Would you/Have you borrowed money to buy a horse?

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As per the title really. Have you ever and would you ever borrow money to buy a horse.

I have to say it has never been something I would have considered previously, and in truth I would not borrow much. But having lost my girl and being horseless I am desperate for another and am considering a smallish loan to buy another sooner, if the right one came up that is.
The right one may not come up, but just in case you know.

I do know of some people who have taken a loan to buy a horse, and wondered just how common or not it is

So would you or have you ever borrowed money to buy a horsey?
 
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sonjafoers

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Many years ago I bought my first horse for £1,000. My husband and I increased the limits on both our visas and took the cash out, got our overdraft up to the max and borrowed £200 from family. He was worth every single penny of the interest/fees we had to pay back :D

So yes I have borrowed to get a horse but what I would say is that we made absolutely sure we could afford to keep him as well as repay everything.
 

swampdonkey

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I wouldn't have a horse if I didn't. The way I see it is that I go to work so that I can provide for my family and myself and that if there is enough spare at the end of each money to repay the loan and pay all bills then why not ??
People borrow money to have a new car, (you don't need a NEW car, any car will do) some poeple prefer to have a really nice car. I on the other hand have an old car and a horse. Kids all fed and happy, me and horse happy. Works for everyone :)
It's only money, you earn it, you buy what makes you happy with it!
 

BillyBob-Sleigh

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I had some inheritance money coming my way so I decided that getting a new horse is what I would spend it on, having spent 4 horrible years being horseless. I just so happened to start looking a bit prematurely and fell in love with my youngster before the money came through so I took out a hefty overdraft on the understanding it would be paid off as soon as the money came through, which it was. If I didn't have money coming in to pay the whole sum off straight away I wouldn't have done it, the thought of having to pay money off overdraft/loan, mortgage, horse and then not have enough left for emergencies didn't sit well with me. However, if you think that you could afford to pay the loan off, cover livery fees and bills etc then it's up to you.
 
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Thanks everyone. Good to hear your stories. This is it, I can actually afford to do it now and think life is very short so why not take a small loan, I am only thinking to borrow about £650 so not too much, and I would not borrow it if I could not afford to repay it.
In my last job I would have had no hope, in fact I would have been up the creek a little for a while and would no way have been able to have afforded another horse for about a year :eek:

I have done the accounts for it, i keep spreadsheets of all my accounts and work in finance so you would hope I can add it up :D:eek::D

I may well go for it....
 

domane

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Yup, I borrowed £500 from the bank 30 years ago when I was 18, to buy a "car" ;) ;)

And I also took another loan out to buy my cob mare in 2005 as she was too good to pass up.... and I never regretted it! :)

The ones since then have all been cheap so we've been able to scrape the money together... or pay in instalments....
 

Shantara

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I would only ever borrow from my mum. I know she can afford it (epic inheritance) and she knows I'll pay her back when I can afford it :)
However, when I get a horse, I want it to be 100% mine!
 

brown tack

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Umm always 'borrowed' money from my mum to buy a horse. It's her fault as she encourages me to look at ones out of my price range. But bless her she tops me up, saying pay me back when you can but when I do she refuses to take it.
 

Achinghips

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mortgage, car, conservatory, horse, saddle, holiday, pair of cocker spaniels -and if I got refused a loan to have Gary Barlow for a night, I'd remortgage!
 

Firewell

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I borrowed money from my stepdad for my first horse. I borrowed £2,600 and paid him back with 3% interest. It took a couple of years but it was worth it :).
 

sjmcc

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of course lifes to short if you want it can pay the money back and are happy to do so its a big YES n yes iv done it lol in life nobody gets out alive so live it and live it well
 

Jazzy B

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you only live once may as well enjoy it - if you can afford to pay it back I would!! Personally never borrowed for a horse but always borrow so I can have a reliable car as well :)
 
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Thanks everyone. It is good to hear your feedback on this. Never been in this situation with a horse before, I was lucky that my beautiful old girl was in my life for 19yrs so not had to buy anything in that time.

