Where can I get a loan?

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ponycat76

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Hi all, I'm looking to buy a horse and have just been turned down by my bank because they don't "provide loans for the purchase of horses". Does anyone have any idea where I could go to get a personal loan where they will let me buy a horse?
 
I got mine from Liverpool Victoria and told them it was for home improvements...which it was...as I did my lounge up (for £300) then bought a horse (for a bit more)
 
Dont tell the bank its for a horse!! Tell them a car purchase. It doesnt make a difference what the loan is for and it will cose you no more or no less if u say what it is for or what it isnt.
My friend took out a loan through Northern Rock to buy her horse. Got a really good rate and not too steep monthly payments. www.northernrock.co.uk is the web site.
Hope this helps!!
 
I don't wish to be negative..however -
if you do not have the funds to buy a horse, and will have to repay a loan, how will you manage the livery charges on top. In addition there will be start up costs, vetting and possibly teeth and back to check in the early days which will incur bills, and rugs to buy for winter as well as possibly a saddle and other equipment.

horses are an expensive hobby and from the little information you have given it doesn't appear that you have planned very much
 
egg loans have really good interest rates, just say its for a car/home improvements, it makes no difference.

Be careful not to make too many applications though as this affects your credit score.

Apply for one at a time.
 
I agree with the_watcher... if something awful happens, how will you pay vet's bills and all the other things with a loan to repay? I am doing it the long way, putting money aside each month into a high-interest account and saving for a horse. I can afford to keep another one, just not to buy (and I don't want to loan one) so I'll just have to wait until I can afford it. Can you not do it this way, and see if you can find a horse to share in the meanwhile?
 
I would , open a Marks and Sparks & more card and make use of the life of balance transfer at 3.9% .
That way you can pay it back at your leisure and I think it is cheaper than any loan.
 
TBH I am amazed so many of you are so cool about borrowing for what is effectively a luxury item. Borrow to buy a car if you really need one and it has to be reliable, borrow to buy a house, borrow for home improvements if they will add to the value or comfort of your home...

....but borrow to buy a horse?
 
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I don't wish to be negative..however -
if you do not have the funds to buy a horse, and will have to repay a loan, how will you manage the livery charges on top. In addition there will be start up costs, vetting and possibly teeth and back to check in the early days which will incur bills, and rugs to buy for winter as well as possibly a saddle and other equipment.

horses are an expensive hobby and from the little information you have given it doesn't appear that you have planned very much

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There goes the voice of reason!
 
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TBH I am amazed so many of you are so cool about borrowing for what is effectively a luxury item. Borrow to buy a car if you really need one and it has to be reliable, borrow to buy a house, borrow for home improvements if they will add to the value or comfort of your home...

....but borrow to buy a horse?

[/ QUOTE ]I bought a car that way......I would never buy a horse unless I had saved up for it !!
 
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TBH I am amazed so many of you are so cool about borrowing for what is effectively a luxury item. Borrow to buy a car if you really need one and it has to be reliable, borrow to buy a house, borrow for home improvements if they will add to the value or comfort of your home...

....but borrow to buy a horse?

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Sometimes you need to - Bruce turned up, I rode him for months, and was in a situation where I lose hiim or get him, and couldnt let him go.
 
Dont bother telling your bank what its actually for - they dont need to know!

As for why no-ones commenting - well perhaps because the poster didnt ask for anyones opinions!
 
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Dont bother telling your bank what its actually for - they dont need to know!

As for why no-ones commenting - well perhaps because the poster didnt ask for anyones opinions!

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Ditto
 
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TBH I am amazed so many of you are so cool about borrowing for what is effectively a luxury item. Borrow to buy a car if you really need one and it has to be reliable, borrow to buy a house, borrow for home improvements if they will add to the value or comfort of your home...

....but borrow to buy a horse?

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Sometimes you need to - Bruce turned up, I rode him for months, and was in a situation where I lose hiim or get him, and couldnt let him go.

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But that was a very specific situation - would you have decided one day that you would quite like a horse and set yourself up for 2-3 years of repayments at the beginning of a very expensive hobbey if Bruce hadn't been in the frame?
 
