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Location: racing across the desert me & my horse... | Being a single mom and my daughter competing in High School Rodeo, the need for faster/step up horse is needed. The competition is fierce as we all know, and some kids she competes against have $10,000 - $20,000 priced horses already. I'm not sure how folks afford to buy their kids that caliber of a horses with cash.
I wanted to find out from folks here if banks loan on horses (unsecured I assume) and "what" banks if possible?? Is it appropriate to offer a seller a good down payment and offer payments, especially if you offer to carry insurance?
Thanks for the input!
Edited by BarrelAddict 2016-02-25 11:03 AM
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 Expert
Posts: 1898
  
| One of the girls I high school rodeoed with parents refinanced everything they owned to buy her a horse to win on. When I say everything, I mean EVERYTHING. Their pickup, a 55 Chevy Belaire, the horse trailer, moms car, the dog, the cat, the rock in the drive way (ok maybe not that extreme but if it had wheels it was refinanced).
My sister sold a pricey horse last fall and accept 1/2 down with $2000 a month installments until the horse was paid off. It worked for her but I cautioned her against it. As a seller I would not accept payments, not even if the horse stayed in my possession. | |
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Extreme Veteran
Posts: 393
| I don't think banks will give you a "loan" for a horse but if you can get a Line Of Credit you can use it for whatever you want. I know lots of ladies that have done it that way. | |
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 A Barrel Of Monkeys
Posts: 12972
 
Location: Texas | Honestly, it's not worth it. You can't outspend the people who have big money at their fingertips.
When my daughter was in high school, we opted for the big barrel races and passed up HS rodeo. Our reasoning was that HS Rodeo paid poorly, and the money spent on horses and fees to try to qualify for a rodeo scholorship would pay for tuition to a good college. | |
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 Midget Lover
Location: Kentucky | I'll admit that I was once young, and wanted a nicer horse. I took out a loan. I've since paid the loan off and sold the horse and I'll NEVER take another loan out on a horse again. It was a personal loan though, with collateral down. The interest rate was very high. | |
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 Expert
Posts: 2128
| Fun2Run - 2016-02-25 11:20 AM Honestly, it's not worth it. You can't outspend the people who have big money at their fingertips.
When my daughter was in high school, we opted for the big barrel races and passed up HS rodeo. Our reasoning was that HS Rodeo paid poorly, and the money spent on horses and fees to try to qualify for a rodeo scholorship would pay for tuition to a good college.
Good point! Or just go to the ammy rodeos. They pay a little at least. | |
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 Elite Veteran
Posts: 669
Location: Central Texas | Fun2Run - 2016-02-25 11:20 AM
Honestly, it's not worth it. You can't outspend the people who have big money at their fingertips.
When my daughter was in high school, we opted for the big barrel races and passed up HS rodeo. Our reasoning was that HS Rodeo paid poorly, and the money spent on horses and fees to try to qualify for a rodeo scholorship would pay for tuition to a good college.
This sounds much more realistic if you don't already have big bucks to spend. My co-worker basically did the same thing that one of the other posters stated. Refinanced, took out loans etc so that they could purchase their daughter a high end horse and pay competition/hauling expenses. They are in their mid 60's now and have absolutely nothing but debt to show for it. I see some very nice horses with good bloodlines reasonably priced pretty often. I bet your daughter can make herself her own top dollar horse. | |
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| Fun2Run - 2016-02-25 12:20 PM
Honestly, it's not worth it. You can't outspend the people who have big money at their fingertips.
When my daughter was in high school, we opted for the big barrel races and passed up HS rodeo. Our reasoning was that HS Rodeo paid poorly, and the money spent on horses and fees to try to qualify for a rodeo scholorship would pay for tuition to a good college.
Perfectly said!
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Elite Veteran
Posts: 1079
| BarrelAddict - 2016-02-25 10:57 AM Being a single mom and my daughter competing in High School Rodeo, the need for faster/step up horse is needed. The competition is fierce as we all know, and some kids she competes against have $10,000 - $20,000 priced horses already. I'm not sure how folks afford to buy their kids that caliber of a horses with cash. I wanted to find out from folks here if banks loan on horses (unsecured I assume) and "what" banks if possible?? Is it appropriate to offer a seller a good down payment and offer payments, especially if you offer to carry insurance? Thanks for the input!
I would venture these are conservative dollar amounts too.
I am in banking. Putting yourself into massive amounts of debt for any "toy" is mind-boggling to me. I dont know how people can sleep at night. But they do it all the time. You won't find a bank to do something like this unsecured. Title to a vehicle, tied to a savings account, etc. but not unsecured. More of a personal loan with collateral. Of course this hobby isn't cheap no matter what level you compete at, but a small loan for 5k and a few years max is a lot easier to swallow than 20, 30, 50k+ and refinancing REAL ESTATE (long term note) to buy something that can injure/kill itself at any moment. I can't fathom it.
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 Straight Shooter
Posts: 5725
Location: SW North Dakota | I'm in the same situation as the OP. My daughter is running all 6 events at the JH rodeos. I'll only allow her to haul 2 horses. In our area, there are a lot of families with oil money (or old money), and a lots of CRAZY nice (expensive) horses at the JH level. And those girls can ride 'em. Ell is running barrels and poles on a mare that we raised. The stud lives 25 miles away and the dam is still on our place. She came into the finals last year sitting 10th in barrels and 8th in poles. She works hard and WANTS to win, badly. She's too young to appreciate that she's competitive on a home-raised horse. I see how hard she works and how well she rides and I want her to win, too. The truth of the matter is that I just can't afford to mount her that way right now. I'm saving money, because I do intend to find her a tougher horse for HS, but I won't take out a loan. I might sell some old cows or ranch horses, if I have to, but it will be a cash sale.
We love the JH and HS rodeos. The people are delightful, the kids love each other and there is so much to learn about sacrifice and discipline. She is a good athlete in all of her events, I don't think she'd want to go to JPs or Ammys, just because she loves each of the 6 girls' events. She's learning about money management (sometimes we just can't go, we don't use "grocery" money for rodeos). She saves her winnings and a percentage of her calf checks. Both my kids pay their own fees. I don't make them pay expenses, but we go over receipts for feed, farrier, vet, fuel, pickup and trailer costs, and they KNOW what it costs. I'm trying to raise them to be responsible with their desire to rodeo. We'll see how it pans out! HAHAHA | |
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 Warrior Mom
Posts: 4400
| star1218 - 2016-02-25 11:36 AM
BarrelAddict - 2016-02-25 10:57 AM Being a single mom and my daughter competing in High School Rodeo, the need for faster/step up horse is needed. The competition is fierce as we all know, and some kids she competes against have $10,000 - $20,000 priced horses already. I'm not sure how folks afford to buy their kids that caliber of a horses with cash. I wanted to find out from folks here if banks loan on horses (unsecured I assume) and "what" banks if possible?? Is it appropriate to offer a seller a good down payment and offer payments, especially if you offer to carry insurance? Thanks for the input!
I would venture these are conservative dollar amounts too.
I am in banking. Putting yourself into massive amounts of debt for any "toy" is mind-boggling to me. I dont know how people can sleep at night. But they do it all the time. You won't find a bank to do something like this unsecured. Title to a vehicle, tied to a savings account, etc. but not unsecured. More of a personal loan with collateral. Of course this hobby isn't cheap no matter what level you compete at, but a small loan for 5k and a few years max is a lot easier to swallow than 20, 30, 50k+ and refinancing REAL ESTATE (long term note) to buy something that can injure/kill itself at any moment. I can't fathom it.
