Please help!

[Carol Wingmer]

Absolutely praying that there may be someone who can help me...

At the moment, I am sharing a horse that is nothing short of my absolute dream. However - the owner has turned around and said that she needs to sell as she is relocating.

I simply do not have the funds to be able to buy her, and the owner will not consider a loan/lease/installments etc.

I am absolutely heartbroken (I hate being vulnerable online but desperate causes call for desperate needs!). Can anyone think of any way of making this work?

Extremely open to ideas, although leaning away from taking out a loan etc as I am still relatively young.

Thank you in advance...I'll be keeping a close eye on the comments!

 

[poiuytrewq]

How long do you have and how much does she want?

 

[exracehorse]

Don’t know what advice anyone can give. Owner wants to sell. You don’t have the finances. I had this situation once. I did manage to scrape the money together.

 

[Carol Wingmer]

How long do you have and how much does she want

 

[Carol Wingmer]

owner wants to advertise this week and low 5 figures

 

[exracehorse]

owner wants to advertise this week and low 5 figures

Not cheap then

 

[Fieldlife]

Ask a member of your family if they will consider a loan with interest rates that are favourable to both parties. Pay back monthly by direct debit?

Sell something to raise the funds

Take a loan and pay it back over next few years.

Dont think there are many other options.

 

[ElleSkywalkingintheair]

Take out a loan and buy the horse, you already know it and won't get any nasty surprises, or don't and hope you can find another good loan horse. They are the only options really

 

[nutjob]

If you don't have the money to buy the horse you will be in a difficult financial situation over a long period of time if you have to pay back a large loan on top of the ongoing costs which could be way more than you currently pay for a share.

The way vet fees are atm and even with insurance this doesn't cover everything I would wait until your finances are in better shape. If you have spent all your money and then some you could be in a difficult position if you have some unexpected bill later on.

 

[Gloi]

Horses aren't all selling very well at the moment. I know some lovely ones that aren't getting any views. She may not get a buyer at her price.

 

[Timelyattraction]

I mean you only have two options- buy it or dont buy it.
If you cant afford to buy it with the money you have you either get a loan or sell something to cover the cost.
Then you need to think about if you can afford the other things- livery, hay, shoes, insurance, vet bills etc.

She might be open to an offer from you as she knows you and would be hopefully happy that her horse has gone to someone she knows?

 

[scats]

I’m not sure what advice you want people to give?
You either buy it or you don’t. Take out a loan or ask a family member, but be sure you can pay for the horses upkeep (plus pay the loan back) comfortably first.

 

[poiuytrewq]

As above be very careful. If I was paying back a 5 figure loan I’d struggle to afford the actual horse upkeep on top. Think very carefully.

 

[Glitter's fun]

Do you have plenty of spare funds to pay for her livery, insurance, vet bills etc and pay off a loan plus the other situations of your life, like rent & bills?

If not then I'm afraid she isn't for you.

As you say, you're young. You will never forget this one but there will be many other wonderful horses in your future. Trying to care for one that you can't really afford is heart breaking and far from ideal for the horse.

 

[BlackIrishBeauty]

I would also be wary she isn't trying to "take the pee" as it were at that price as horses aren't selling. I would also get a vetting as even though you know the horse, thats a lot of money when you've not necessarily been privy to their vet history...

Either way, i think the only way is a loan but be aware, that you may struggle to afford the monthly costs as well as...

 

[dorsetladette]

That is a lot of money!

From scratch (ie - nothing in the bank) I'd be able to sell a few things pretty quickly and raise a few thousand but doubt I'd get anywhere near 5 figures.

Do you own a house? is there any equity in it? could you change cars to a cheaper model? Have you anything valuable you would consider selling? If not, I think you will have to let the horse go and hope he finds a good home.

As others have said horses aren't selling quickly at the moment so you may well be able to continue to ride her for some time. I'd assume a horse of that value will be well schooled and you can learn a lot from him. I'd make the most of this while your able and be very grateful to be in a position to have such an amazing opportunity.

 

[Flowerofthefen]

I had this situation once, it was awful. My grandad lent my mum the money to buy the horse. It was a horrible situation to be in. I hope you manage to sort something out.

