the loan. therefore getting a horse for free?

i know horses can be easier to trace than say a sofa you got on finance but surely the principle is the same??

Also, you get a horse on credit.. you dont actully own it untill all finance is paid, so who is actully the legal owner of the horse?

WAYYYYYYYYYYYYYY to many flaws in it imo.
 
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