My bank has given us 4 loans for horses. Unsecured, no problems whatsoever. We have a pretty close good relationship with our banker and when we needed the loan for the horses, he had the money in our account within 72 hours. We've paid each one off pretty quickly so I'm sure that helps. | |
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 Elite Veteran
Posts: 937
| US Bank gave me an unsecured loan for a horse I wanted at one point. It was a higher interest rate though, 8%. I have good credit and pay the loans off early though. | |
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 Expert
Posts: 1857
| want2chase3 - 2016-02-25 12:02 PM
star1218 - 2016-02-25 11:36 AM
BarrelAddict - 2016-02-25 10:57 AM Being a single mom and my daughter competing in High School Rodeo, the need for faster/step up horse is needed. The competition is fierce as we all know, and some kids she competes against have $10,000 - $20,000 priced horses already. I'm not sure how folks afford to buy their kids that caliber of a horses with cash. I wanted to find out from folks here if banks loan on horses (unsecured I assume) and "what" banks if possible?? Is it appropriate to offer a seller a good down payment and offer payments, especially if you offer to carry insurance? Thanks for the input!
I would venture these are conservative dollar amounts too.
I am in banking. Putting yourself into massive amounts of debt for any "toy" is mind-boggling to me. I dont know how people can sleep at night. But they do it all the time. You won't find a bank to do something like this unsecured. Title to a vehicle, tied to a savings account, etc. but not unsecured. More of a personal loan with collateral. Of course this hobby isn't cheap no matter what level you compete at, but a small loan for 5k and a few years max is a lot easier to swallow than 20, 30, 50k+ and refinancing REAL ESTATE (long term note) to buy something that can injure/kill itself at any moment. I can't fathom it.
My bank has given us 4 loans for horses. Unsecured, no problems whatsoever. We have a pretty close good relationship with our banker and when we needed the loan for the horses, he had the money in our account within 72 hours. We've paid each one off pretty quickly so I'm sure that helps.
Same here... No problems. Call him that day and he'll tell us, "write the check, i'll get the money in", he'll also tell us "no, you can't buy that, they want to much and you'll be in over your head", for horses, trailers, vehicles, vet bills, you name it we've had to take a loan for it. | |
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 Elite Veteran
Posts: 929
| Fun2Run - 2016-02-25 9:20 AM
Honestly, it's not worth it. You can't outspend the people who have big money at their fingertips.
When my daughter was in high school, we opted for the big barrel races and passed up HS rodeo. Our reasoning was that HS Rodeo paid poorly, and the money spent on horses and fees to try to qualify for a rodeo scholorship would pay for tuition to a good college.
This. We just told our daughter no...and she can make horses like I did growing up and sell them or have the satisfaction of winning the pants off of everyone else with all the fancy already made horses at the jackpots. We are not going to mortgage our lives so that our kids can rope or barrel race. | |
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 Accident Prone
Posts: 22277
Location: 100 miles from Nowhere, AR | Buy her what you can afford and let her work at it. Whether it's a really well broke prospect, a finished horse with some age on it, something that has been off for a while, something started but not finished...whatever turns up that works and is affordable. I didn't have super expensive horses in HS (even tho my parents could afford it), but I took lessons and worked my tail off to win on what I had. I didn't blow anyone's doors off, but I placed consistently, won a few go rounds, a few average buckles, and had a great time with people who turned out to be lifelong friends.
Good horses don't have to be expensive, but you're either going to pay the difference in blood, sweat, and tears, or in maintenance. Either way, there are good life lessons to be learned and horsemanship to acquire. | |
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Location: Not Where I Want to Be | Anyone that wouldn't borrow money to buy a horse for their kid, must not love their kid very much.
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Accident Prone
Posts: 22277
Location: 100 miles from Nowhere, AR | 1DSoon - 2016-02-25 1:00 PM Anyone that wouldn't borrow money to buy a horse for their kid, must not love their kid very much.
POE's law strikes again.  | |
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 Elite Veteran
Posts: 984
Location: Southwest Minnesota | 1DSoon - 2016-02-25 1:00 PM Anyone that wouldn't borrow money to buy a horse for their kid, must not love their kid very much.
Are you being serious? Or do we need to develop a sarcasm font? | |
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Elite Veteran
Posts: 634
| 1DSoon - 2016-02-25 1:00 PM
Anyone that wouldn't borrow money to buy a horse for their kid, must not love their kid very much.
This has got to be sarcasm, right?  | |
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Elite Veteran
Posts: 1079
| FlyingJT - 2016-02-25 12:20 PM want2chase3 - 2016-02-25 12:02 PM star1218 - 2016-02-25 11:36 AM BarrelAddict - 2016-02-25 10:57 AM Being a single mom and my daughter competing in High School Rodeo, the need for faster/step up horse is needed. The competition is fierce as we all know, and some kids she competes against have $10,000 - $20,000 priced horses already. I'm not sure how folks afford to buy their kids that caliber of a horses with cash. I wanted to find out from folks here if banks loan on horses (unsecured I assume) and "what" banks if possible?? Is it appropriate to offer a seller a good down payment and offer payments, especially if you offer to carry insurance? Thanks for the input! I would venture these are conservative dollar amounts too.
I am in banking. Putting yourself into massive amounts of debt for any "toy" is mind-boggling to me. I dont know how people can sleep at night. But they do it all the time. You won't find a bank to do something like this unsecured. Title to a vehicle, tied to a savings account, etc. but not unsecured. More of a personal loan with collateral. Of course this hobby isn't cheap no matter what level you compete at, but a small loan for 5k and a few years max is a lot easier to swallow than 20, 30, 50k+ and refinancing REAL ESTATE (long term note) to buy something that can injure/kill itself at any moment. I can't fathom it.
My bank has given us 4 loans for horses. Unsecured, no problems whatsoever. We have a pretty close good relationship with our banker and when we needed the loan for the horses, he had the money in our account within 72 hours. We've paid each one off pretty quickly so I'm sure that helps. Same here... No problems. Call him that day and he'll tell us, "write the check, i'll get the money in", he'll also tell us "no, you can't buy that, they want to much and you'll be in over your head", for horses, trailers, vehicles, vet bills, you name it we've had to take a loan for it.
absolutley my thoughts are situational -- if you are a really long standing customer with an impeccable record and a good relationship with your banker, more than likely they already know you can handle the debt and they are going to help you out. That is the benefit of working closely with your banker! :) Especially in community banks.
But, not everyone falls into the "exceptional customer" category and if you banker is good, they won't let you get in over your head.
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Accident Prone
Posts: 22277
Location: 100 miles from Nowhere, AR | chuckie31 - 2016-02-25 1:21 PM 1DSoon - 2016-02-25 1:00 PM Anyone that wouldn't borrow money to buy a horse for their kid, must not love their kid very much.
Are you being serious? Or do we need to develop a sarcasm font?
POE's law = Parody of Extremes | |
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 Elite Veteran
Posts: 1037
| If you have the credit, they will loan you the money.
But make sure its worth it to you to make those memories.
1) your kid isnt going to "make money" on that horse just at HS/JR rodeos.
2) the horse will not be worth what you pay for it when you get ready to sell after 4-5 yrs of running it (generally speaking)
3) unless you are planning to continue to keep them mounted in the future, they will win more in HS than after.
Only speaking from personal experiences. I rode 2 very nice horses in HS rodeo that were bought for way more than should have been spent. They were used up and retired by the time I was a jr in college which resulted in me not having a barrel horse for 8 years because I could not afford one on my own of that caliber. At that age, it wasnt appealing to even go if I couldnt win at the same level. Looking back I would have rather had a string of young ones I trained myself rather than be left unmounted. | |
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Location: Tenn. | Here is a look from another perspective. I was your daughter 10 years ago (hypothetically speaking). My mother did WHATEVER (loan/cash advance on cc) it took to buy me a high dollar horse so that I could be competitive in high school rodeo. At the time I was ready for a horse of this caliber, but we didn't have the money to buy one. Long story short, after buying a top 1D horse I was not only competitive but I was winning. At the same time my family was struggling, my mother was working 24/7 just to pay off all the money she had borrowed and the tension in our home was unreal. It was wonderful to win, but it wasn't as rewarding as I had thought it would be. We only had enough money to go to the High School Rodeos and like the original poster stated, they don't pay anything.
