|
|
 Member
Posts: 44
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
| |
| | |
 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. | |
| | |
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. | |
| | |
 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. | |
| | |
 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. | |
| | |
 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. | |
| | |
 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.Â
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. | |
| | |
| 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.Â
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!
 | |
| | |
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.
| |
| | |
 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 | |
| | |
 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.   Â
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. | |
| | |
 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. | |
| | |
 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.   Â
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. | |
| | |
 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.Â
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. | |
| | |
 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. | |
| | |
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.
| |
| | |
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.  | |
| | |
 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? | |
| | |
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.
Â
This has got to be sarcasm, right?  | |
| | |
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.
| |
| |
| |
Folks on-line