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  1. #1
    Gold Member
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    Jun 2007
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    Northeastern, Pa.

    Default Used tractor loans

    Has anyone financed a tractor that's over 20 years old. I don't like the idea of a home equity loan. Most of the sites I've seen are for loans on equipment less than 6 years old and I'm not interested in an apr that's high. I just really want an old 4020.

  2. #2
    Super Member bp fick's Avatar
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    Aug 2009
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    5,568
    Location
    Beaver Creek, Northern Michigan
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    Kubota BX2360

    Default Re: Used tractor loans

    When I was younger, I borrowed money for older, used vehicles and such. The interest rate is much higher than new, for good reasons, I guess. If I default on a new car loan or new tractor loan, the repossession should net the creditor pretty good security to re-coup much or most of their investment.

    If I default on an older vehicle, the risk is much higher in the creditor securing his interest in a repossession and re-sale, due to the higher risk of an older vehicle being sketchy in value and risky in possible integrity of engine/transmission, etc. The way it is. Many financial institutions have an age cut off on vehicle financing.

    Paying $1000 in interest on a $8000 tractor raises the end price quite a bit.
    BP


    "Some chickens, some gardens and a Kubota."

  3. #3
    Gold Member Kubota 2350's Avatar
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    Aug 2009
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    285
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    Michigan
    Tractor
    JD 4310 / Kubota 2350

    Default Re: Used tractor loans

    With all the big tractor company's offering 0%, and figuring the warranty, you'd be farther ahead buying new.
    John



    Kubota 2350, MMM, Front Snowblower and Rear Blade

    JD 4310, FEL, Forks, Box Blade, Rear Blade and Rear Tiller

  4. #4
    Super Star Member RoyJackson's Avatar
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    Nov 2001
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    18,831
    Location
    Bethel, Vermont
    Tractor
    John Deere 4400 MFWD, Deere 855D UTV, Z920A Zero Turn Mower and assorted implements

    Default Re: Used tractor loans

    Most banks won't want to use the equipment as collateral...and tractors don't have to be too old for that to apply.
    So, you're stuck with a personal loan, especially if you're buying from a private owner.
    If it's a dealer tractor, you might get Deere financing...can't hurt to ask.
    Roy Jackson

    "Any government that does not trust its citizens with firearms is either a tyranny, or planning to become one."
    -Joseph P. Martino

  5. #5
    Elite Member Duffster's Avatar
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    Mar 2009
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    Wisconsin

    Default Re: Used tractor loans

    Quote Originally Posted by kubota 2350 View Post
    With all the big tractor company's offering 0%, and figuring the warranty, you'd be farther ahead buying new.
    Are new 4020's easy to come by?
    "If everyone is thinking alike, someone isn't thinking." George Patton

  6. #6
    Platinum Member LostInTheWoods's Avatar
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    Jun 2009
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    841
    Location
    Central Kentucky
    Tractor
    Kubota BX2660

    Default Re: Used tractor loans

    Quote Originally Posted by Baranx4 View Post
    I don't like the idea of a home equity loan.
    Why not? Unless you need to use the equity for something else, or are holding on to the equity as an "emergency fund", many people use home equity for buying cars, boats, etc. The interest is generally low, and the interest payments are tax deductible.

    Not saying yeah/nay on whether its a good idea to finance, just that if you do finance, home equity is not necessarily a bad way to go.
    "I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them"
    - Thomas Jefferson

    Opportunity is missed by most people because it is dressed in overalls and looks like work.
    - Thomas Edison

  7. #7
    Super Member
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    Feb 2006
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    Location
    East PA or 750 mi. east of a short man named Dar___
    Tractor
    Kubota, AGCO, New Holland LB

    Default Re: Used tractor loans

    Quote Originally Posted by Baranx4 View Post
    Has anyone financed a tractor that's over 20 years old. I don't like the idea of a home equity loan. Most of the sites I've seen are for loans on equipment less than 6 years old and I'm not interested in an apr that's high. I just really want an old 4020.
    Do the home equity loan/credit line if you can.

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