I am grateful that my mother wanted me to have everything she wasn't able to have when she was a child. However, looking back I believe I would have been just as grateful for a well-bred younger horse that I could have made great myself. Not only has that AMAZING barrel horse passed away, but so have the other that my mother continued to buy that we couldn't afford. Now that I am married, my husband cringes at the thought of spending over 5 figures on a horse. He was always able to make great ones and didn't have to buy them. I struggle with confidence in knowing that I can make a 1D horse, they were always given to me and I never had to work hard to make one great. My mother passed away a couple of years ago and I am in no way dogging her parenting skills, she was the PERFECT mother. However, my children will learn the value of a dollar and how hard work pays off. Something that it took me up until recently to fully understand.
It's ultimately your decision and something you should feel 100% confident going into.
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Location: Tenn. | kboltwkreations - 2016-02-25 1:44 PM If you have the credit, they will loan you the money. But make sure its worth it to you to make those memories. 1) your kid isnt going to "make money" on that horse just at HS/JR rodeos. 2) the horse will not be worth what you pay for it when you get ready to sell after 4-5 yrs of running it (generally speaking) 3) unless you are planning to continue to keep them mounted in the future, they will win more in HS than after. Only speaking from personal experiences. I rode 2 very nice horses in HS rodeo that were bought for way more than should have been spent. They were used up and retired by the time I was a jr in college which resulted in me not having a barrel horse for 8 years because I could not afford one on my own of that caliber. At that age, it wasnt appealing to even go if I couldnt win at the same level. Looking back I would have rather had a string of young ones I trained myself rather than be left unmounted.
I feel like we have the same mindset! | |
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Expert
Posts: 2128
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We dont buy expensive horses. We have to make em. My husband has made all of his, and I have had to make mine. I am sure it will be the same for my daughter when she is old enough. I will provide her something nice to work with, that will not get her hurt...but the rest will be up to her. We have less than 30K in our rig (Truck and living quarter trailer), and none of the horses we compete on cost more than $2000 when we bought them. We get to the rodeos and jackpots the same as everyone else. I know people who put their financial stability on the line for horses/rodeo/queen pagents. I will do everything I can WITHIN reason to make sure my kid can go if she wants to..but we are NOT taking out loans, refinancing anything, digging ourselves into debt for it. For most people, rodeo is NOT a career path...it is a hobby. What do you have to show at the end of the day other than memories, buckles and saddles? Thats all wonderful but not at the cost of going broke. We are just not super wealthy people, and have to live within those means in a responsible manner. Now if you can simply afford to blow and go, buy expensive horses, haul in a bus/nice rig by all means! NOTHING WRONG WITH THAT. I hope that my daughter understands that rodeo, though important, is not THE most important thing in life. I hope I can teach her to work hard and maybe she will channel that into making nice horses and someday a great career so she can afford all the horses/entry fees her little heart desires.
ETA: apologies to the OP, I really did not answer your question at all. I just blurted out all my feelings of my child rodeoing. I hope you find the best method for a mount. Keep us posted.
Edited by scwebster 2016-02-25 2:33 PM
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Member
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Location: racing across the desert me & my horse... | I have no intentions of refinancing anything to purchase a horse or go into debt to get one. My max is $15,000 and even that is pushing it. She does have 21 year old mare she is running and she pulls 22 in poles on a good day, but the girls are pulling mid 21s to 20s. Her 6 yr old mare is talented and faster, but is not consistent enough to run against the current competition, plus she is "off" in the front end at the moment.
I have collateral (own two horse trailers, savings acct, 401) and have very little debt other then my house payment and truck and other regular bills (utilities, cell phone, cable etc) and my credit is good). I didn't want to cash out savings or a 401 to buy a horse so I was looking at other options.
I am with Wells Fargo, but would it be a better idea to go to different banks or a credit union for better interest rates? I thought there might be programs or lenders out there that actually specialized in loans for horses and had an understanding about how it might work?
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Location: Tenn. | BarrelAddict - 2016-02-25 2:05 PM I have no intentions of refinancing anything to purchase a horse or go into debt to get one. My max is $15,000 and even that is pushing it. She does have 21 year old mare she is running and she pulls 22 in poles on a good day, but the girls are pulling mid 21s to 20s. Her 6 yr old mare is talented and faster, but is not consistent enough to run against the current competition, plus she is "off" in the front end at the moment. I have collateral (own two horse trailers, savings acct, 401) and have very little debt other then my house payment and truck and other regular bills (utilities, cell phone, cable etc) and my credit is good). I didn't want to cash out savings or a 401 to buy a horse so I was looking at other options. I am with Wells Fargo, but would it be a better idea to go to different banks or a credit union for better interest rates? I thought there might be programs or lenders out there that actually specialized in loans for horses and had an understanding about how it might work?
Not sure about where you are located, but there is a place called "Farm Credit Mid America" here in the Southeast. I know they give loans for cattle and other livestock, not sure about horses though. | |
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Expert
Posts: 1857
| BarrelAddict - 2016-02-25 2:05 PM
I have no intentions of refinancing anything to purchase a horse or go into debt to get one. My max is $15,000 and even that is pushing it. She does have 21 year old mare she is running and she pulls 22 in poles on a good day, but the girls are pulling mid 21s to 20s. Her 6 yr old mare is talented and faster, but is not consistent enough to run against the current competition, plus she is "off" in the front end at the moment.
I have collateral (own two horse trailers, savings acct, 401) and have very little debt other then my house payment and truck and other regular bills (utilities, cell phone, cable etc) and my credit is good). I didn't want to cash out savings or a 401 to buy a horse so I was looking at other options.
I am with Wells Fargo, but would it be a better idea to go to different banks or a credit union for better interest rates? I thought there might be programs or lenders out there that actually specialized in loans for horses and had an understanding about how it might work?
You can look into borrowing against your 401K. The interest rate might be lower, you would have to see.
Not saying it's the best idea, but if this is intended to be a short-term loan, it could be worth it. | |
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Expert
Posts: 2128
| BarrelAddict - 2016-02-25 2:05 PM I have no intentions of refinancing anything to purchase a horse or go into debt to get one. My max is $15,000 and even that is pushing it. She does have 21 year old mare she is running and she pulls 22 in poles on a good day, but the girls are pulling mid 21s to 20s. Her 6 yr old mare is talented and faster, but is not consistent enough to run against the current competition, plus she is "off" in the front end at the moment. I have collateral (own two horse trailers, savings acct, 401) and have very little debt other then my house payment and truck and other regular bills (utilities, cell phone, cable etc) and my credit is good). I didn't want to cash out savings or a 401 to buy a horse so I was looking at other options. I am with Wells Fargo, but would it be a better idea to go to different banks or a credit union for better interest rates? I thought there might be programs or lenders out there that actually specialized in loans for horses and had an understanding about how it might work?
