Financing DLL/AgriCredit Financing for LS

[iroot4psu]

Hi Everyone,

Been a viewer of the forum for a long time. Getting ready to pull the trigger likely on a XG3025. I am going to put about 15-20% down, with a 740 or so credit score.

Previously i had seen on here that the " Equipment use section of the DLL application had resulted in being denied if you put anything but 100% farm use? The other options are CUSTOM/WORK, FORESTRY, CONSTRUCTION, IDUSTRIAL, RENTAL YARD, AND PERSONAL/FAMILY/HOUSEHOLD.

The tractor would be used on my hobby farm, but i don't make income on it. Day job is 52k per year.

If there any truth to being denied through DLL for using it for personal/family/household and not 100% Farm use?

Thanks a lot!

 

[cford36]

I have a loan on my LS from DLL and did not put farm use.

 

[iroot4psu]

I have a loan on my LS from DLL and did not put farm use.

I was hoping that it was the case.

I saw a post ahile ago that said "dealer told me if I didn't put 100% farm use it will get denied "

 

[Slowpoke Slim]

Didn't use DLL, but no one asked me (that I recall) what my use would be.

 

[iroot4psu]

Any dealers able to set my mind at ease?

 

[cford36]

Can't see why they would care. They are a financing company that wants to make money. Limiting themselves if they would only deal with farmers. Your credit rating would be more important than how you use your tractor. I wouldn't take one dealers as "fact".

I think people may be more familiar with AgriCredit as it only recently (last year or so) changed to DLL I believe.

Hopefully someone that got a loan under AgriCredit will chime in.

I don't want you to put something else and get denied because of it, but like I said I know I didn't put Farm. Unless something has changed in the past year.

 

[kneedeep]

If for Farm Use, taxes should be less??

 

[450]

DLL will not do any financing for Alaska. I called them and the nice lady said they don’t do any financing for the state of Alaska. Try to figure that one out, make no sense.

 

[bdog]

Do you need that much of a tractor? Maybe something used? Maybe I am old school but financing a 20k tractor for hobby use on a 50k income seems nuts to me.

 

[EJP1234]

DLL will not do any financing for Alaska. I called them and the nice lady said they don’t do any financing for the state of Alaska. Try to figure that one out, make no sense.

Because if they have to repo something... vast land out there, and to resell it would probably need to be brought back to the lower states, which means transferring thru CA, which is a whole new blunder... I don't blame them, they are a company to make $$, not loose it.


I used Agricredit, and they were great to work with in my 2yrs of paying a note. I did not put down farm use.