Compare horse loans and equine financing August 2018
usfpl-horse-loan

Compare horse loans and equine financing

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money.

If you can’t cover the full cost of a horse out of pocket, here’s how a loan could help.

Buying your first horse is exciting — from picking out new tack and equipment to touring stables and paddocks in search of your new four-legged friend.

As you begin the journey of becoming a horse owner, one thing is clear: Purchasing a horse can be expensive. If you don’t have the funds to purchase a horse outright, what other financing options can you pursue?

Is taking out a personal loan to fund the purchase of your horse a good idea? We explore the world of equine financing to help you make a decision.

Even Financial Personal Loans

Even Financial Personal Loans

Quickly get matched to the best personal loan offer from top online lenders.

  • Minimum Credit Score Needed: 580
  • APRs as low as: 4.99%
  • Minimum Loan Amount: $1,000
  • Maximum Loan Amount: 100000
  • Simple online application process
  • Free loan matching service

    What are your financing options to pay for a horse?

    You have several options to consider. Before finalizing a loan, be sure to check the fine print of your loan agreement so you know the exact costs and repayment terms. Keep in mind some lenders may be hesitant to lend you money to buy a horse because its value depreciates over time — and the horse could get sick or injured.

    • Personal loan. Unless the lender specifically sets restrictions, you can use a personal loan to buy your new horse. Some lenders even offer loans specifically for equine purchases.
    • Line of credit. Withdraw only the amount you need and pay interest on only what you use.
    • Installment contract. Some sellers accept monthly payments over a predetermined time. This may mean less money upfront, but be wary of entering into a contract without carefully reading the agreement.
    • Lease to own. You and the seller agree to a price for the horse. You’ll be expected to make regular lease payments to the seller until you’ve paid off the entire loan. This can be an affordable way to get a horse, but you could wait years to officially own your horse outright.

    Compare top personal loans

    Rates last updated August 20th, 2018

    Reveal your potential loan offers and rates

    Answer two quick questions to filter the loan offers and get the best one for you.

    Select your credit score range

    I don't know my credit score

    Finally, select where you live.

    To get your credit score:

    Experian logo

    Experian is a leading provider of personal and business credit reporting. Find out your FICO score now for less than the cost of a cup of coffee.

    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Max. Loan Amount APR
    Credible Personal Loans
    Get personalized rates in minutes and then choose a loan offer from several top online lenders.
    Good to excellent credit
    $50,000
    4.99%–36% (fixed)
    LendingClub Personal Loan
    A peer-to-peer lender offering fair rates based on your credit score.
    660
    $40,000
    6.16%–35.89% (fixed)
    SoFi Personal Loan Fixed Rate (with Autopay)
    No fees. Multiple member perks such as community events and career coaching.
    680
    $100,000
    7.075%–15.365% (fixed)
    Even Financial Personal Loans
    Get connected to competitive loan offers instantly from top online consumer lenders.
    580
    $100,000
    4.99%–35.99% (fixed)
    NetCredit Personal Loan
    Check eligibility in minutes and get a personalized quote without affecting your credit score.
    550
    $10,000
    34%–155% (Varies by state) (fixed)
    Best Egg Personal Loans
    A prime lender with multiple repayment methods.
    640 FICO®
    $35,000
    5.99%–29.99% (fixed)
    Monevo Personal Loans
    Quickly compare multiple online lenders with competitive rates depending on your credit score.
    580
    $100,000
    3.09%–35.99% (fixed)
    FreedomPlus Personal Loans
    Consolidate debt and more with these low-interest loans. Cosigners welcome.
    640
    $35,000
    4.99%–29.99% (fixed)
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    Bad credit accepted
    $5,000
    99%–199% (fixed)
    OneMain Financial Personal and Auto Loans
    An established online and in-store lender with quick turnaround times. Poor credit is OK.
    Varies
    $30,000
    16.05%–35.99%* (fixed)

    Compare up to 4 providers

    How much does buying a horse cost?

    Buying a horse means more than the purchase price. The real expense comes from the cost of care and maintenance.
    Here’s a quick rundown of the potential costs and fees that come with owning a horse:

    • Purchase price. Most pleasure horses — horses ridden for leisure only, cost between $2,000 and $8,000. On the other hand, a show horse for show jumping, hunting or dressage, could set you back as much as $50,000.
    • Horse feed. A horse can consume up to 2.5% of their weight in a day. A healthy 1,000 pound horse requires fresh hay daily. The cost for feeding your horse can add up quickly at about $10 a bale — that’s $25 a day.
    • Boarding costs. Unless you’re lucky enough to live on a property that can accomodate your horse, you’ll pay for room and board at a local stable. Depending on the area, boarding costs range between $400 to $500 a month, but can be as high as $2,000 a month in metropolitan areas.
    • Veterinarian fees. You want your four-legged pal to stay healthy and happy, which means veterinarian exams. Yearly vaccines, deworming and dental care can cost up to $500 a year. Costs for emergency veterinary calls vary depending on the visit.
    • Farrier work. Horses’ hooves grow at a rate of ¼ inch monthly. Since they spend so much time on their feet, it’s important to take care of their hooves. Farrier’s often charge $30 to $40 for a trim and $100 for a full set of shoes.
    • Tack and equipment. Unless you plan to ride your horse bareback, you’ll need tack and equipment that includes a saddle, bridle, halter, fly mask, blanket, saddle pad, girth and grooming equipment. Saddle prices range from a few hundred to several thousand dollars.
    • Horse trailer. At some point, you’ll likely require transportation for you and your horse. A basic horse trailer could cost between $5,000 and $30,000, depending on the size. A horse trailer with additional living quarters can cost up to $100,000.

    4 questions to ask to choose the best horse for you

    Funding the purchase of your four-legged friend is only half of the equation. First, you’ll need to find the right horse that fits your needs.

    1. Are you purchasing for pleasure or for show?

      Pleasure and show horses vary in cost. The average pleasure horse costs $4,500, while the average show horse costs $40,000.
      If you ride for leisure, a pleasure horse is your best bet. But if you’re interested in pursuing a career in jumping, hunting or dressage, consider investing in a horse that’s ready for show.

    2. Do you want a horse or a pony?

      Ponies look similar to horses, but are not horses. Ponies are generally smaller and sport more stubborn temperaments than horses. If you have experience riding both, decide which you’re interested in owning.

    3. What breed are you interested in?

      Many pleasure horses are a mix of several breeds, while most show horses are purebred. Each breed of horse comes with its own unique set of personality traits and quirks. Research the horse breeds available in your area and decide which appeals to you.

    4. What sort of riding experience do you have?

      If you’re an experienced horseman or horsewoman, you may welcome the challenge of training a green horse or pony. Newbies should look for a horse that’s broken in, friendly, patient and good natured. Most sellers are happy to let you jump on the horse you’re interested in for a test ride, so don’t be afraid to ask.

    Bottom line

    Purchasing a horse for the first time can be exhilarating, but comes with far more costs than the purchase price of the horse alone. Prepare for veterinary bills, boarding fees and the cost of keeping your four-legged friend well fed and watered.

    To pay for your new horse look at personal loans, a line of credit or agree to a lease arrangement with the owner.

    Frequently asked questions

    Shannon Terrell

    Shannon Terrell is a writer for finder.com who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.

    Was this content helpful to you? No  Yes

    Ask an Expert

    You are about to post a question on finder.com:

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our and .

    US Personal Loans Offers

    Important Information*
    Even Financial Personal Loans

    Get connected to competitive loan offers instantly from top online consumer lenders.

    Prosper Personal Loans

    Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

    Go to site