I think there was a similar question asked on here a few weeks ago. I often wondered myself how the loan process for a horse worked. Apparently some banks will do it. Maybe check with your bank? I will see if I can find that other thread.. | |
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Member
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Location: racing across the desert me & my horse... | scwebster - 2016-02-25 12:19 PM
BarrelAddict - 2016-02-25 2:05 PM I have no intentions of refinancing anything to purchase a horse or go into debt to get one. My max is $15,000 and even that is pushing it. She does have 21 year old mare she is running and she pulls 22 in poles on a good day, but the girls are pulling mid 21s to 20s. Her 6 yr old mare is talented and faster, but is not consistent enough to run against the current competition, plus she is "off" in the front end at the moment. I have collateral (own two horse trailers, savings acct, 401) and have very little debt other then my house payment and truck and other regular bills (utilities, cell phone, cable etc) and my credit is good). I didn't want to cash out savings or a 401 to buy a horse so I was looking at other options. I am with Wells Fargo, but would it be a better idea to go to different banks or a credit union for better interest rates? I thought there might be programs or lenders out there that actually specialized in loans for horses and had an understanding about how it might work?
I think there was a similar question asked on here a few weeks ago. I often wondered myself how the loan process for a horse worked. Apparently some banks will do it. Maybe check with your bank? I will see if I can find that other thread..
Thanks! Let me know if you find it. | |
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Elite Veteran
Posts: 1037
| BarrelAddict - 2016-02-25 2:05 PM
I have no intentions of refinancing anything to purchase a horse or go into debt to get one. My max is $15,000 and even that is pushing it. She does have 21 year old mare she is running and she pulls 22 in poles on a good day, but the girls are pulling mid 21s to 20s. Her 6 yr old mare is talented and faster, but is not consistent enough to run against the current competition, plus she is "off" in the front end at the moment.
I have collateral (own two horse trailers, savings acct, 401) and have very little debt other then my house payment and truck and other regular bills (utilities, cell phone, cable etc) and my credit is good). I didn't want to cash out savings or a 401 to buy a horse so I was looking at other options.
I am with Wells Fargo, but would it be a better idea to go to different banks or a credit union for better interest rates? I thought there might be programs or lenders out there that actually specialized in loans for horses and had an understanding about how it might work?
If you have the cash in savings, put the savings into a CD and borrow against that. You are borrowing against your own money and will get a super low interest rate and in theory they shouldnt even run your credit, but they probably will (one CD loan I took out they did, one they did not).
I have done this several times and it is a great option if you arent wanting to tie up all your cash. | |
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Expert
Posts: 2128
| http://forums.barrelhorseworld.com/forum/forums/thread-view.asp?tid...
248&highlight=Loan&highlightmode=1&action=search#M7226248
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The above link is to a thread on here discussing finacing horses..
Edited by scwebster 2016-02-25 2:52 PM
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 Veteran
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Location: College Station, TX | I took out a loan to buy a horse in college. Just took out a student loan through my bank and ended up with a really low interest rate. I paid it off within 6 months of graduating by selling the horse. It was NOT worth it even with having had a 3% interest rate. If I hadn't been able to sell the horse to pay it off I'd really have been kicking myself. | |
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 Elite Veteran
Posts: 823
Location: East Texas | If you can pay it off, take out a loan if you want. People do it all the time for their hobbies from boats to 4-wheelers. Most do it with LQ horse trailers when they could pay cash for a stock trailer. If you cant pay it off easily, then don't. Just go have fun and make all the memories you can make. I would sell everything I own.....hell, I would give it away if I could still take my son rodeoing. | |
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Member
Posts: 44
Location: racing across the desert me & my horse... | scwebster - 2016-02-25 12:04 PM
We dont buy expensive horses. We have to make em. My husband has made all of his, and I have had to make mine. I am sure it will be the same for my daughter when she is old enough. I will provide her something nice to work with, that will not get her hurt...but the rest will be up to her. We have less than 30K in our rig (Truck and living quarter trailer), and none of the horses we compete on cost more than $2000 when we bought them. We get to the rodeos and jackpots the same as everyone else. I know people who put their financial stability on the line for horses/rodeo/queen pagents. I will do everything I can WITHIN reason to make sure my kid can go if she wants to..but we are NOT taking out loans, refinancing anything, digging ourselves into debt for it. For most people, rodeo is NOT a career path...it is a hobby. What do you have to show at the end of the day other than memories, buckles and saddles? Thats all wonderful but not at the cost of going broke. We are just not super wealthy people, and have to live within those means in a responsible manner. Now if you can simply afford to blow and go, buy expensive horses, haul in a bus/nice rig by all means! NOTHING WRONG WITH THAT. I hope that my daughter understands that rodeo, though important, is not THE most important thing in life. I hope I can teach her to work hard and maybe she will channel that into making nice horses and someday a great career so she can afford all the horses/entry fees her little heart desires.
ETA: apologies to the OP, I really did not answer your question at all. I just blurted out all my feelings of my child rodeoing. I hope you find the best method for a mount. Keep us posted.
LOL, no worries. Quite a few folks got side tracked on it...I didn't come from money and still don't. I had to make the best of what was given to me with the horses growing up. I actually don't think my dad ever went out and bought a horse, he either traded or they were given to him. My daughter's main rodeo horse, 21 yr old mare was $1500 six yrs ago when I bought her, and the owners actually had an offer on her for $4500. They ended up selling her to me because of the home we could provide and how my daughter and her instantly clicked. Her current 6 yr old mare was also only $1500 and is crazy talented, but quirky and "off" in the front right now, so we have definitely been lucky with spending "small money" for the caliber of horses we have been able to have in our lives. :) | |
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Member
Posts: 44
Location: racing across the desert me & my horse... | Warriors Mom - 2016-02-25 1:13 PM
I have to say, I came from a family that could afford to buy my the horses I dreamed of, but they didn't....my first horse was a yearling my grandfather bought me at the LQHBA yearling sale and I had to make it what it was...and this is how it was my entire life...I made every horse I owned.... Today I appreciate that, however the burn out out did me at times and I would want to throw in the towel... I have no children at this point in my life and I am still making/breeding my own horses because even though I have thought about paying the large amounts for I horse I can not bring myself to do it..... but when the time comes and I have kids, if I don't have a horse of the caliber they want/need when it comes time, I will and have no qualms about refinancing the farm for them to make their dreams come true... I think about how far in my career I might have gone if I had the parent that supported my like that...I will give my children/child every chance to follow their dreams.
Very well stated, thanks for sharing. | |
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 Elite Veteran
Posts: 602
| Ive been told several times, if you cant afford a solid 1D horse buy a prospect with outstanding bloodlines and make it a kick ass barrel horse. It might take longer but your daughter will learn a lot. Ive seen several high school rodeo girls around here buy youngsters and win. High school girls have a lot of time on their hands, keep'em busy with prospect! ;) | |
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 That's White "Man" to You
Posts: 5515
| I'm a lender and have given loans to buy fairly expensive horses. These horses took the kids from the bottom of the 3D to the bottom of the 1D and they still were unhappy with the horse. The problem with life is that there is always going to be someone better than you, richer than you, more successful than you. You might get to the top for a moment but that moment is guaranteed to be short lived. So if you can learn to be happy where you are and make the best of what you have, I believe you will be better off. More money, better horse, bigger trailer, doesn't ever equal more happiness.
Edited by Whiteboy 2016-02-25 5:55 PM
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Expert
Posts: 1543
Location: MI | CrossDRanch - 2016-02-25 3:58 PM
If you can pay it off, take out a loan if you want. People do it all the time for their hobbies from boats to 4-wheelers. Most do it with LQ horse trailers when they could pay cash for a stock trailer. If you cant pay it off easily, then don't. Just go have fun and make all the memories you can make. I would sell everything I own.....hell, I would give it away if I could still take my son rodeoing.
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 Warmblood with Wings
Posts: 27846
Location: Florida.. | CrossDRanch - 2016-02-25 3:58 PM If you can pay it off, take out a loan if you want. People do it all the time for their hobbies from boats to 4-wheelers. Most do it with LQ horse trailers when they could pay cash for a stock trailer. If you cant pay it off easily, then don't. Just go have fun and make all the memories you can make. I would sell everything I own.....hell, I would give it away if I could still take my son rodeoing.