 

[AmyMay]

Sadly if you can’t afford it, you can’t afford it. Paying back a loan for a five figure sum will be a lot, coupled with your monthly costs of keeping the horse (say an additional £400 minimum). If you’re on a decent £30k plus salary it may be doable. But I’d never recommend anyone getting in to debt to own a horse.

 

[Mrs. Jingle]

Finding funds to buy the horse is the cheap and easy bit, no matter what price tag. Keeping it for the next 10 plus years (depending on age now of course) is where it gets really expensive and difficult.

Perhaps start saving now to buy a horse in a couple of years when you have proven you can lose X amount of money every month without getting into difficulty.

 

[Caol Ila]

Unfortunately, that's one of the downsides of loaning. You don't have to splash out on the purchase price of a horse, and you can walk away if there's lots of vet debacles or having a horse no longer suits you or whatever, but it's also true that the owner can sell it, end the loan, move, etc. and there is nothing you can do.

If the owner can't sell the horse at the price she wants, maybe she will reconsider.

 

[Landcruiser]

Sadly the others are all correct. Horses are a mega purchase and can end up breaking unexpectedly and instantly. Insurance costs are sky high and only cover for 12 months once a problem starts. Definitely not something to get yourself into a massive debt over.
Heartbreaking to have a horse you love sold out from under you but them's the breaks, unfortunately. By loaning you had the the advantage of the horse without the risks. This is the downside.

 

[HopOnTrot]

https://www.moneysupermarket.com/loans/calculator/

You can get an idea of what a loan repayment would be, £250-400 a month for 3-5 years on top of the full cost of owning and caring for a horse is quite a financial commitment. You'd easily be looking at an outlay of an additional £1,000 a month to pay for and own this horse for the next 3-5 years. Make a spreadsheet of your current incomings and outgoings and see how this figure fits in.

 

[poiuytrewq]

I had this situation once, it was awful. My grandad lent my mum the money to buy the horse. It was a horrible situation to be in. I hope you manage to sort something o

I was once too, many years ago. Mine was significantly cheaper than this though. In fact the sellers needed money fast after a big MOT failure and no money to fix/buy another car so they sold the only thing they could to raise exactly what was needed.
I worked my arse off (was just a teenager) and pretty much the other livery owners bought the horse for me. I was incredibly lucky, I didn't take a breather for weeks on end but I'm pretty sure a lot of the jobs i was given were pretty made up for my benefit really. I'd have been heart broken had he sold to someone else. I really hope the seller isn't taking the P. What makes the horse worth 5 O'S- Is it worth that much or is she trying her luck?

 

[starbucker]

Pray it fails a vet for something non descript and you can get it cheaper? haha.. On a serious note if you think you can afford them (£500 ish a month keeping costs) get a bank loan that would be the only way.. known many to do it .. get a good insurance for death / Loss of use to protect your investment, though watch the policies only offer minimal amount if can still hack for LOU. Though youd have to accept they could drop dead tomorrow and youd still be forking out for them £xxx a month minus what you get back for death/lou insurance claim. Then could get a loaner to subsidise assuming they are fairly safe to do.. How realistic is the owner to get that price for said horse?

Other more drastic options
- sell all high value things you own
- Sell you car (assuming you own one) and take out finance on a new one to release equity
- remortgage
- start an OF ? Just joking!

 

[luckyoldme]

Hard though it is you need to know what the horse is realistically worth.
I would beg or borrow to get the money if it meant that much but I would also take a risk in seeing what interest there was in the horse.
I certainly wouldn't pay over the odds because of emotional attachment.

 

[starbucker]

Id say whats mean to be is meant to be.. This horse may not sell or have quirks or minor issues you can overlook but a buyer won't take a risk on ... If I was the owner id offer a big discount for a quick sale where they are unlikely to be returned etc depends how good a horse it is!

 

[ycbm]

Only Fans?
.

 

[Jenko109]

Only Fans?
.

Oh no you didnt!

 

[blitznbobs]

Say you will sell it for her and do a v bad job?

 

[Equi]

I’m sorry but with a sensible head on please don’t take a substantial 5 figure loan to buy a horse. It could go lame the day after and you still have to pay. If you can’t afford it, you can’t have it. There is always another horse out there to share or buy within your budget.