Mahindra Financing With Agricredit

[wvtechs]

Today, I finally decided to purchase a Mahindra 3215 4WD with FEL, and backhoe, including a box scraper and free delivery from a local dealer for $20,730.00 and have applied for Mahindra financing through Agricredit. Unfortunately, Agricredit had already closed so I will have to wait until Monday morning to see if I qualify.

My credit is not perfect (exact score unknown) but I have paid for (in full) a number of big-ticket items in the past through financing from other lenders so my question is this...

How difficult is it to obtain financing in the 21-22k range for 5-6 years from Agricredit? I realize this is not an easy question to answer and depends greatly on individual circumstances, but waiting to find out is driving me nuts.

[Nissan197]

Sure it depends exactly on what your credit rating is and what they perceive to be their risk. I would think most would qualify, but they might require more of a down payment. As far as I know Agricredit is a pretty big financing company.

[jwcinpk]

From what I've seen you have to have a poor credit score not to qualify. I'm in debt up to the top of my head and they still loan me money.
Generally they have a certain down payment requirement to get the best rate.
It also depends on what they percieve the package to be worth. They are more likely to loan money on a good deal than they are on a purchase at MSRP.

[gamble77]

Yeah, you should be fine, nothing to loose sleep over until Monday...

[wvtechs]

I only wish Monday was the end of it. If approved, I will have to wait 2-3 weeks for my new tractor to arrive because the dealer didn't have a 3215 with R1 (AG) tires and a backhoe in stock.

Originally Posted by gamble77

Yeah, you should be fine, nothing to loose sleep over until Monday...

[jwcinpk]

Originally Posted by wvtechs

I only wish Monday was the end of it. If approved, I will have to wait 2-3 weeks for my new tractor to arrive because the dealer didn't have a 3215 with R1 (AG) tires and a backhoe in stock.

That will be tough!

[bindian]

The more you put down, the better Agricredit likes you as a borrower.
hugs, Brandi

[wvtechs]

Originally Posted by bindian

The more you put down, the better Agricredit likes you as a borrower.
hugs, Brandi

I was thinking about putting at least 1-2k to keep the payment in my desired range.

From the consensus of opinions, I am beginning to believe that everything will go as planned but waiting for my new tractor to arrive is gonna be hard to do because paitence is not one of my stronger virtues.

I guess I will just have to keep adding to the list of chores I plan to do with it when it arrives. As it is, it will take me a year to complete them all. LOL

[RedRiver]

Downpayment will not disqualify you from being initially approved in my experience. I do all the financing here at our dealership and if you need $xx.xx down to get approved Agricredit will tell you.

The main things they look at are bankruptcy, late payment history, charged off credit cards, tax leins, etc... 9 times out of 10 if someone gets declined they have one or more of the above showing on their credit.

If your dealership uses the online credit approval system they should be able to get you approved even if Agricredit isn't open unless there are things that a real live person needs to check first, this often times happens when someone has borderline credit or things that need to be approved by a manager.

[wvtechs]

I was denied so it looks like I will not be getting a tractor afterall. And I didn't think my credit was that bad. Oh well, it was fun while it lasted.

Lesson learned, and life goes on...