Financing Financing experience's

[GManBart]

As I have learned when you finance a tractor you have to have insurance? When purchased through the finance company did this add lot to the cost/payments?
Trying to crunch numbers and get an accurate feel for the monthly payments
Will be glad to get this mission behind me.
Many thanks

Jer

It depends upon the brand, and the financing company. If you finance a Kubota, yes, but not always with other brands.

 

[Gary3032]

I got my insurance thru autowners complete works including comp. $38.00 a year.
Gary

 

[Catoosa]

Your home owners may cover your tractor, mine does.

 

[rScotty]

I would not finance a tractor. The only thing I think it makes sense to borrow money for is a house. I would look into cheaper used tractors if buying a new one with cash is not in the budget.

That's good advice. Listen to bdog here. There are a lot of god used tools that were designed to work well just about forever. And tractors are like that too. It's not surprising to see an old well used ag tractor 20 or 30 years old that works just as well as new.

My advice would be to take cash and buy from the owner rather than a dealer. Old ag tractors are often very reasonably priced. Drive it around for half an hour. If it runs smoothly for that long it will last a decade. Put a new seat and some wide soft turf tires on an old farm tractor and you've got yourself a worker for 10% the cost of new.

There are a ton of good used tractors out there. Save the financing for something where it's needed.
luck, rScotty

 

[Blackcatstrat]

Thought I would update everyone...
Made the 2+ hour drive this morning to Twin State Tractor up in New Hampshire and pulled the trigger and signed for a new CK2510.
Still got a bit of that sickly feeling but its done now...
Got to drive back up Wednesday and give it the once over before it gets delivered. They are going to be changing out the tires (Turf) for a set of loaded Ag tires. Got a cut bar as well.
They couldn't help with delivery because its so far but he is putting me in contact with someone who will transport it for me. Stay tuned
Hopefully everything goes smooth with all that and it makes it here without issue.

I had talked to another dealer a bit closer but it came down to price so I went with these folks instead.
Will be glad when its all done and over.....
I'll put some pictures up when it gets here.

Jer

 

[quotejso]

What you pay for the Kioti? Are you tax exempt? You finance it?

 

[kenmac]

That's good advice. Listen to bdog here. There are a lot of god used tools that were designed to work well just about forever. And tractors are like that too. It's not surprising to see an old well used ag tractor 20 or 30 years old that works just as well as new.

My advice would be to take cash and buy from the owner rather than a dealer. Old ag tractors are often very reasonably priced. Drive it around for half an hour. If it runs smoothly for that long it will last a decade. Put a new seat and some wide soft turf tires on an old farm tractor and you've got yourself a worker for 10% the cost of new.

There are a ton of good used tractors out there. Save the financing for something where it's needed.
luck, rScotty

Yet another winner ! Financing things that typically go down in value tractors, vehicles, boats, etc. isn't a wise choice.

 

[BAP]

What you pay for the Kioti? Are you tax exempt? You finance it?

No sales tax in New Hampshire

 

[fishheadbob]

Thanks for the reply's gents, I'm glad to hear there haven't been any problems so far.
I did talk with my credit union and some of the other local banks but they don't offer anything for tractor loans other than personal loans. 11-15% interest so far.
Jerry

I would loan shop some more. How does 4.49% for an equipment loan for 48 months, 5.49% for 60 months with good credit at my credit union sound. We don't operate in a vacuum and offer competitive rates. What that means is we look at what other credit unions in the area charge for similar loans and charge similar rates. We finance a bunch of small 20 to 30 HP tractors for people like you. I don't want your business as you're way out of our charter area, all I'm saying is shop around a little unless you really like 11.5%.

 

[DavesTractor]

Yet another winner ! Financing things that typically go down in value tractors, vehicles, boats, etc. isn't a wise choice.

It varies by state and tractor size, but about 2/3rds of 20-80HP tractors are bought with financing. Smart or not, it is the way most folks buy.