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Step 1
Give your credit a quick check before you begin trying to finance a barn. It will be worth it to determine your FICO score. The higher this score, the more likely you are to receive financing with a low interest rate. You can obtain copies of your credit reports for free by visiting www.AnnualCreditReport.com. You can only have one free copy of each agency's report per year, and when you receive them you can analyze them to determine your credit risk. Pay off any debts that may exist on your report to have a better chance of financing a horse barn.
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Step 2
Try for the financing many horse barn-building companies offer in-house. It may help you get a lower interest rate when it comes time to get your horse barn. If you're considering companies already, call them and ask if they offer in-house financing. There may be an application fee to apply for in-house financing, and making an appointment with your chosen company can help you quickly learn whether this option will be available to you. With this option, you will simply pay the company an amount of money on a regular basis, typically monthly, until the debt is paid in full.
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Step 3
Check out bank financing. If the builder you'd like to go with doesn't offer in-house financing or you would rather hire your own contractors to build the barn, you may need to go with bank financing. You can compare banks and their interest rates on loans at www.BankRate.com to determine which bank will offer the loan for the least amount of interest. You can also call your own bank and ask to speak with a loan officer. Let them know how much you're looking for and what it's for. That way, you can find out whether you will be approved for the loan and what rate of interest you would pay.
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Step 4
Try credit cards. If all else fails and you really need that horse barn, you may be able to finance it using credit cards. If you have very high limit cards with reasonable interest rates, it is possible to finance your horse barn this way. Simply purchase the materials and use the credit cards to pay the contractors doing the work. With this method, you will be paying on the credit cards to get rid of the debt caused by the horse barn.
