Financing Financing a used Tractor-What's best?

[Timm250]

www.e-farmcredit.com

This is what I use for farm equipment financing.

As far as I know there is no minimum loan amount.

Depending on where you are they may not have an office in your area.

 

[dirtymartini]

www.e-farmcredit.com

This is what I use for farm equipment financing.

As far as I know there is no minimum loan amount.

Depending on where you are they may not have an office in your area.

Thanks for the link. The closest branch is in Ohio about 250 miles from me....

 

[kcflhrc]

For what it's worth, financing my new JD 3032E at 0% for 60 months with $1k down was a no brainer. And a full 2 year warranty.

 

[smstonypoint]

www.e-farmcredit.com

This is what I use for farm equipment financing.

Thanks for the link. The closest branch is in Ohio about 250 miles from me....

Check Farm Credit to find the Farm Credit organization in your area.

Steve

 

[STx]

I financed my used New Holland with Case Credit for just under 6% when I got it a year ago. I paid about $15k, put $5k down and financed the balance. I bought through a dealer but I know that both Case and Kubota credit will finance new equipment. Kubota's interest rate was almost 10% though, which was a deal breaker for me. I expected higher interest on used equipment but 6% was the most I was willing to pay.

 

[Citydude]

Did you check with your local banks? I was amazed that my bank offered very competitive rates on a 6 year old tractor I bought.

 

[dirtymartini]

Did you check with your local banks? I was amazed that my bank offered very competitive rates on a 6 year old tractor I bought.

Yes, I checked with both my Bank and Credit Union...they both would only finance as a personal loan...CU 9.9% Bank 7.75 % Too high for me!

 

[dirtymartini]

Ok, I found 6.3% at FarmBureauBank.com

 

[Timm250]

I have used State Farm Bank a couple of times & got a good rate. I have also checked their rates other times & they were crazy high. Not really sure how they set their rates.

 

[Megawisdumb]

I got a quote recently on a used tractor and was surprised the rate was 3.69% for up to 48mths. This was from 403 Forbidden. I ended up going a different route (0%-60) but thought that was a fair rate on a used tractor. I have used LightStream on several autos and have not seen lower rates (1.99%) but I'm not certain if they do tractors.