Small loan to buy a horse

horseless · 28 July 2006 at 3:37PM

Went to see a grey hunter type but when we got there he had been sold. The owner said he had another horse but he was the opposite of what i wanted - a bit young, a thoroughbred and an ex-racer!

But he is the sweetest, friendliest, most laid-back horse i have met.

Gotta go and set his stable up now :j :j

MSE_Martin · 28 July 2006 at 4:36PM

Actually I disagree with some of the sentiment here. Though I quite understand why. As I always say - debt isn't bad - bad debt is bad. Borrowing money in order to have something now, you'd other wise be willing to wait for providing

a. You've done a budget and planned for it
b. You can comfortably afford the repayments
c. You do it as cheap as possible
d. You are willing to pay the premium to have it now (ie the cost of the interest over the period)

Then as long as it is a rational, controlled, planned decision, it is a question of personal choice. Real problem debts tend to stem from three main things

i. Change of circumstance
ii. Overspending without reason - those with debts who can't say 'i spent it on this' who just simply spent more than they earned, unplanned and expensively
iii. Ignorance, people who borrowed without understanding the true impact of it and the fact that if you owe money you have to repay it.

Debt is like fire, use it correctly and it can be a useful tool, make once tiny mistake and you can be horrendously burned. I made a deliberate philosophical decision with this site and what I do that I would prefer to show people how to use it correctly, because thats what people do, rather than simply say "stop don't do it". Companies borrow, governements borrow and individuals borrow as well.

The answer to the question is please read the article on personal loans - it takes you through step by step the consideration of borrowing that amount of money.

You'll see it linked to at the top of this page

Martin

Careful_girl · 28 July 2006 at 5:04PM

Martin,
I really hope that you don't think I was implying that Horseless gets into bad debt. I have described my tarty card situation and refered her to the site with all the warnings. I am happy to suggest it because I have done it. I warned her from high rates. I agree that a change of circumstances can cause awful consequences. My OH has no job now. But my horse can be sold. Currently we do not need to sell her.I felt I had something to say because I had bought a horse on credit. Also the fact that she has kept horses previously maade me feel that she knew what she was doing as regards the rest of the costs.
I would never encourage people to take on something which they did not have all the information about.
All the best,
CG.:beer:

MSE_Martin · 28 July 2006 at 6:54PM

CG don't worry - it wasn't aimed at anyone in particular - it was more the generality. It's the natural friction of these forums; many are desperate to escape debts, and find it hard to belive anyone could possibly want to get in debt for a non-necessity. My post was intended as a thought point.... maybe not all debt is bad.

Since I've gone off and polished it a bit and written it as a blog too

Dazzieboo · 29 July 2006 at 8:41AM

I am a bit late here, but, should the horse fail the vetting, why not look into any local rescue homes ?

A friend of mine has an 16.2 hh Irish Draught show jumper (BSJA) who she got from a rescue centre, SHE was the one who had to have the vetting and the stables had to be approved as well. But she has ended up having a true gent who she competes on every month and he cost her nothing. She has him on permanent loan and if ever wants to give him up, he goes back to the centre.

Even if this info is too late for you and your horse passes the Vet, maybe it may be of interest to others.

Small loan to buy a horse

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free