Downpayment

[Wheeldog]

I was wondering what the downpayment % is, that tractor dealers usually look for.

Thanks

 

[Thomas]

Wheeldog,
The Kubota dealer in which I do business with ask between 5% to 10% depending on which model you purchase.

Thomas..NH /w3tcompact/icons/wink.gif

 

[Wheeldog]

Thanks, Thomas.

For some reason I had thought that 25% was the norm, but your numbers sound better.

 

[Bird]

Wheeldog, if I remember right, I think my dealer told me that 25% is what Kubota Credit would like to get; doesn't mean they won't take less, if you have a good credit rating.

Bird

 

[Anonymous Poster]

Just went through KCC with a minimum of 20% down for
an interest rate of 6.99%

 

[Thomas]

Wheeldog,
Thats the down payment 5% to 10% in which we make a down payment due to years of credit.
What Bird wrote pretty close in what new tractor owners put down for a payment.

Sorry if I didn't explain better.

Thomas..NH /w3tcompact/icons/wink.gif

 

[Wheeldog]

OK. I can live with 20%, and even though I've never had a tractor loan I think that a few car loans paid off and a clean credit record may help.

Kubota's current financing options (including the 6.99%) look like they run out at years end. I've been sort of counting on the fact that they will be extended, or will come around again in the late Winter / early Spring, but I'm not sure if this will come true. On the other hand, maybe "Crazy Al" Greenspan will lower interest rates, and I'll get a smokin' deal! (It's good to dream).

Thanks to everybody for their help.

 

[JerryG]

Some of the companies will reduce the interest percent according to the down. The more you pay down, the lower the interest percent. AGCO Finance (Massey)is one such company.
JerryG

 

[art]

Normal requests from the manufacturers are for a 20% down payment for new and 30% for used. Many times 10% will work you just have to try. Some dealers may ask for more and it may be the finance company that they are working with. You have to remember the deal is not done until the financing is done.

 

[WVBill]

Just curious - what is the typical length of the loan? 3 to 5 years like a car or truck or longer?

WVBill