Financing Anyone use John Deere financing?

   / Anyone use John Deere financing? #1  

tillboy2001

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We plan on buying a new tractor soon and I was wondering about the John Deere financing. We plan on paying cash, but if the deal is right, we'd buy earlier than originally planned and use the Deere financing. My specific question is, do they have penalties for paying off the loan early, like say within 6 to 12 months after you get the loan? There's a 6 month no interest/no payment offer going right now. That might work for us if...
1. They don't charge a bunch of goofy fees to process the loan.
2. We don't get any penalties at all for paying it off early.

Basically, I'm looking to simply use the financing option to buy it sooner, but I'd still like it to end up looking like a cash deal (since we'll pay it off before 12 months). So if there are no big fees or any penalties for paying off very early, I say it's a win/win situation.

Anyone familiar with the JD financing and can speak to this? If not I'll havr to go to a dealer and talk to a sales guy.
 
   / Anyone use John Deere financing? #2  
When I bought my JD 4310 with 430 Fel and 48 BH, there was 0% interest for 24 months, so I was not concerned about early payment penalties. At that time, 18 months ago, the only stipulation was that I put 20% of the total price, including taxes, down in cash.
If memory serves correct, the offer was 0% or $500 off. My dealer claims that I got both, but who really knows for sure. He was local and was the best price of the 4 that I shopped. There were no fees to process the loan.
Richard
 
   / Anyone use John Deere financing? #3  
I have financed a few things with JD Credit. Paid them off early with no penalties... /forums/images/graemlins/cool.gif
 
   / Anyone use John Deere financing?
  • Thread Starter
#4  
I wonder if that means we can finance it and before the 6 months is up, pay it off completely and pay no interest at all? I hope that's the way it works.
 
   / Anyone use John Deere financing? #5  
I have been very happy with John Deere Credit. I like them better than my bank. There were no fees or penalties that I remember.
 
   / Anyone use John Deere financing? #6  
I did the 0% for 36 months, so I probably wont pay it off early. Might as well use the money myself at 0%. I asked and there was no discount at that time for cash deal.

The only processing fee was $10.00 for filing a UCC1 (colateral filing showing a lean on tractor with the state). I do not know about early pay, but I suspect they would love for me to pay it off early since it is 0% interest.

They did require 'insurance' to finance it. I could get my own or use theirs. I paid I think around 350 for the Deere insurance for the term of the loan. I think it only covers physical damage such as could be caused from roll over - I would call it 'hull' damage insurance.

It was no problem whatsoever to get the financing. Took the dealer about 5 minutes. I did fill out a very short form financial statement. I have excellent credit and there were never any questions asked.

They sent me a couplon book in the mail and I send them a check.... Easy to work with.

tom
 
   / Anyone use John Deere financing? #7  
</font><font color="blue" class="small">(
They sent me a couplon book in the mail and I send them a check.... Easy to work with. )</font>

It is even easier to do over the internet. No stamps to buy.
 
   / Anyone use John Deere financing? #8  
</font><font color="blue" class="small">( I wonder if that means we can finance it and before the 6 months is up, pay it off... )</font>

That is what it means. Bought my last lawn tractor that way! /forums/images/graemlins/cool.gif
 
   / Anyone use John Deere financing? #9  
Yep, that is true. I used JD financing on all the JD equipment I bought.
 
   / Anyone use John Deere financing?
  • Thread Starter
#10  
My father-in-law is actually the one buying the new tractor. He only wants to spend $20k and no more. I just don't see how we can get the JD 4120 for that price, including taxes and a finish mower.

JD doesn't make any other nice tractors this size with eHydro and so on do they? I think they discontinued the 4610's and that '10' line in general, correct?

If we can't get it in the $20k range, we'll have to go with the New Holland TC40DA. I still like the John Deere best I think.
 
 
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