We have sold on payments in the past and still do to qualified buyers and all the papers are held until paid in full and the check clears, remember Teaca
Just make sure you have everything covered in the contract in case they do not make their payments or if the horse dies before paid in full also, them having insurance on the horse, ect and if they are late in making payments, a late fee possibly added which I have amended my contracts as well for different reasons that has come up in the past that I never had happen before and have been presented in a contract from a seller that I have purchased from with details.
Over the years I think I have heard ever excuse in the book but not everyone is a bad egg you could say and you just have to go with your gut feeling. I always get the excuse that "the check is in the mail" and they forget that when the envelope is mailed, there is a post marked date on the envelope and you can pretty much sum things up if it was actually mailed when they said they did. Overall, I have basically good customers making monthy payments and I won't let a few odd ones spoil it for the rest of possible buyers out there.
I am making payments on horses as well here and usually everyone is good on their terms required from the contracts that I have seen over the years. Our sold horses I usually let the horse leave with a 20% non refundable deposit, but no papers until paid for first and the check clears the bank, I have had a person give me two bad checks and they are on money order only and they only live 5 miles away from me.
And as far as the payments being offered, that is the only way that people can afford horses anymore it seems so we offer non interest terms to approved buyers with references and I let them pick the date for their payment due to be made every month with a minimum amount due.
Hope this helps.