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Location: Exactly where I am supposed to be | I was just wondering how you pay payments on a horse ? do you put a down payment down.....how do you decide what the monthly payment is, what is a good way to ask an owner if they would consider it, any other information would be great, or if you have ever done this is it a good way to go.
Thanks. |
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 Money Eating Baggage Owner
Posts: 9586
  
Location: Phoenix | My boyfriend is doing it right now. He put $1000 down, she sent a contract over, and he will make $500 payments until it's paid off, which will be in April. We already have the horse. We were trying to sell the horse for her, but decided that we wanted him, and she offered us a good deal, and allowed the payments. |
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Location: Exactly where I am supposed to be | Ok thank you, I have been considering doing this but I did not know how exactly to go about doing so. And I didn't know if it was more difficult then just buying it in full.
Edited to say : if anyone else has had an experience with this all stories good and bad welcomed.
Edited by God Is My Light 2013-11-17 7:03 PM
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 The Brave One
Posts: 20550
Location: snowbelt, WA | Are very many people willing to do this if you put insurance on the horse too to help cover them? |
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Location: Exactly where I am supposed to be | sixpatches - 2013-11-17 7:43 PM
Are very many people willing to do this if you put insurance on the horse too to help cover them?
That is a good question, I would like to know this too. |
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Pig-Bear Dog Lover
| It depends on the owner .. I think if you have over half of what the horse cost down and can get it paid off in 4 months your odds would be greater of them accepting payments. |
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  Warmblood with Wings
Posts: 27846
Location: Florida.. | SwishMiss - 2013-11-17 9:04 PM It depends on the owner .. I think if you have over half of what the horse cost down and can get it paid off in 4 months your odds would be greater of them accepting payments.
agreed.and if horse isnt a 30,000 horse.. we never accepted payments on horses over 10,000.. we would let them pay half then make 3 payments within 4 months but never let them take horse. |
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Location: Exactly where I am supposed to be | Bibliafarm - 2013-11-17 8:17 PM
SwishMiss - 2013-11-17 9:04 PM It depends on the owner .. I think if you have over half of what the horse cost down and can get it paid off in 4 months your odds would be greater of them accepting payments.
agreed.and if horse isnt a 30,000 horse.. we never accepted payments on horses over 10,000.. we would let them pay half then make 3 payments within 4 months but never let them take horse.
Do you think someone would take 2000$ down on a 7500$ dolor horse ? ...........and I wouldn't take it home. |
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Veteran
Posts: 296
| God Is My Light - 2013-11-17 9:41 PM
Bibliafarm - 2013-11-17 8:17 PM
SwishMiss - 2013-11-17 9:04 PM It depends on the owner .. I think if you have over half of what the horse cost down and can get it paid off in 4 months your odds would be greater of them accepting payments.
agreed.and if horse isnt a 30,000 horse.. we never accepted payments on horses over 10,000.. we would let them pay half then make 3 payments within 4 months but never let them take horse.
Do you think someone would take 2000$ down on a 7500$ dolor horse ? ...........and I wouldn't take it home.
I bought a horse for $8,000, insured him, and brought him home with me. Put $2,000 down, signed a contract, and paid $500 monthly until the balance was paid off. Worked just fine! |
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 Shipwrecked and Flat Out Zapped
Posts: 16390
Location: DUMPING CATS AND PIGS IN TEXAS :) | I think you'll find a lot of people that will let you put a down payment and set a payment schedule. I wouldn't let the horse leave until he was paid in full and payments would have to be met as agreed upon. It doesn't hurt to ask. Just don't put yourself or the owner in a position that could lead to an issue between the two of you. Sign contracts and state the exact agreement. Owner may want you to pay boarding too, until horse is paid off. |
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Location: Exactly where I am supposed to be | LRQHS - 2013-11-18 9:23 AM
I think you'll find a lot of people that will let you put a down payment and set a payment schedule. I wouldn't let the horse leave until he was paid in full and payments would have to be met as agreed upon. It doesn't hurt to ask. Just don't put yourself or the owner in a position that could lead to an issue between the two of you. Sign contracts and state the exact agreement. Owner may want you to pay boarding too, until horse is paid off.
Thank you ma'am that helped allot. |
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Location: Exactly where I am supposed to be | luvrdeo - 2013-11-18 8:49 AM
God Is My Light - 2013-11-17 9:41 PM
Bibliafarm - 2013-11-17 8:17 PM
SwishMiss - 2013-11-17 9:04 PM It depends on the owner .. I think if you have over half of what the horse cost down and can get it paid off in 4 months your odds would be greater of them accepting payments.
agreed.and if horse isnt a 30,000 horse.. we never accepted payments on horses over 10,000.. we would let them pay half then make 3 payments within 4 months but never let them take horse.
Do you think someone would take 2000$ down on a 7500$ dolor horse ? ...........and I wouldn't take it home.
I bought a horse for $8,000, insured him, and brought him home with me. Put $2,000 down, signed a contract, and paid $500 monthly until the balance was paid off. Worked just fine!
What is a good insurance company to use ? |
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Shipwrecked and Flat Out Zapped
Posts: 16390
Location: DUMPING CATS AND PIGS IN TEXAS :) | God Is My Light - 2013-11-18 11:11 AM LRQHS - 2013-11-18 9:23 AM I think you'll find a lot of people that will let you put a down payment and set a payment schedule. I wouldn't let the horse leave until he was paid in full and payments would have to be met as agreed upon. It doesn't hurt to ask. Just don't put yourself or the owner in a position that could lead to an issue between the two of you. Sign contracts and state the exact agreement. Owner may want you to pay boarding too, until horse is paid off. Thank you ma'am that helped allot.
