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payment plans?...

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  • #1

    payment plans?...

    Would it be acceptable to ask for a monthly payment plan/ lease-to-buy on a horse worth $20k neg? I figured in this economy it would be ok?....
    ~*If I had a dime for everytime I thought of a horse's beauty, I'd have enough to buy one*~
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  • #2
    I see nothing wrong with asking politely. The worst thing that can happen is they will say no.

    But per all the posters in the other thread (about getting financing for a trailer) you should not buy anything you can not afford to pay cash for.

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    • #3
      If the price is $20K negotiable, if the owners accept a payment plan, expect the payment price to be $20,000 Firm. It couldn't hurt to ask them for it. It also depends on what your payment terms are. I wouldn't expect someone with a $20,000 horse to extend the payments out 6-12 months. Also consider that they may charge board during that time at an additional $400+ per month added onto monthly payments.
      If wishes were horses then beggars would ride...
      DLA: Draft Lovers Anonymous
      Originally posted by talkofthetown
      As in, the majikal butterfly-fahting gypsy vanners.

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      • #4
        Like the others said, it couldn't hurt to ask, but I would think most horse owners selling their horses would want it all at once. Plus, would you wait to realease the horse until the you get the full payment or allow them to take the horse home? And what if something bad happens to the horse before the payment is fully paid?

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        • #5
          I purchased a horse like that when the economy was booming, so in these times even more people would probably accept it. I would expect to have to insure the horse, pay board and all care bills (e.g. farrier) and that the horse would remain at their farm until paid in full. Good luck
          Epona Farm
          Irish Draughts and Irish Draught Sport horses

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          • #6
            BTDT

            Originally posted by horsetales View Post
            I purchased a horse like that when the economy was booming, so in these times even more people would probably accept it. I would expect to have to insure the horse, pay board and all care bills (e.g. farrier) and that the horse would remain at their farm until paid in full. Good luck
            The horse I sold wasnt that expensive but the people really wanted her. She was a packer at 6. A mutant species--chestnut mare that was saintly.

            Anyhoo, the horse was insured, board was paid, interest was paid, and the payments were made on time. 6 months to a year isnt unreasonable as long as both are comfortable with the situationm and all know about it up front. Get it in writing if the offer is reasonable. Good luck.
            “Management is doing things right; leadership is doing the right things.” Peter Drucker

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            • #7
              At 20k, expect to be asked to put 10k minimum down and pay the other 10k off within 12 months.

              Also, if you want payments, don't expect a discount on the price.

              If they do say yes, they will also want insurance and they may not let you take the horse out of the barn where it is now until it is paid off.

              Most sellers will say no payments as they are afraid if you cannot come up with the price, you won't be able to afford board, vet, farrier, insurance AND the monthly payment. That is usually a pretty safe bet too. These things backfire more often then they suceed.

              Why not offer 17k or even 15 CASH. They may take it rather then a payment or lease option deal.
              When opportunity knocks it's wearing overalls and looks like work.

              The horse world. Two people. Three opinions.

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              • #8
                I purchased a horse this way. I had a lawyer draw up a contract , with payment amounts etc...It took me 2 years to pay the horse off. I had to have the horse insured and if something happened and the horse died got hurt etc... I still owed the m0ney. I took the horse home with me after the contract was signed and paid the horse off in 2 years. I think a contract is the key

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                • #9
                  I've accepted payments (though never on a horse that expen$ive! ) 8 times, 7 times it worked out perfectly as planned, the 8th it didn't, but ended up being a blessing in disguise.

                  It never hurts to ask. Worst thing is they say *no.* If you don't ask, you never give them a chance to say *yes.*
                  InnisFailte Pinto Sporthorses & Coloured Cobs
                  ~~~~~~~~~~~~~~~~~~~~~~~~~~~~

                  Bits are like cats, what's one more? (Petstorejunkie)

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                  • #10
                    I know of several people who purchased and sold horses this way. Personally I don't know that I would accept a sale this way - too many things can go wrong. If it were me I would suggest they take out personal loan or something along those lines. Anyone that I know who has sold/purchased a horse on payment schedule -the horse has rarely been allowed to leave the property. I think if it was someone I knew well and trusted I might do it - but today's environment would make me a bit nervous. If someone had to do a personal loan - if I really liked them I would probably knock the price down - (which i would probably do anyway)

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                    • Original Poster
                      #11
                      Thanks for all the responses.

                      There are actually two horses I'm interested in, both are 20k. One is also for lease. Both are 4 hours away. Would the seller be more lenient towards a payment plan if I were to try the horse first or should I save my gas and time by calling and asking ahead of time?...

                      Sorry for all the questions.
                      ~*If I had a dime for everytime I thought of a horse's beauty, I'd have enough to buy one*~

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                      • #12
                        I would ask up front. If it's the only way you can swing it, and they can't do it, don't waste your time and gas, and their time.

                        As for those who say 'if you can't afford the price up front, you can't afford care...' I see it quite the opposite. The purchase price is only part of it. Many, if not most times the person has to get a $addle too, and often is finishing up their own property/barn OR has to completely outfit the horse in grooming supplies etc. I feel like I am MORE assured they will be able to afford appropriate care if they aren't really stretching themselves over the purchase, and will still be able to field vet bills if needed vs. being tapped out or already extended their line of credit over the purchase.

                        I do a thorough background check. (I know people ) and I call all references. I also ask around--vets, farriers, boarding barns... you end up getting the dirt if there is any.

                        But the kind of home I wish for my horses, a few months to a year of payments is not anywhere near indicative of level of care.

                        Payments are slightly higher than a cash price--but nothing like 10% even. Cash in hand on any given day may get an even more discounted price.

                        My best buyers/owners have been on plans.
                        InnisFailte Pinto Sporthorses & Coloured Cobs
                        ~~~~~~~~~~~~~~~~~~~~~~~~~~~~

                        Bits are like cats, what's one more? (Petstorejunkie)

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