Horse lovers have known for a long time, buying a horse is an expensive affair and there are a lot of extra costs involved. Then not only the purchase is expensive, but also maintenance and storage are going well. Therefore, if you want to borrow money for a horse, you must include all such fixed costs in your calculation.
But what exactly do you want to borrow? For this, we need to list the expected costs so that you get a good overview of the overall picture. But of course we start with the purchase of the horse itself.
What does a horse cost?
You would hardly believe it, but the cost of purchasing a horse is on average between € 2000 and € 20000, although it should be noted that it can be a lot more expensive. But because this even goes beyond the reach of a money loan, we will not include this in the calculations.
Borrow money for a horse
Which credit you can best take for this purchase is clearly a personal loan. This form of credit is specifically for doing a large expense in one go. You pay a fixed amount per month for a set period (usually 5 years). The interest is set in advance and no longer changes during the entire term.
However, it may be wise to request a slightly higher amount than what you think the costs may be. If you are confronted with a setback, you can still compensate for the remainder of the personal loan. At the time of writing, the interest rate is on the low side of around 4.7%. You may pay a different percentage when requesting a quote.
Calculate how much you can borrow
There is a handy calculation tool that can help you on your way when you want to buy a horse. All you have to do is go through a number of steps where information is requested about the amount to be borrowed. First you indicate what amount you have in mind, then what you will use it for (other).
Then ask about your personal situation (married, not married, etc.), of course information about your income and living situation. At the end of the questionnaire you will see an amount that you could responsibly borrow. Now you can also immediately choose to request a free quote. You can find this calculation tool at ‘how much can I borrow’.
Other calculation aids
But there are of course other methods on the internet to see if you are eligible for a loan. For example, you have a Gbank tool where you can calculate whether it is actually a good idea to take out a loan. This calculation tool also works very pleasantly and is definitely recommended.
Borrow money without credit
When applying for a loan for the purchase of a horse, a credit check is always made at the bkr in Tiel in the case of a personal loan. So keep this in mind that this will happen. If you are not eligible because you have an unpleasant credit history, you can still opt to borrow a small amount through a mini loan.
However, this only goes up to € 1500, – and whether this is sufficient for the purchase of your steed is best judged by yourself.