Hugs.. | |
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 A Somebody to Everybody
Posts: 41354
Location: Under The Big Sky Of Texas | CrossDRanch - 2016-02-25 2:58 PM If you can pay it off, take out a loan if you want. People do it all the time for their hobbies from boats to 4-wheelers. Most do it with LQ horse trailers when they could pay cash for a stock trailer. If you cant pay it off easily, then don't. Just go have fun and make all the memories you can make. I would sell everything I own.....hell, I would give it away if I could still take my son rodeoing.
I know you would | |
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 Strong Willed Woman
Posts: 6577
Location: Prosser, WA | 1DSoon - 2016-02-25 11:00 AM
Anyone that wouldn't borrow money to buy a horse for their kid, must not love their kid very much.
Maybe Bernie Sanders will give us all a 1D horse. Yeah! LOL | |
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 My Heart Be Happy
Posts: 9159
Location: Arkansas | ND3canAddict - 2016-02-25 11:41 AM
I'm in the same situation as the OP. My daughter is running all 6 events at the JH rodeos. I'll only allow her to haul 2 horses. In our area, there are a lot of families with oil money (or old money), and a lots of CRAZY nice (expensive) horses at the JH level. And those girls can ride 'em. Ell is running barrels and poles on a mare that we raised. The stud lives 25 miles away and the dam is still on our place. She came into the finals last year sitting 10th in barrels and 8th in poles. She works hard and WANTS to win, badly. She's too young to appreciate that she's competitive on a home-raised horse. I see how hard she works and how well she rides and I want her to win, too. The truth of the matter is that I just can't afford to mount her that way right now. I'm saving money, because I do intend to find her a tougher horse for HS, but I won't take out a loan. I might sell some old cows or ranch horses, if I have to, but it will be a cash sale.
We love the JH and HS rodeos. The people are delightful, the kids love each other and there is so much to learn about sacrifice and discipline. She is a good athlete in all of her events, I don't think she'd want to go to JPs or Ammys, just because she loves each of the 6 girls' events. She's learning about money management (sometimes we just can't go, we don't use "grocery" money for rodeos). She saves her winnings and a percentage of her calf checks. Both my kids pay their own fees. I don't make them pay expenses, but we go over receipts for feed, farrier, vet, fuel, pickup and trailer costs, and they KNOW what it costs. I'm trying to raise them to be responsible with their desire to rodeo. We'll see how it pans out! HAHAHA
Kudos to you 
If only more parents would raise kids so responsibly, our society wouldn't be in the shape it's in today. . . | |
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Extreme Veteran
Posts: 597
| CrossDRanch - 2016-02-25 1:58 PM
If you can pay it off, take out a loan if you want. People do it all the time for their hobbies from boats to 4-wheelers. Most do it with LQ horse trailers when they could pay cash for a stock trailer. If you cant pay it off easily, then don't. Just go have fun and make all the memories you can make. I would sell everything I own.....hell, I would give it away if I could still take my son rodeoing.
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My Heart Be Happy
Posts: 9159
Location: Arkansas | CrossDRanch - 2016-02-25 2:58 PM
If you can pay it off, take out a loan if you want. People do it all the time for their hobbies from boats to 4-wheelers. Most do it with LQ horse trailers when they could pay cash for a stock trailer. If you cant pay it off easily, then don't. Just go have fun and make all the memories you can make. I would sell everything I own.....hell, I would give it away if I could still take my son rodeoing.
Hugs and prayers | |
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 Expert
Posts: 1302
Location: California | I was in a similar boat as a child. I was on the older or blown up horse that we didn't spend much money on. I had the ugliest and oldest truck and trailer there too. I could sometimes place here or there in one event or two in the high school junior division rodeos. My freshman year of high school we started looking for a step up after my blown up barrel horse was proving dangerous and I was borrowing horses inbetween. I ended up getting a $12500 horse that was 5 and unfinished BUT I spent $7000 of my own money that I earned raising steers and lambs in 4-H since 4th grade. My parents paid the other $5500. That was the most they ever spent helping me buy a horse. I continued to raise 4-H animals and bought my next horse and then sold those to buy new ones ect. Looking back I wouldn't change a thing. I had to ride some tough horses and learned a lot about how to ride. I also got the chance to ride many different horses as I borrowed and practiced which taught me so many things. I learned to appreciate the good ones and also got to take pride in making a horse that I ended up finishing in the top ten at the national level. | |
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Extreme Veteran
Posts: 591
| To answer your question, most banks will not give loans on horses. Unless, like the previous posters said, you have a really good relationship with your banker. Also getting personal loans carry a high interest rate and you probably couldn't get the amount needed to get a horse that will win anyway. Now you are left refinancing or taking out a loan against your home which would have the best interest rates and you could get a high amount.
Loans (aka - DEBT) = STRESS!!! People forget that barrel racing and rodeo is a HOBBY for the vast majority of us.
The only people it "pays the bills" for are people who already have the money and it doesn't matter if they win or not. Just like getting to the NFR, getting to the HS Finals is easier for people with $$$$ to spend. There is a lot of life and barrel racing left after high school rodeo. It's not worth getting into debt over. Taking out a loan on something that can die on you is a gigantic risk. In the long run, if you can't pay cash outright for it, it's not needed. Probably wanted, but there are lots of "wants". Is it worth putting yourself into a long term loan (aka long term debt) to win a high school rodeo? | |
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Extreme Veteran
Posts: 509
| As a mother of two grow. Children my advice is buy what you can afford to lose, don't get wrapped up in win win win, teach your kids how to train, work hard and value money i didn't do the high school rodeo it was to expensive. I have kids who appreciate success are humble can work hard and can accept failure children learn from what your doing they watch everything getting loans for things you can't afford is t a good example. IMHO | |
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Veteran
Posts: 286
| Amen to paying cash...I think it's the only way to get ahead in the long run....plus, less stress!
When I was young my parents spent their cash on a good horse for me and then skimped on the truck and trailer (pos) until they could afford better. And by afford, I mean they saved the money to purchase a rig out right.
I agree with that philosophy and I think it has taught me a lot. Today, the only loan I have is my mortgage. My truck, my trailer, my horses, are all paid for...no payments...no interest. So awesome.
It's easy to get carried away and want what other people have...don't get caught up in it....remember what's important. | |
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 Shelter Dog Lover
Posts: 10277
| CrossDRanch - 2016-02-25 2:58 PM If you can pay it off, take out a loan if you want. People do it all the time for their hobbies from boats to 4-wheelers. Most do it with LQ horse trailers when they could pay cash for a stock trailer. If you cant pay it off easily, then don't. Just go have fun and make all the memories you can make. I would sell everything I own.....hell, I would give it away if I could still take my son rodeoing.
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 Witty Enough
Posts: 2954
Location: CTX | I understand you want the best for your kids, but I agree with the people that say don't get into debt for a hobby. What happens if 2 months down the road your horse gets hurt so bad it has to be put down, of you have to rehab it for months on end. Really not that hard to imagine, just read the posts on here about horses getting hurt. Is it really worth it to get into debt for this? I don't think so. But that's just me.
Yes we all WANT nice things.... Heck I have a list mile long, and some of it we actually NEED, but for now we don't have the cash to get it. So we save up, and when we have enough we buy.
Growing up I had everything I needed. If I wanted extra I had to work for it. Where I come from it is still frowned upon to get into debt for non-essentials. And like it or not, but HS rodeo is non-essential.
We already live in a world crawling with masses of entitled people. Not saying your girl is like that, but unfortunately a lot of kids are being treated like that, and therefor believe it, thus act like it.
Get her a horse for an amount that you can afford to lose. Will it win her the 1D? Maybe not, and maybe she will surprise you.
