Buying your first horse is exciting but can also be expensive. Not only could a horse set you back a good few thousand but there’s also new tack, equipment, stables and paddocks to consider as extras.
As you begin the journey of becoming a horse owner, one thing is clear: it’s a commitment for life which will need a constant flow of money. 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.
You have several options to consider. Before finalising 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 become injured.
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:
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.
Pleasure and show horses vary in cost. The average pleasure horse costs £1,000, while the average show horse costs £35,000. 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.
Ponies look similar to horses but are quite different. Ponies are generally smaller and sport more stubborn temperaments than horses. If you have experience riding both, decide which you’re interested in owning.
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.
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.
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 strike a special deal with the owner.
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