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 Accident Prone
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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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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..Â
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
/>
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
Posts: 141
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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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.
Â
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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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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