I am actually considering asking my sister to lend me the money, she has a fairly substantial salary, she works very very hard though bless her, too hard in fact :eek:

I have not approached her yet but am considering it. Been keeping my eye on a mare the last month and would consider going along if I knew I could make an offer, don't want to go along and waste the sellers time until I know I can buy ofcourse. The mare may not be right for me at all, she is actually older than I was looking for but I rather like her so am watching her advert each day, plus they just dropped her price by two hundred quid so now I am more interested :D They obviously want rid before xmas, so we shall see

Thanks everyone for your replies :D
 

NeverSayNever

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yes i did and really really regretted it. It was like a mill stone round my neck and I felt under pressure with the horse I had bought, having upped my budget with a loan. In the end we didnt click competitively anyway and I was utterly depressed with the money I owed so I sold him as once I decided he wasnt a horse I was going to compete with, he was far to expensive for me to keep as a happy hacker.
 

Chestnutmare

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nope never borrowed to buy a horse, I am putting away money each month for when August sept next year comes I either buy my loan horse at the moment or look to buying another.

I will hopefully have around 2.5k saved by then.
 
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nope never borrowed to buy a horse, I am putting away money each month for when August sept next year comes I either buy my loan horse at the moment or look to buying another.

I will hopefully have around 2.5k saved by then.
Good luck saving MW. I am considering taking on a loan with view to buy, I do keep my eye out but not seen anything, only neds for sale
 

MissChaos

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Good luck saving MW. I am considering taking on a loan with view to buy, I do keep my eye out but not seen anything, only neds for sale
This was my original plan :eek: When I moved back from London earlier this year, the logistics meant I was in a position to get a new horse after losing my old boy last year. I was going to save up til next year, which would give me enough to buy, and loan in the meantime (keeping the loan until it wasn't suitable or taken back, so in theory could actually have gone on saving for years!). What I found for me, at that time, was that the loan market was rubbish and I couldn't find anything really suitable.

I borrowed from the Bank of Mum and Dad, who luckily are absolutely brilliant. It just meant that the money I'd have been saving gets paid back to Dad instead of going into my ISA for a while, so the worst I've lost is a bit of interest. I hate owing anybody anything but in this scenario, it's worth it - my boy is mine and having the money gave me a lot more freedom to be picky. I think as long as you're borrowing responsibly (which obv it sounds like you are) then just do it.

ETA also agree with the poster who made the point about other people borrowing to get a new car - each to their own so you shouldn't fear judgement, provided the day to day maths for the hoss add up :)
 
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team barney

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I wouldn't borrow to buy simply because horses cost a enough money to keep when they are fit and healthy, but if something goes wrong they cost a fortune and you need money in reserve to pay for those things. I also wouldn't spend all my money on the initial purchase of a horse for the same reason.

It is very different spending all/most of your money on an inanimate object (not that I'd advise it), but an object can be put in a cupboard until you can afford to mend it, a horse can suffer and as a result needs mending straight away, and more often than not at great cost!

Also in this climate I'd be concerned about the responsibility of having to repay a loan for something that consistently eats money itself, even if is was possible to find someone to borrow from, as no banks seems to lend money any longer.
 
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This was my original plan :eek: When I moved back from London earlier this year, the logistics meant I was in a position to get a new horse after losing my old boy last year. I was going to save up til next year, which would give me enough to buy, and loan in the meantime (keeping the loan until it wasn't suitable or taken back, so in theory could actually have gone on saving for years!). What I found for me, at that time, was that the loan market was rubbish and I couldn't find anything really suitable.

I borrowed from the Bank of Mum and Dad, who luckily are absolutely brilliant. It just meant that the money I'd have been saving gets paid back to Dad instead of going into my ISA for a while, so the worst I've lost is a bit of interest. I hate owing anybody anything but in this scenario, it's worth it - my boy is mine and having the money gave me a lot more freedom to be picky. I think as long as you're borrowing responsibly (which obv it sounds like you are) then just do it.

ETA also agree with the poster who made the point about other people borrowing to get a new car - each to their own so you shouldn't fear judgement, provided the day to day maths for the hoss add up :)
Thanks CC. This is the thing. I would like a horse all of my own again, I do have a friends mare whom I help with and effectively share at the moment but I am used to having and owning my own and for me personally you cant beat that :D
 
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I wouldn't borrow to buy simply because horses cost a enough money to keep when they are fit and healthy, but if something goes wrong they cost a fortune and you need money in reserve to pay for those things. I also wouldn't spend all my money on the initial purchase of a horse for the same reason.

