I just purchased my first Friesian via loan, and my bank did secure the loan with the horse. It is a personal loan, and the rate technically is high. However, if you talk to your loan rep. about overpaying your monthly dues, you should be able to decrease your overall interest- depending on how interest is accrued (i.e daily, monthly...)and the timing of your payments. (I make an extra payment each month) The longer the term of the loan, the greater the overall interest payment is likely to be. The bottom line is talk to your loan rep., and then talk to another loan rep. See what your budget allows, and what your bank can do for you.
I took my loan out for 1 year. This means, of course, that the horse gets to eat my paychecks, and I get to eat canned peas until he's paid off. Funny how that seems worth it anyway!! Good Luck!!
Posted on Jan 4, 2001, 11:40 AM from IP address 207.27.254.6