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Taking out a loan.

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Last activity 2019-04-26 10:48 AM
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scwebster
Reg. Mar 2013
Posted 2019-04-16 11:17 AM
Subject: RE: Taking out a loan.



Expert


Posts: 1947
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Location: Northwest La.

How do you guys approach the bank for a horse loan? Do you just get a line of credit or do you let them know its for a horse? Do they hold the papers until the loan is paid off? I feel like most banks in my area would look at me like I was crazy just because I don't feel we have any super horse savvy bankers around.



Edited by scwebster 2019-04-16 11:22 AM
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Whiteboy
Reg. Jul 2012
Posted 2019-04-16 11:28 AM
Subject: RE: Taking out a loan.


Military family

That's White "Man" to You


Posts: 5117
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You need a banker that is horse savy.  You will also probably need more collateral than just the horse, such as a title to a vehicle.  Be organized and be prepared to explain horse insurance, have a quote ready, so the banker can see how they would be covered.  Go in with your application competed, verification of income, and a plan on how you will repay the loan in a reasonable amount of time (like less than 3 years).  

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want2chase3
Reg. May 2009
Posted 2019-04-16 12:53 PM
Subject: RE: Taking out a loan.



Warrior Mom


Posts: 2799
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scwebster - 2019-04-16 11:17 AM


How do you guys approach the bank for a horse loan? Do you just get a line of credit or do you let them know its for a horse? Do they hold the papers until the loan is paid off? I feel like most banks in my area would look at me like I was crazy just because I don't feel we have any super horse savvy bankers around.


I wouldn't say our go to girl at the bank is horse savvy but we've been there so long and are on first name basis with everyone in the bank. We've financed everything we needed to finance thru them. Several vehicles, a tractor and our newest LQ. We always just have the payment come directly out of our account and I usually choose a weekly payment option. Only 2 of the most recent horses we decided to finance had papers and the bank just asked for a copy and a copy of the insurance on them. As far as the horse that didnt have papers, they didnt care about that. I'm guessing it's just going to depend on your relationship with your banker and of course your creditworthiness. We've never asked for just a line of credit, we always told them what it was for and we pick the fastest way to pay it off! Extra payments if I can here and there help a lot. 

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scwebster
Reg. Mar 2013
Posted 2019-04-16 1:20 PM
Subject: RE: Taking out a loan.



Expert


Posts: 1947
100050010010010010025
Location: Northwest La.

Whiteboy - 2019-04-16 11:28 AM


You need a banker that is horse savy.  You will also probably need more collateral than just the horse, such as a title to a vehicle.  Be organized and be prepared to explain horse insurance, have a quote ready, so the banker can see how they would be covered.  Go in with your application competed, verification of income, and a plan on how you will repay the loan in a reasonable amount of time (like less than 3 years).  


Good advice!

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fastwrapn3
Reg. Sep 2004
Posted 2019-04-19 12:08 PM
Subject: RE: Taking out a loan.



Extreme Veteran


Posts: 586
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Location: /ARKANSAS

I had never financed a horse, but I found one in OK loved him.  I called my banker and told him I needed 14 thousand for a horse, this was 20 years ago, he said sure come by tomorrow and sign papers.  I was walking on a cloud.......

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NFM
Reg. Apr 2009
Posted 2019-04-26 10:48 AM
Subject: RE: Taking out a loan.




25

This post is near and dear to my heart and have compassion for those drowning in debt. At one time, with my was-band, we bought everything on credit. He had to have it all now and it was miserable. From the outside, our lives probably looked fantastic. It wasn't fantastic, because I was going to a career that I hated day in and day out. I drove a Cadillac to get back and forth.


Savings and credit are not the same! The opportunity cost of having consumer debt is astounding. Most people don't understand the opportunities passing by because they are so payment-to-payment they couldn't invest in an actual money generating investment if their lives depended on it.

My friend who is a teacher (doesn't enjoy her job) just bought a brand-new camper. She was bragging that the payment for the new one was only $30 more a month than a used one. She added one more payment to her bills each month (plus additional insurance,taxes) and goes to a job for most of the year that she wishes she could quit. Why would she do this to herself? What if her "dream" job came along, but lower pay; could she take it? Big Opportunity Cost. What if a family member gets sick and we can’t take time off, because we are strapped to a job because of payments? Big Opportunity Cost. Depreciation, hear the sound of money being sucked from your net worth.


How many us are making loans on "dream" horses (pray they don't have to have colic surgery for $5k down), or how we must buy that trailer, because it is such a "bargain." The price will never be that low again. Then struggle to get to enter, travel to an event, or chiro on said “dream” horse. Meanwhile, having to go to a job they hate. That is not a good life my friends, don't buy into it. God didn't say "the borrower is a servant to the lender" for nothing. Until you get out of this cycle a person doesn't realize the burden that is placed on their shoulders.  


The freedom and peace of mind that low debt brings to a person brings way more joy than anything that requires a consumer loan. How wonderful it is when a vet bill comes, and it can be paid or a vehicle repair or new tires. No waiting till payday, no stressing. AWWW so wonderful! It is hard work to get out of the cycle, but so worth it.  I'm not quite there, but the weight is light!

 

 

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