If you are looking forward to buying a horse but you don't have the money, taking a horse loan would solve your problem. There are many leading and small finance companies that offer you loans not only to buy the stallion, but also for equipment like rugs and tack as well as to take care of stabling costs. These loans are available in easy payment and installment options and are as affordable as a car or a personal loan. Read on for more information on the loan amounts, installment and repayment options.
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Financing on horses are not restricted to farm or home owners only, but open to anybody who wishes to buy a horse. You can get a loan starting from $10,000 up to $50,000 or above for a repayment period ranging between 3 and 25 years. The generic rate of interest charged is approximately 9% to 29% annually by most lenders. If you have the money to make a down payment you may do so, however loans are available even without the condition of making any down payment. Or, you can utilize this installment loan as a down payment if you're purchasing from a private owner who is willing to finance your purchase.
As stated above, the loans are available for the animal as well as other equipment needed for stables. Once you receive the funds, you can use it according to your choice as to the breed of horse, equipment and stable provisions. The loan package is given as per your creditworthiness and ability of repayment and usually does not include many clauses on the usage of funds. In fact, in some cases, the creditor will not even want to know exactly how you plan to use the money that you have borrowed.
Loans for horses are available as unsecured loans i.e. you do not need to pledge any collateral against the funds given by the lender. This is known as a No-Collateral loan. It acts like an unsecured personal loan in which you, as an individual would be responsible to repayment. The payback options are made easy in the form of easy monthly installments with both short term as well as long term options. There is a great amount of flexibility on the payback options.
You can choose either on the basis of how much you would like to pay back every month or how many installments you would like to disburse in all. Remember that the long term credits are given at a much lower interest rate than the short term ones and the installments are also lesser in amount. You can take the financing on terms that suits you the best.
As is the case with all loan lenders, It is to your benefit to shop multiple online lenders to find the best rates. It is strongly recommended that you do a thorough market research to check the terms and conditions by different lenders in the market. These are the keys to obtaining a loan and terms that are most favorable to you. This will help you compare the interest rate, repayment options and conditions of the horse loan and then negotiate the best deal for yourself.
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