Just MHO. | |
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 Undercover Amish Mafia Member
Posts: 9992
Location: Kansas | Have you considered maybe just leasing a horse? I'm sure someone would be more than happy to lease a horse, especially if the horse isn't being ridden. | |
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A Somebody to Everybody
Posts: 41354
Location: Under The Big Sky Of Texas | cranky B4 10am - 2016-02-26 7:17 AM I understand you want the best for your kids, but I agree with the people that say don't get into debt for a hobby. What happens if 2 months down the road your horse gets hurt so bad it has to be put down, of you have to rehab it for months on end. Really not that hard to imagine, just read the posts on here about horses getting hurt. Is it really worth it to get into debt for this? I don't think so. But that's just me.
Yes we all WANT nice things.... Heck I have a list mile long, and some of it we actually NEED, but for now we don't have the cash to get it. So we save up, and when we have enough we buy.
Growing up I had everything I needed. If I wanted extra I had to work for it. Where I come from it is still frowned upon to get into debt for non-essentials. And like it or not, but HS rodeo is non-essential.
We already live in a world crawling with masses of entitled people. Not saying your girl is like that, but unfortunately a lot of kids are being treated like that, and therefor believe it, thus act like it.
Get her a horse for an amount that you can afford to lose. Will it win her the 1D? Maybe not, and maybe she will surprise you.
Just MHO.
Very good advice here | |
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Worlds Greatest Laugh
Location: North Dakota | My own experience, I have coached 2 high school rodeo girls to success on horses that were under $15,000. One was about 8-10 years ago and the other just recent. What does success mean...they won a few races in the barrels or poles and qualified for Nationals. These horses could be competitive with proper education of both the horse and rider. So often, parents spend BIG money but fail to follow through with the coaching it takes to help make these kids successful. While it takes a good quality horse, they are out there. Maybe its a 3D horse that is priced that way but you can see more potential. It takes a horse with heart and a kid with the same and someone to help find their potential. | |
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Worlds Greatest Laugh
Location: North Dakota | ND3canAddict - 2016-02-25 11:41 AM I'm in the same situation as the OP. My daughter is running all 6 events at the JH rodeos. I'll only allow her to haul 2 horses. In our area, there are a lot of families with oil money (or old money), and a lots of CRAZY nice (expensive) horses at the JH level. And those girls can ride 'em. Ell is running barrels and poles on a mare that we raised. The stud lives 25 miles away and the dam is still on our place. She came into the finals last year sitting 10th in barrels and 8th in poles. She works hard and WANTS to win, badly. She's too young to appreciate that she's competitive on a home-raised horse. I see how hard she works and how well she rides and I want her to win, too. The truth of the matter is that I just can't afford to mount her that way right now. I'm saving money, because I do intend to find her a tougher horse for HS, but I won't take out a loan. I might sell some old cows or ranch horses, if I have to, but it will be a cash sale.
We love the JH and HS rodeos. The people are delightful, the kids love each other and there is so much to learn about sacrifice and discipline. She is a good athlete in all of her events, I don't think she'd want to go to JPs or Ammys, just because she loves each of the 6 girls' events. She's learning about money management (sometimes we just can't go, we don't use "grocery" money for rodeos). She saves her winnings and a percentage of her calf checks. Both my kids pay their own fees. I don't make them pay expenses, but we go over receipts for feed, farrier, vet, fuel, pickup and trailer costs, and they KNOW what it costs. I'm trying to raise them to be responsible with their desire to rodeo. We'll see how it pans out! HAHAHA
Your daughter is talented. She's a tough barrel racer. I love that kid. | |
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Straight Shooter
Posts: 5725
Location: SW North Dakota | Runnincat - 2016-02-26 10:38 AM ND3canAddict - 2016-02-25 11:41 AM I'm in the same situation as the OP. My daughter is running all 6 events at the JH rodeos. I'll only allow her to haul 2 horses. In our area, there are a lot of families with oil money (or old money), and a lots of CRAZY nice (expensive) horses at the JH level. And those girls can ride 'em. Ell is running barrels and poles on a mare that we raised. The stud lives 25 miles away and the dam is still on our place. She came into the finals last year sitting 10th in barrels and 8th in poles. She works hard and WANTS to win, badly. She's too young to appreciate that she's competitive on a home-raised horse. I see how hard she works and how well she rides and I want her to win, too. The truth of the matter is that I just can't afford to mount her that way right now. I'm saving money, because I do intend to find her a tougher horse for HS, but I won't take out a loan. I might sell some old cows or ranch horses, if I have to, but it will be a cash sale.
We love the JH and HS rodeos. The people are delightful, the kids love each other and there is so much to learn about sacrifice and discipline. She is a good athlete in all of her events, I don't think she'd want to go to JPs or Ammys, just because she loves each of the 6 girls' events. She's learning about money management (sometimes we just can't go, we don't use "grocery" money for rodeos). She saves her winnings and a percentage of her calf checks. Both my kids pay their own fees. I don't make them pay expenses, but we go over receipts for feed, farrier, vet, fuel, pickup and trailer costs, and they KNOW what it costs. I'm trying to raise them to be responsible with their desire to rodeo. We'll see how it pans out! HAHAHA Your daughter is talented. She's a tough barrel racer. I love that kid.
Thank you! She's a spitfire. She'll be spending the summer doing and internship with Shelly E, so you'll probably get to see more of her in your neck of the woods. Moms sometimes have a hard time coaching their daughters, so Shelly is stepping in to help her understand the importance of horsemanship and slow work.
I was going to give her Matt for HS, but I really like him for myself. PR and I talked about it, and decided we'd save our pennies for the next couple of years and have our large network of trusted barrel racing friends help us find the right horse when the time comes.
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Straight Shooter
Posts: 5725
Location: SW North Dakota | Chandler's Mom - 2016-02-25 9:09 PM ND3canAddict - 2016-02-25 11:41 AM I'm in the same situation as the OP. My daughter is running all 6 events at the JH rodeos. I'll only allow her to haul 2 horses. In our area, there are a lot of families with oil money (or old money), and a lots of CRAZY nice (expensive) horses at the JH level. And those girls can ride 'em. Ell is running barrels and poles on a mare that we raised. The stud lives 25 miles away and the dam is still on our place. She came into the finals last year sitting 10th in barrels and 8th in poles. She works hard and WANTS to win, badly. She's too young to appreciate that she's competitive on a home-raised horse. I see how hard she works and how well she rides and I want her to win, too. The truth of the matter is that I just can't afford to mount her that way right now. I'm saving money, because I do intend to find her a tougher horse for HS, but I won't take out a loan. I might sell some old cows or ranch horses, if I have to, but it will be a cash sale.
We love the JH and HS rodeos. The people are delightful, the kids love each other and there is so much to learn about sacrifice and discipline. She is a good athlete in all of her events, I don't think she'd want to go to JPs or Ammys, just because she loves each of the 6 girls' events. She's learning about money management (sometimes we just can't go, we don't use "grocery" money for rodeos). She saves her winnings and a percentage of her calf checks. Both my kids pay their own fees. I don't make them pay expenses, but we go over receipts for feed, farrier, vet, fuel, pickup and trailer costs, and they KNOW what it costs. I'm trying to raise them to be responsible with their desire to rodeo. We'll see how it pans out! HAHAHA Kudos to you If only more parents would raise kids so responsibly, our society wouldn't be in the shape it's in today. . .
