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Extreme Veteran
Posts: 314
| Are there certain lenders that are easier to work with when getting a loan for the purchase of a horse? Who have people used in the past? Loans exceeding 80k. Any experiences and input and contacts is appreciated! Thanks! |
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Pig-Bear Dog Lover
 
| I don't think it matters If it's for a horse. I'm pretty sure it would be considered a personal loan. Interest rates will be a very minimum of 6.8% with great credit. If your looking for lower/ have anything paid off worth the loan amount or more you can use collateral. 80,000 with a 10 year note would be payments of about $440 on principal and $540 pain on interest every month. I personally wouldn't want to throw over $500 a month out the window in interest every month but to each is own. Sorry I'm not an expert, but I'm pretty confident it will be a personal loan. |
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  Neat Freak
Posts: 11216
 
Location: Wonderful Wyoming | You are way more apt to get a loan for "personal" reasons vs " horse". |
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Veteran
Posts: 238
| Don't know of anyone that will finance a "horse." I'm also not familiar with many institutions that will finance a personal loan without any collateral for that high of a dollar amount. The very few people that would qualify for an uncollateralized loan of that amount don't need the loan, they pay cash.
That said, you could use just about anything as collateral. Land, house, fancy paid off truck/trailer etc. Living animals? Not so much.
Good luck. |
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 That's White "Man" to You
Posts: 5515
| Secure the loan with a house or other real estate. Otherwise the chances are basicly zero. In most cases you would be lucky to get even an ag bank to finance a $2,500 horse. |
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 You get what you give
Posts: 13030
Location: Texas | we were able to get a personal loan to buy a horse, who was expensive but not that expensive. the interest rate is high on it. if you want to PM me you can. |
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 Husband Spoiler
Posts: 4151
Location: North Dakota | Well it depends on your banker. I have a business "operating loan" because I am a horse trainer that I have used to purchase a horse. It is nowhere near that $80k area though. My horses are used as collateral on that loan and it needs to be paid off or reinstated every year. |
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 Extreme Veteran
Posts: 396
Location: Iowa | I agree with the post above....it depends on your banker. My small town banker in Iowa will give me a personal loan as long as I had the down payment. I did NOT do monthly payments, I just paid the horse off after a year (so I saved all of his winnings from that year to essentially pay for himself). My banker used the horse itself as collateral. Mine was no where near 80K so you might have to have additional collateral and payments, but I have surely heard of other people doing it! |
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