financing a used.machine

[bad69bird]

Thinking about calling a kubota dealer tomorrow about a used 2013 mx5100 with 230ish hours on it. Any idea.what kind.d of rates I could expect on a used machine like that at 60 months

 

[F3506]

Been seeing 2.9% - 3.9% advertised from local dealers in these parts for used equipment. 2.9% for 60 is what a local green dealer was offering.

 

[deerseeker001]

Welcome from Wisconsin

 

[zzvyb6]

Look into a home equity loan. That's what I use for my toy purchases.

 

[Tractor Seabee]

I tried to finance a used tractor and some implements 4 years ago and was told by both banks and credit unions no dice, we do not finance used stuff except cars and trucks. The dealer would only finance what they sold at 6% and 50% down. So, I bought a new one at the 0 down 0% interest.

Ron

 

[whizdbiz2]

I tried to finance a used tractor and some implements 4 years ago and was told by both banks and credit unions no dice, we do not finance used stuff except cars and trucks. The dealer would only finance what they sold at 6% and 50% down. So, I bought a new one at the 0 down 0% interest. Ron

Lending was pretty tight 4 yrs. ago. Might have better availability of loans for used equipment now. I think the home equity loan is a good option if you have equity. We've bought several things this way, making sure to pay it off as if it was a regular installment loan.

 

[GManBart]

Thinking about calling a kubota dealer tomorrow about a used 2013 mx5100 with 230ish hours on it. Any idea.what kind.d of rates I could expect on a used machine like that at 60 months

Wouldn't Kubota finance one of their own used machines? If not, farm credit unions will frequently finance used equipment if you have some sort of Ag related activity (minimal income, or planned income).

 

[Walkin Horse]

I checked with Farm Bureau and they were at 5.5%. The NH dealer that I'm getting my tractor from said NH will finance used equip. The rate last week was 4.8%. As reckless with money as I am I would have reservations about tying my house up with a tractor on a equity line. Especially for hobby use. I'm getting ready to have a 6 year payment and this week I have done a lot of wondering if it's the right thing to do. But I'm gonna do it anyway and not look back. But at least I don't have to worry about the house.

 

[F3506]

I checked with Farm Bureau and they were at 5.5%. The NH dealer that I'm getting my tractor from said NH will finance used equip. The rate last week was 4.8%. As reckless with money as I am I would have reservations about tying my house up with a tractor on a equity line. Especially for hobby use. I'm getting ready to have a 6 year payment and this week I have done a lot of wondering if it's the right thing to do. But I'm gonna do it anyway and not look back. But at least I don't have to worry about the house.

Wow. How much money are you trying to get? From what I see on their website, 5.55% is the current rate on 100k+ loans for 04-12 model stuff.

https://www.farmbureaubank.com/EquipmentLoans (have to click on the rate tab to see current rates)

 

[Walkin Horse]

I called my agent and that was what he quoted. I went to NH and looked at a used tractor then he worked up a price on a new Workmaster and the payment at 0% was $17 higher than a used MF for 19000. I'm getting the new one.
But my point is I would not take out a home equity line even as much as I like to spend money.