Thank you. We are doing the best we know how. All I want is kids who understand life is all about winning and losing. As harsh as it sounds, there are more lessons to be learned from losing. My kids will NOT be entitled- not in the arena, not in their careers, nothing. Winners are true winners when they work their a$$es off and learn from their failures... Just IMHO. No one changed the world by having things handed to them. This doesn't apply to the OP at all, I am just rambling about a subject I'm passionate about. | |
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 On the Countdown
Posts: 2934
Location: Texas | When I was trying to build credit when I was younger, I bought my horse. The bank financed him and wanted the papers on the horse, he was the collateral. Now this was a small town bank that knew everyone. I had the money to pay for him I chose the loan. I would do this again through the same bank if I needed. to. Good luck! | |
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 Friendly horse swapper
Posts: 4122
Location: Buffalo, TX | JMO and I don't know what area you are in....but I kind of think if you were in Texas, you would be spending a LOT more than $15K to be competitive in HS rodeo....so, maybe in your area you could look for an older, been there, done that horse for less than $10K and pay cash....I don't think a bigger price necessarily means a better horse....I think it's very possible to get a good deal if you ask around and are willing to travel a little to try a few horses out. I personally don't think $15K is a huge amount for a competitive horse in my area and there are parents spending WAY more than that on a regular basis.
I always had to train my own and work from scratch, so I get that part from the other posters, but it's not like you are wanting a $30-$40K horse....now that would break the bank if things went south and you owed that kind of money....I say try to get the best you can a little cheaper than $15K and go for it, nobody is gonna go bust for that amount....and buy insurance on the horse. Good luck! | |
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Member
Posts: 44
Location: racing across the desert me & my horse... | I appreciate everyone sharing their "been there, done that stories", words of wisdom, general advice, rodeo being a hobby, don't put yourself in debt, kids learning the value of a dollar etc. I grew up with having to get by with what I had and understand all of that, however I want better for my daughter and as stated previously, I have no intention of refinancing anything and my budget for a horse is limited. Because of really having "no bills" and not wanting to dip into my savings acct or 401, a loan fits my circumstances better than any other option at the moment especially with being able to probably pay it off fairly quickly.
Although my daughter does not have a job yet and we do not do 4H to make side money for her rodeos, but she is the one cleaning 5 pens, each day, feeding and watering twice a day, cleaning the trailer out before we leave etc, so she is "working" for a "dollar" and has definitely learned that horses are hard work above anything else.
If anyone has names of specific banks that they recommend, please share or PM me anything else that might help.
:) | |
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Member
Posts: 44
Location: racing across the desert me & my horse... | Cindy Hamilton - 2016-02-26 11:06 AM
JMO and I don't know what area you are in....but I kind of think if you were in Texas, you would be spending a LOT more than $15K to be competitive in HS rodeo....so, maybe in your area you could look for an older, been there, done that horse for less than $10K and pay cash....I don't think a bigger price necessarily means a better horse....I think it's very possible to get a good deal if you ask around and are willing to travel a little to try a few horses out. I personally don't think $15K is a huge amount for a competitive horse in my area and there are parents spending WAY more than that on a regular basis.
I always had to train my own and work from scratch, so I get that part from the other posters, but it's not like you are wanting a $30-$40K horse....now that would break the bank if things went south and you owed that kind of money....I say try to get the best you can a little cheaper than $15K and go for it, nobody is gonna go bust for that amount....and buy insurance on the horse. Good luck!
Thank you, I think you get where I'm coming from and I too, thought $15,000 was very conservative amount due to me knowing exactly what I could be spending if I wanted to risk it. I am definitely willing to travel and especially to TX, OK areas due to the level of competition there and the caliber of horses available that may have some age or some minor maintenance issues. She has a younger mare she is working with that is very talented that we got for $1500, but the mare is not consistent enough to compete on at the level we are up against and she is "off" in the front end at the moment!
Keeping my options open! | |
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Member
Posts: 44
Location: racing across the desert me & my horse... | CrossDRanch - 2016-02-25 12:58 PM
If you can pay it off, take out a loan if you want. People do it all the time for their hobbies from boats to 4-wheelers. Most do it with LQ horse trailers when they could pay cash for a stock trailer. If you cant pay it off easily, then don't. Just go have fun and make all the memories you can make. I would sell everything I own.....hell, I would give it away if I could still take my son rodeoing.
Well said... | |
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Member
Posts: 44
Location: racing across the desert me & my horse... | hoofs_in_motion - 2016-02-26 6:14 AM
Have you considered maybe just leasing a horse? I'm sure someone would be more than happy to lease a horse, especially if the horse isn't being ridden.
I have...but have heard such horror stories and I'm not even sure how to go about asking the right people about doing that. I'm not up to asking friends about doing that because if things go haywire, I end up probably losing the horse and a valued friendship. | |
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Member
Posts: 44
Location: racing across the desert me & my horse... | SassyPirate - 2016-02-25 9:13 AM
I don't think banks will give you a "loan" for a horse but if you can get a Line Of Credit you can use it for whatever you want. I know lots of ladies that have done it that way.
Thanks, I will look into that. | |
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Friendly horse swapper
Posts: 4122
Location: Buffalo, TX | I would look into a home equity loan and stretch it out over 10 yrs at a fixed rate...most are around 3% now...that means a $96 monthly payment on $15K (plus fees)...it should be a simple interest loan that allows you to make principle payments, so you'd have a really low payment for the months you only wanted to pay that amount, and you could add to it and knock the total interest right out of the water by paying it down as much as you can in the early part of the loan.... | |
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 Expert
Posts: 3782
Location: Gainesville, TX | Figure out how you want to finance the horse but she might get more done with a prospect that has tons of potential but isnt finished. Maybe find a trainer to help you find a horse in your budget range that would be a good fit. | |
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 Elite Veteran
Posts: 933
Location: north dakota | My daughter lucked out on the horse. I had bought a 3 year old OTT and had 5 months at a trainer when she was 5. She outgrew her horse and so I just turned mine over to her. I took her to a clinic a few months ago and the clinician had told a number of girls they were under mounted but fortunately she thought my horse would work. Unfortunately for my daughter there are only a limited number of barrel races and junior high rodeos offered in my area and they all fall on the weekend she's at her dads and he won't let her go.
For my younger daughters I'm breeding some user friendly crosses amd breeding to studs like Famous Bugs and FRenchmans Fabulous and the trainer I use is so easy to ride behind they will have to make due with those horses for junior his hand high school rodeo. My 12 year old daughter also has a 3 year old prospect.
If your daughter is a hand and you guys have someone you could work with a horse that has been patterned but not completely finished could be an option. She may not win right away in junior high but they could be ready for high school rodeo. | |
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My Heart Be Happy
Posts: 9159
Location: Arkansas | ND3canAddict - 2016-02-26 12:39 PM
Chandler's Mom - 2016-02-25 9:09 PM ND3canAddict - 2016-02-25 11:41 AM I'm in the same situation as the OP. My daughter is running all 6 events at the JH rodeos. I'll only allow her to haul 2 horses. In our area, there are a lot of families with oil money (or old money), and a lots of CRAZY nice (expensive) horses at the JH level. And those girls can ride 'em. Ell is running barrels and poles on a mare that we raised. The stud lives 25 miles away and the dam is still on our place. She came into the finals last year sitting 10th in barrels and 8th in poles. She works hard and WANTS to win, badly. She's too young to appreciate that she's competitive on a home-raised horse. I see how hard she works and how well she rides and I want her to win, too. The truth of the matter is that I just can't afford to mount her that way right now. I'm saving money, because I do intend to find her a tougher horse for HS, but I won't take out a loan. I might sell some old cows or ranch horses, if I have to, but it will be a cash sale.
We love the JH and HS rodeos. The people are delightful, the kids love each other and there is so much to learn about sacrifice and discipline. She is a good athlete in all of her events, I don't think she'd want to go to JPs or Ammys, just because she loves each of the 6 girls' events. She's learning about money management (sometimes we just can't go, we don't use "grocery" money for rodeos). She saves her winnings and a percentage of her calf checks. Both my kids pay their own fees. I don't make them pay expenses, but we go over receipts for feed, farrier, vet, fuel, pickup and trailer costs, and they KNOW what it costs. I'm trying to raise them to be responsible with their desire to rodeo. We'll see how it pans out! HAHAHA Kudos to you If only more parents would raise kids so responsibly, our society wouldn't be in the shape it's in today. . .