You're very welcome, but I just have to ask lol........are you the person buying the $600 horse on payments from the other payment contract post??? |
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My Heelers are Heroes
Posts: 4685
| I've bought 3 on payments and brought all 3 home with me. Most of the horror stories you hear are from the seller but 1 of the horses I made payments on during the time I was paying the people moved (all 3 sellers lived within driving distance and I saw them on a regular basis so normally made payments in person), after this one person moved twice she claimed she did not get the payment. I ended up having to get copies of the money order showing where she cashed them. After the 2nd time I sent everything certified.
BTW All 3 times the owners also gave me the horses papers, 2 included the signed transfer. |
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Location: Exactly where I am supposed to be | LRQHS - 2013-11-18 11:33 AM
God Is My Light - 2013-11-18 11:11 AM LRQHS - 2013-11-18 9:23 AM I think you'll find a lot of people that will let you put a down payment and set a payment schedule. I wouldn't let the horse leave until he was paid in full and payments would have to be met as agreed upon. It doesn't hurt to ask. Just don't put yourself or the owner in a position that could lead to an issue between the two of you. Sign contracts and state the exact agreement. Owner may want you to pay boarding too, until horse is paid off. Thank you ma'am that helped allot.
No ma'am lol |
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Shipwrecked and Flat Out Zapped
Posts: 16390
Location: DUMPING CATS AND PIGS IN TEXAS :) | God Is My Light - 2013-11-18 11:44 AM LRQHS - 2013-11-18 11:33 AM God Is My Light - 2013-11-18 11:11 AM LRQHS - 2013-11-18 9:23 AM I think you'll find a lot of people that will let you put a down payment and set a payment schedule. I wouldn't let the horse leave until he was paid in full and payments would have to be met as agreed upon. It doesn't hurt to ask. Just don't put yourself or the owner in a position that could lead to an issue between the two of you. Sign contracts and state the exact agreement. Owner may want you to pay boarding too, until horse is paid off. Thank you ma'am that helped allot. No ma'am lol
Ok lol....good.....my advise remains the same then :) |
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 Member
Posts: 49
| My horse was $5,000. I put $1500 down, took him home and paid $300 a month. As soon as he was paid off I got his papers in the mail. We also had a contract |
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 Expert
Posts: 1440
Location: Texas | I bought a horse for 4500. I gave 1500 down and was given I think it was 6 weeks to pay rest. I Planned to pay 1500 every two weeks but was able to pay off early. The seller kept horse and papers till it was paid for. I signed a contract stating all of the above. Seller was nice enough to not charge me board which I appreciated very much. |
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Extreme Veteran
Posts: 302
| I have paid payments on three horses now and am starting on a fourth, I do it on higher priced weanlings and also on foals not even born yet. I iron out details with the seller as to injury, possible vet bills etc. and we take it from there. It has worked great for me so far. I also sell at least one or two horses a year, I break them put a good foundation on them and sell them, and I would never let an unpaid horse leave my yard. Payments, fine but until that horse is paid for I take care of it. I have been burned and given back a wreck of a horse, so payments can work but be careful. |
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Location: Exactly where I am supposed to be | bc3up - 2013-11-19 8:43 PM
I have paid payments on three horses now and am starting on a fourth, I do it on higher priced weanlings and also on foals not even born yet. I iron out details with the seller as to injury, possible vet bills etc. and we take it from there. It has worked great for me so far. I also sell at least one or two horses a year, I break them put a good foundation on them and sell them, and I would never let an unpaid horse leave my yard. Payments, fine but until that horse is paid for I take care of it. I have been burned and given back a wreck of a horse, so payments can work but be careful.
Ok thank you, do you insure yours ? or recommend insuring them ? |
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Location: Exactly where I am supposed to be | Does anyone recommend any good insurance company's in Texas ? and what do you recommend insuring them for ? or is it good to insure them at all ?..........thank you for all the help lol sorry for all of the questions.
Edited by God Is My Light 2013-11-19 9:55 PM
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 Neat Freak
Posts: 11216
Location: Wonderful Wyoming | LCI is out of TX and one of the best ones out there. Easy to deal with, I have had to make a claim and they took care of it. |
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 I'm Cooler Offline
Posts: 6387
Location: Pacific Northwest | I'm going to be making payments on a horse. I'm buying the horse I've been leasing for almost 2 years, so she's already in my possession (and her owner lives 4 hours away). I'm going to try to put down as much as possible, hopefully around $3,000 and then make as big of payments as possible. I actually might just ask my parents to pay for half of her so that I can pay them back instead of making payments to the owner. I'm really good friends with these people, but I really just want to get the horse completely paid off ASAP haha. |
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Member
Posts: 48
| Why not get a line of credit or a loan and pay for the horse in full to the owners. Make payments to the bank. This clears up all the legality issues. |
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Expert
Posts: 2531
Location: WI | Jdpb - 2013-11-20 12:05 PM Why not get a line of credit or a loan and pay for the horse in full to the owners. Make payments to the bank. This clears up all the legality issues.
Exactly, I would never sell a horse on payments and as a seller would take out a loan over asking the owner to take payments. |
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Paying payments on barrel horse.