ameador1
Member
Hello all! I am new to this board and appreciate all the information I have been able to find so far. It has been very useful!
First off, I have no tractor and never have - but find myself in need of one now. Or, throw thousands out of the window on equipment rental and delivery fees.
I have the need for a tractor with a FEL and backhoe - but need to keep payments in the $300-$350 range. After looking around a fair bit at outside financing and tractor company financing - I thought I found this great Mahindra deal where they are offering 0% for 84 months. But now that I'm starting to get down to price shopping, I am finding that the dealers are giving a cash price and then a substantially higher - financed price! This hardly seems like 0% financing - it's simply financing the interest right into the loan - so not even an option to pay off early and save some money. Is this right? Or am I running into some unethical dealers?
We're talking about a difference in price of around 10% to 15% or so... if financed. Granted, in the end I may be able to get my payment in the right ball park due to the 84 months, but I can't afford the other companies as they are only financing for 60 months. The 2 years shorter payment schedule makes the payments move into the $400-$600 range based on equipment I'm looking at.
Should I shop more dealers - or is this just a Mahindra enforced plot that I will not be able to avoid? Is there another company/finance option any of you know of that will potentially work for me?
Right now, based on current quotes, I'm probably looking at Max28XL or 3016 - in HST with FEL and backhoe. I would like a few other lower cost implements as well, but I need to keep my payment in the $300-$350 range as stated.
Another question relating to the total cost is sales tax. I am trying to run a small/mini farm with this (as well as other uses on the property) in WV. Does anyone know if with the proper business license, 1.5Ac of land, Ag income of nearly $2000 per year - would this allow for any exemption from WV sales tax in buying a tractor? I know it would be exempt from WV Personal Property tax as it is agricultural equipment, just can't get a strait answer from the dealers on the sales tax. Seems like they are not sure. They are willing to say "We won't charge you sales tax, but if you do owe it - it's your problem". I'm not trying to scam - but if I can legitimately keep from financing nearly $2000 in sales tax, I would prefer not to.
I have a lot of dirt to move from one portion on my property to another (about a 300' trek). I need to re-cut and lower a 300' road about 2 to3 feet lower, dig two building footers, move 100+ tons of dirt to the other end of the property, will dig a partial half basement, re-work the driveway a couple of feet lower (1600 sqft area), move around 40 or 50 tons of gravel, plow garden, move snow, etc... I would love to go with the 3016 or 3616, but prices may force me to go with Max28XL or 3016 with limited or no implements. The projects do not need to be done fast - I can work on them over the next summer or two - so big and fast isn't needed - just capable and best bang for the buck while keeping in my payment range.
I know this is a mouthful - but I need to get some of these projects started soon and need to get moving on something.
Thanks in advance!
First off, I have no tractor and never have - but find myself in need of one now. Or, throw thousands out of the window on equipment rental and delivery fees.
I have the need for a tractor with a FEL and backhoe - but need to keep payments in the $300-$350 range. After looking around a fair bit at outside financing and tractor company financing - I thought I found this great Mahindra deal where they are offering 0% for 84 months. But now that I'm starting to get down to price shopping, I am finding that the dealers are giving a cash price and then a substantially higher - financed price! This hardly seems like 0% financing - it's simply financing the interest right into the loan - so not even an option to pay off early and save some money. Is this right? Or am I running into some unethical dealers?
We're talking about a difference in price of around 10% to 15% or so... if financed. Granted, in the end I may be able to get my payment in the right ball park due to the 84 months, but I can't afford the other companies as they are only financing for 60 months. The 2 years shorter payment schedule makes the payments move into the $400-$600 range based on equipment I'm looking at.
Should I shop more dealers - or is this just a Mahindra enforced plot that I will not be able to avoid? Is there another company/finance option any of you know of that will potentially work for me?
Right now, based on current quotes, I'm probably looking at Max28XL or 3016 - in HST with FEL and backhoe. I would like a few other lower cost implements as well, but I need to keep my payment in the $300-$350 range as stated.
Another question relating to the total cost is sales tax. I am trying to run a small/mini farm with this (as well as other uses on the property) in WV. Does anyone know if with the proper business license, 1.5Ac of land, Ag income of nearly $2000 per year - would this allow for any exemption from WV sales tax in buying a tractor? I know it would be exempt from WV Personal Property tax as it is agricultural equipment, just can't get a strait answer from the dealers on the sales tax. Seems like they are not sure. They are willing to say "We won't charge you sales tax, but if you do owe it - it's your problem". I'm not trying to scam - but if I can legitimately keep from financing nearly $2000 in sales tax, I would prefer not to.
I have a lot of dirt to move from one portion on my property to another (about a 300' trek). I need to re-cut and lower a 300' road about 2 to3 feet lower, dig two building footers, move 100+ tons of dirt to the other end of the property, will dig a partial half basement, re-work the driveway a couple of feet lower (1600 sqft area), move around 40 or 50 tons of gravel, plow garden, move snow, etc... I would love to go with the 3016 or 3616, but prices may force me to go with Max28XL or 3016 with limited or no implements. The projects do not need to be done fast - I can work on them over the next summer or two - so big and fast isn't needed - just capable and best bang for the buck while keeping in my payment range.
I know this is a mouthful - but I need to get some of these projects started soon and need to get moving on something.
Thanks in advance!