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Taking out a loan.
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scwebster
Reg. Mar 2013
Posted 2019-04-16 11:17 AM (#7427102 - in reply to #7426722)
Subject: RE: Taking out a loan.



Expert


Posts: 1868
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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 (#7427104 - in reply to #7426722)
Subject: RE: Taking out a loan.


Military family

That's White "Man" to You


Posts: 5066
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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 (#7427111 - in reply to #7427102)
Subject: RE: Taking out a loan.



Warrior Mom


Posts: 2514
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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 (#7427121 - in reply to #7427104)
Subject: RE: Taking out a loan.



Expert


Posts: 1868
10005001001001002525
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 (#7427283 - in reply to #7427102)
Subject: RE: Taking out a loan.



Extreme Veteran


Posts: 578
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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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