Have you ever thought of running for office?  | |
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Extreme Veteran
Posts: 509
| My daughter is grown now she showed i traded around till i had her a respectable horse she hit the bottom of the first division at big nbha shows and won a lot of the smaller there were always kids that had superstar horses but we rode what we could afford. I have always looked at parenting as raising an adult she learned how to work now to win and lose I'm glad i didn't break myself doing it . H.s. Rodeo was t something we did because you didn't win money, we did nbha drove a modest truck and trailer . Over the years I've seen people ruin there selves financially trying to keep up with others at the barrel races I've always used common sense sometimes i have a great horse sometimes i don't .make good decisions they follow you for many years horses get hurt, kids lose interest teach her to train she will use it the rest of her life | |
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 The Vaccinator
Posts: 3810
Location: Slipping down the slope of old age. Boo hoo. | ND3canAddict - 2016-02-25 11:41 AM
I'm in the same situation as the OP. My daughter is running all 6 events at the JH rodeos. I'll only allow her to haul 2 horses. In our area, there are a lot of families with oil money (or old money), and a lots of CRAZY nice (expensive) horses at the JH level. And those girls can ride 'em. Ell is running barrels and poles on a mare that we raised. The stud lives 25 miles away and the dam is still on our place. She came into the finals last year sitting 10th in barrels and 8th in poles. She works hard and WANTS to win, badly. She's too young to appreciate that she's competitive on a home-raised horse. I see how hard she works and how well she rides and I want her to win, too. The truth of the matter is that I just can't afford to mount her that way right now. I'm saving money, because I do intend to find her a tougher horse for HS, but I won't take out a loan. I might sell some old cows or ranch horses, if I have to, but it will be a cash sale.
We love the JH and HS rodeos. The people are delightful, the kids love each other and there is so much to learn about sacrifice and discipline. She is a good athlete in all of her events, I don't think she'd want to go to JPs or Ammys, just because she loves each of the 6 girls' events. She's learning about money management (sometimes we just can't go, we don't use "grocery" money for rodeos). She saves her winnings and a percentage of her calf checks. Both my kids pay their own fees. I don't make them pay expenses, but we go over receipts for feed, farrier, vet, fuel, pickup and trailer costs, and they KNOW what it costs. I'm trying to raise them to be responsible with their desire to rodeo. We'll see how it pans out! HAHAHA
You are doing it right. Your children will take life lessons to their adult-hood that will help them be successful in life. Kudos to you!!! Winning at any price is a dangerous lesson to teach children. I applaud you for how you are raising your children!!
Edited by Delta Cowgirl 2016-02-27 12:49 PM
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Extreme Veteran
Posts: 461
| ND3canAddict - 2016-02-25 10:41 AM
I'm in the same situation as the OP. My daughter is running all 6 events at the JH rodeos. I'll only allow her to haul 2 horses. In our area, there are a lot of families with oil money (or old money), and a lots of CRAZY nice (expensive) horses at the JH level. And those girls can ride 'em. Ell is running barrels and poles on a mare that we raised. The stud lives 25 miles away and the dam is still on our place. She came into the finals last year sitting 10th in barrels and 8th in poles. She works hard and WANTS to win, badly. She's too young to appreciate that she's competitive on a home-raised horse. I see how hard she works and how well she rides and I want her to win, too. The truth of the matter is that I just can't afford to mount her that way right now. I'm saving money, because I do intend to find her a tougher horse for HS, but I won't take out a loan. I might sell some old cows or ranch horses, if I have to, but it will be a cash sale.
We love the JH and HS rodeos. The people are delightful, the kids love each other and there is so much to learn about sacrifice and discipline. She is a good athlete in all of her events, I don't think she'd want to go to JPs or Ammys, just because she loves each of the 6 girls' events. She's learning about money management (sometimes we just can't go, we don't use "grocery" money for rodeos). She saves her winnings and a percentage of her calf checks. Both my kids pay their own fees. I don't make them pay expenses, but we go over receipts for feed, farrier, vet, fuel, pickup and trailer costs, and they KNOW what it costs. I'm trying to raise them to be responsible with their desire to rodeo. We'll see how it pans out! HAHAHA
Good job mom!
Edited by Roo 2016-02-28 8:49 AM
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 Expert
Posts: 1355
| Murphy - 2016-02-25 12:24 PM I'll admit that I was once young, and wanted a nicer horse. I took out a loan. I've since paid the loan off and sold the horse and I'll NEVER take another loan out on a horse again. It was a personal loan though, with collateral down. The interest rate was very high.
Same here! I still have the horse and love her to death but I would NEVER take a loan out again! | |
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 Cute Little Imp
Posts: 2747
Location: N Texas | BarrelAddict - 2016-02-25 2:05 PM I have no intentions of refinancing anything to purchase a horse or go into debt to get one. My max is $15,000 and even that is pushing it. She does have 21 year old mare she is running and she pulls 22 in poles on a good day, but the girls are pulling mid 21s to 20s. Her 6 yr old mare is talented and faster, but is not consistent enough to run against the current competition, plus she is "off" in the front end at the moment. I have collateral (own two horse trailers, savings acct, 401) and have very little debt other then my house payment and truck and other regular bills (utilities, cell phone, cable etc) and my credit is good). I didn't want to cash out savings or a 401 to buy a horse so I was looking at other options. I am with Wells Fargo, but would it be a better idea to go to different banks or a credit union for better interest rates? I thought there might be programs or lenders out there that actually specialized in loans for horses and had an understanding about how it might work?
If you're considering getting a loan for a horse, you will be putting yourself into debt to get one. You're "in debt" when you owe someone money for something. | |
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Cute Little Imp
Posts: 2747
Location: N Texas | I didn't do HS rodeo, but I did show a heifer my senior year. My dad didn't have much money, so I had to pick out a heifer that he could afford. I got a nice little $1500 calf, which in all honesty was probably more than he could really afford, but he wanted me to be able to have at least a chance. Going into it, I knew I wasn't going to have the best calf at the shows, because there were so many other kids who had these super expensive calves, and I knew I'd never be able to beat them. I did actually win my class at several shows, but never grand champion, or anything big. I put a lot of work into her, and had a lot of fun at the shows, even if I didn't place. It was about the experience, and I really enjoyed my time on the show team.
Before buying my heifer, I was always told that buying a calf was the cheap part. Where you really start to spend money is entry fees, fuel, hotels, vet bills, maintenance, feed, etc.
So my point is, don't put a lot of financial strain on your family just to try to outdo people with more money. Get her a horse she can have fun on, even if she's not always at the top. | |
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 Ms. Elvis
Posts: 9606
Location: Running barrels or watching nascar | I didn't do HS rodeo. My mother thought it was better for me to go to the NBHA's. I wasn't on a competitive horse but I did rack up at the 'D's'. However, I was the outcast of the horse kids during the school week. I did take ag classes. I hung out more with the music kids anyway. | |
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Elite Veteran
Posts: 926
| kakbarrelracer - 2016-02-25 7:15 PM
1DSoon - 2016-02-25 11:00 AM
Anyone that wouldn't borrow money to buy a horse for their kid, must not love their kid very much.
Maybe Bernie Sanders will give us all a 1D horse. Yeah! LOL
I think I heard that in a campaign speech last week, free college, peace, love....and a 1D barrel horse for all who deserve it~! | |
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Purchasing Higher Price Barrel Horses - Bank Loans/Payments to Sellers??