Buying a horse is a moment of great excitement for any horse lover. Horses can be purchased to pamper them as a pet or even for commercial purposes such as for racing or soothing long riding. Considering the price paid for horses are exorbitant, many people just refrain themselves from buying one. However changing market trends and growth of several financing options has increased many lending institutions ability to lend loans to borrowers who want to purchase a horse.
Similar to a house loan, a car loan or even a mortgage loan, you can now opt for a horse loan to buy a horse for yourself. Be it a pony or a grown up horse, you can simply apply for a loan a horse and fulfill your dream of owning one, at no initial costs.Generally owners loan there horses at a point when they are unable to manage them. Hence they loan their horses to interested parties, who can pay for the horse’ expenses like the stable cost, the food, vaccination etc. There are two ways you can get a horse; borrower one or buy one.
One noteworthy aspect of borrowing a loaner horse is that the ownership of the animal remains with the original owner instead of a borrower. The loan agreement is signed for a limited period, consented by both parties. During this period the borrower has to expense the living of the horse and can use it for commercial or personal purposes. After the duration of the bond gets over, the lender or original owner will retain the ownership of the horse. This is a good option if you don’t have an interest in fully owning a horse for it’s lifetime.
If you are interested in buying a horse instead of borrowing or sharing it with someone, you can obtain financing from companies that offer horse loans. Since it is quite an investment and most people cannot afford to pay the lump sum, they get the horse financed. The institutions offering horse loans can lend you anything from $1,000 to $30,000 and the repayment duration could last from 3 to 25 years.
Getting the loan approved for buying an animal is actually a cakewalk like any other loan as most creditors are only concerned with the interest amount and the repayment of the loan. They will not even interfere with the usage of the loan amount, if it loan is applied as a personal loan, installment loan, second mortgage loan, or no-collateral loan. You can even get cash advance loans that are 7 to 10 times larger than your monthly net-pay. Finding the lenders that offer loans to buy horses is not hard, they are usually found on a website grouping page, whereas all the lenders you actually pay to be listed as horse loan lenders.
If unsure whether or not buying a horse is the best option, maybe horse sharing is the more feasible option. Sharing would require you to pay for the horse’s maintenance in partnership with the owner and would allow you, your friends, and family to enjoy rides on the horse along with other horse related activities. What ever you choose to do, either way, make sure it is in both your and the horse’s best interest.