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  1. #11
    Super Member RobS's Avatar
    Join Date
    Jun 2000
    Posts
    6,233
    Location
    SW Michigan
    Tractor
    John Deere 790

    Default Re: Financing

    The other thing to keep in mind is the term of the loan. If your home-eq is a long term note you could be paying for your tractor over a much longer period than typical dealer financing. Of course, that will lower the payments as well [img]/w3tcompact/icons/smile.gif[/img]

  2. #12
    Epic Contributor MossRoad's Avatar
    Join Date
    Aug 2001
    Posts
    22,519
    Location
    South Bend, Indiana (near)
    Tractor
    Power Trac PT425 2001 Model Year

    Default Re: Financing

    Yeah. Ours has XXX amount of dollars available. We can use any portion or portions of it at any time. So far, all we have used it for is the tractor and trailer. We are still looking for the car. Ours has some fees associated with each time we use it, so we only use it for major items. We can pay it off any time with no fees. It is good for 7 years(I think) at which time, we can either re-enroll, re-finance or pay off the balance if there is any. The nice thing is, we can qualify for the homestead exemption at the County City Building since it is technically a mortgage. Saves a little on property taxes.

  3. #13
    New Member
    Join Date
    Sep 2005
    Posts
    0

    Default Re: Financing

    Ours works the same way (7 yr term and no early payoff penalty) except the fees are minimal. Also, I have to agree with much of what was said in the various posts which is why I said (in my initial post) this is not for everyone. In my case, when we bought the tractor and all implements, we financed a little more than half. In addition, whether I continue through deere credit or move it over to the equity line, the loan will not run through it's normal term, rather it will be paid off in about a year so market volitility is not as big a concern as it would be for someone who is going to use all 7 years to pay it off.

    Bob

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