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  1. #11
    Platinum Member techwrtr2's Avatar
    Join Date
    Nov 2007
    Posts
    787
    Location
    Alabama PA
    Tractor
    Which one?

    Default Re: how or where to finance used tractor

    When we got the 855 used we financed it through JD. Wasn't a problem at the time though that was several years ago.
    I like to play in the dirt....
    Satoh Beaver w/Blackhawk loader & hoe.
    JD855 w/stuff.

  2. #12
    Veteran Member Will_C's Avatar
    Join Date
    May 2002
    Posts
    1,353
    Location
    Upstate N.Y.
    Tractor
    B2620, Toro Z-Master 45 3 (2 3hp Kaw asaki, 52" deck.Kubota RTV 900)

    Default Re: how or where to finance used tractor

    Another vote for small local banks. My bank will lend money to me as long as I can repay it. I have not borrowed from them for years, but it is good knowing that I can talk to an officer, not just some loan clerk!!

    Will

  3. #13
    Platinum Member bucktaker's Avatar
    Join Date
    Apr 2010
    Posts
    872
    Location
    Sw Ohio
    Tractor
    Kubota L5740

    Default Re: how or where to finance used tractor

    Finacing from John deere is no problem if purchasing new or used from the dealer.
    I am negotiating with a private party for a <250 low hr jd wanting to keep my cash and equity line available I was going to finance 60% of the price.
    I am expecting a call from my local bank branch on Monday to speak with the actual loan officer.

  4. #14
    Veteran Member Birdhunter1's Avatar
    Join Date
    May 2004
    Posts
    1,116
    Location
    Murphysboro, IL
    Tractor
    Ford 3910

    Default Re: how or where to finance used tractor

    As everyone else has said find a different banker. The sad thing is this type of stuff right here is what kills a relationship with a bank you have been with for years yet a smaller local bank manages to survive because of relationships like this.

  5. #15
    Gold Member
    Join Date
    Oct 2010
    Posts
    385
    Location
    Tidewater VA
    Tractor
    John Deere 3320

    Default Re: how or where to finance used tractor

    I find Farm Credit very kind and great to work with. There is one in each area of the U.S. I used them in Oklahoma to buy land and again in Virginia. They noted they would finance as we needed.

    Colonial Farm Credit is in my area of Virginia. However, the Loan Officer in Virginia and Oklahoma could have been from the same family as they were very helpful and very professional.

  6. #16
    New Member LehighValleyPA's Avatar
    Join Date
    Oct 2010
    Posts
    17
    Location
    Lehigh Valley, PA
    Tractor
    John Deere 790 MFWD

    Default Re: how or where to finance used tractor

    This might sound strange, but bear with me. I recently went to buy a used Deere CUT. A credit union loan officer said that a tractor loan would be an unsecured personal loan (tractors don't have titles in this state*) at a fairly high interest rate, so that wasn't a good option.

    However, I had my car loan from this same credit union almost paid off. It turns out I could refinance the car loan, borrowing up to the book value of the car minus what I still owed on it. So, they hang onto the car title for three additional years; I keep making a car payment each month for about the same amount I have been; and we plan to keep that car indefinitely anyway so it should work out OK.

    So one option is to use a car as collateral as opposed to the house.

    * = In PA as far as I know, although I hear they might in NJ.
    LehighValleyPA
    John Deere 790 w/ steel canopy, 70 loader, Woods 6500 subframe backhoe, DR pto chipper, Land Pride RTA1558 tiller

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