It is very different spending all/most of your money on an inanimate object (not that I'd advise it), but an object can be put in a cupboard until you can afford to mend it, a horse can suffer and as a result needs mending straight away, and more often than not at great cost!

Also in this climate I'd be concerned about the responsibility of having to repay a loan for something that consistently eats money itself, even if is was possible to find someone to borrow from, as no banks seems to lend money any longer.

A very sensible answer TB, you are so right about the breaking scenario, this is something I have fleetingly thought about but perhaps a very good reason not to go ahead. Gosh I don't know, but I do know I miss having my very own terribly, but in truth we cant always have what we want in life....
 

MissChaos

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A very sensible answer TB, you are so right about the breaking scenario, this is something I have fleetingly thought about but perhaps a very good reason not to go ahead. Gosh I don't know, but I do know I miss having my very own terribly, but in truth we cant always have what we want in life....
Also true. TB, just to add that I don't know about anybody else but I count having some form of contingency plan as part of 'day to day maths' :) and would agree that it shouldn't be done otherwise. I'm in a decently paid, stable job and do have a bit already put away myself - obviously it was nowhere *near* enough(!) to be buying for myself but it means I'm not at absolute zero - plus one of the advantages of not being tied into a 'formal' loan, e.g. from bank, and being in an arrangement with family (including my mum, who rides boyo once a week or so and has always ridden / had her own) means that God forbid if anything goes £1,000s upon £1,000s wrong, I've got leeway on repayments - plus of course as decent insurance as I can find! I'm honestly not sure I'd take out a formal loan primarily for this reason - am a bit of a worrier.

Good luck with the decision, MM - que sera sera. Condolences on the loss of your girl - lots on here will understand your predicament. x
 
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Good luck with the decision, MM - que sera sera. Condolences on the loss of your girl - lots on here will understand your predicament. x
Thanks CC, it is tough. I feel so incredibly torn. I know the totally sensible idea, I have known that from the word go but its a battle with myself. I think one minute, be sensible, save it up. Then the next minute I think of what a hideous year its been and think life is too short and think, go for it. I am sure it is a predicament a few have found themselves in, I am definitely not rushing. just feel quite depressed not having a horse in my life, but in truth that is the hole my girl has left and another horse will never replace her but I hope I can love another and have a happy relationship with another horse as they give us so much.
 

superted1989

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I borrowed the money to buy Markie from a very good friend!
Technically, I'd saved enough as I did some work for another person and the money from that was specifically to buy a horse with. Trouble is, I found Markie before they paid me.
My friend was paid back within 2 weeks though.
 
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I borrowed the money to buy Markie from a very good friend!
Technically, I'd saved enough as I did some work for another person and the money from that was specifically to buy a horse with. Trouble is, I found Markie before they paid me.
My friend was paid back within 2 weeks though.
Blimey that is quick! it would take me 2-3months to pay back the small loan I am thinking of. Just don't know, I go in complete swings and roundabouts, sensible versus risk, arghh! :eek:
 

Ibblebibble

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i always find if i sit down and work everything out on paper i can't actually afford to live:eek: but somehow every month the bills get paid:confused: i borrowed a couple of hundred off my mum towards my daughters pony, i had the full amount but wanted to keep some aside for emergencies:)
why don't you sound out your sister first to see if she would lend you the money, then you'll know if it's a 'no go' or a 'go for it';)
 

TheoryX1

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I havent personally. My first horse was bought 7 years ago when I sold one of my investmement properties and cashed in the endowment policy on it. Every other horse we have had has been bought and paid for with my savings and Mini TX's current mare was well over the 5 figures, but I paid for her by taking some money out of one of my Isas. I did pay the money back though, and was fortunate enough to take it out of my business.

I do know people who have done this, and its worked. However, although I would not do it personally, I am aware that sometimes the decision to buy a horse is not necessarily a rational, considered one. Sometimes decisions are made for us - horses come along and we just have to do it, and make it work.

So sorry you lost your horse, I do hope you work something out.
 

noodle_

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do student loans count???




admitidly i do pay it back!... but i still used my book and rent money to buy pony....and worked more hours at work to put it back! :D
 

Bustalot

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I have borrowed money to buy my horse I am currently looking for. But I worked everything out that the payments could be kept up with both horses and I still being fed and watered. I don't think there is anything wrong with wanting something so badly to go and ask the bank for some money. As long as everything can still be paid then Why not?
 
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