Just as a tip, it's a good idea to do an Excel spreadsheet budget for 1 year before you buy the horse. Then you can make sure you have enough for livery, hay, bedding, feed, shoes, worming and vaccs etc.
It also pays to consider vet bills - will you insure your horse? Or will you put money aside each month for emergency.
I know it's boring, but I've had vet bills of around £4k this year for one horse alone...:(
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That is a really good idea Shilsdair!

I didnt give my opinion because it wasnt asked for, but personally I would save, unless of course I was faced with a situation like FF's.
 
I saved for my three too - and still save to make sure I have enough for livery for at least one year ahead put aside ...in case they injure me so badly I can't work LOL!
Budgeting is a great idea - but brace yourself as the results are shocking when you see how much horses really cost!
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I would never consider a loan to buy a horse. As it's been said, a horse is a luxury item not a necessity. My OH has offered me money on more than one occassion to buy a horse (I'm not wanting a super star just a happy hacker/allrounder type) and so far I have refused as I know I don't have the money to pay maintenance etc each month and then any unexpected costs.

Instead of getting the laon you should put away what the loan repayments would have cost each month into a savings account and then use that to set yourself up.
 
Am I the only one who is not happy to take out a loan for any reason (unless it is vital) and only feeel comfortable getting things if I can afford them myself without backup? Granted I am going to uni and even that is scaring me due to the money issues.
 
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[ QUOTE ]
TBH I am amazed so many of you are so cool about borrowing for what is effectively a luxury item. Borrow to buy a car if you really need one and it has to be reliable, borrow to buy a house, borrow for home improvements if they will add to the value or comfort of your home...

....but borrow to buy a horse?

[/ QUOTE ]

Sometimes you need to - Bruce turned up, I rode him for months, and was in a situation where I lose hiim or get him, and couldnt let him go.

[/ QUOTE ]

But that was a very specific situation - would you have decided one day that you would quite like a horse and set yourself up for 2-3 years of repayments at the beginning of a very expensive hobbey if Bruce hadn't been in the frame?

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No - and I could afford full schooling livery or to be competing every weekend if I didnt have the loan to repay, so I had to make sacrifices!
 
Sometimes people have the money to look after a horse,but doesnt have the ready cash to pay for a horse outright.

If the right horse came along then like FF I would take a loan to pay for the horse, if I knew I could afford to pay for shoes etc.

If you really want to get a loan, then get a bit more than you need to pay for any extras that might pop up in the first few weeks, but do a spreadsheet to make sure you can afford everything each month.
 
I agree kuki_nage. I took out a loan to pay for my horse and I would do it again (although not while I'm still paying this one!)

I have the funds each month to pay for my neddy, and he wants for nothing... but I didn't have the cash up front to buy him. I wanted to be out enjoying my horse and competing, after all, I might get hit by a bus tomorrow, but at least this way I have enjoyed my horse!

As long as you are sensible and can afford the repayments and everything the horse may need, I see no problem with this
 
Here here LifeofRiley!

I think people are of different opinions when it comes to loans (especially when it comes to horses) but as long as you have thought it through and know you can afford the repayments and the cost of keeping a horse, go for it! Look around for the best deal and plan ahead.

We took a loan to pay for part of my horse the rest was saved up. There is no way i would of been able to get what i wanted with the money i had, and knowing we could afford it i went ahead. After all, you only live once.
 
Just for the information for the Watcher and others I have owned horses for 21 years, and bred ponies for 10 of those, and am FULLY aware of how much a horse costs to keep.

I don't agree that because someone has to take a loan to purchase a horse this means they can't afford to run the animal. £10,000 is a massive amount to find in one month, where as the £6000 it will cost me to keep the horse per year (inclusive of livery, shoes, wormer, insurance) spread out over 12 months is much easier to pay for.
 
Ponycat76
I don't think anyone was saying you didn't know what you were doing/wouldn't have enough cash to keep your horse....I was only suggesting the Excel spreadsheet because it helps ME keep track of my (scary) expenditure...and it helps me plan for extras (a saddle for my youngster being on the cards).
If you want a good loan, try googling for sites like Moneyexpert etc and they'll give you some lists.
Good luck with your horsey venture
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