Who has the easiest financing? I知 rebuilding my credit

[gonefishin1]

I’m really needing a 60-75hp tractor, but my credit isn’t great. About 3 1/2 years ago I was out of work for several months due to a car wreck. My wife was also laid off and hadn’t worked for over a year. We went from making 15-16k a month to nothing. So i defaulted on 2 credit cards and a car.

So i have done everything I could to build my credit for the last 3 years. Perfect payment history, kept a good debt to income ratio, paid my truck off a year early, paid most of our debt off, etc. i still have 4 credit cards in good standing with a combined credit limit of almost 20k. I make over 165k a year and my wife makes 45-50k. So income isn’t a problem. My score is a 624 up from a 505 3 years ago. Before this happened I had a 760 score....

I am looking at the new holland workmaster 65/75, and the Massey Ferguson 4707. I want/need a cab tractor with a loader. My hay guy keeps not showing up so i need to run a 4x5 baler and a small square baler. Plus i need a loader to feed cows... my ford 4610 has been great, but it is getting old and don’t have a loader...

Who has the easiest financing to get? I’m open to other brands too. thanks

 

[jeff9366]

I still have 4 credit cards in good standing with a combined credit limit of almost 20k.

Four credit cards open for you and how many credit cards for your wife (?), reduce your credit score.

 

[Slowpoke Slim]

You may have better luck going through your local bank or credit union. They will know you, and maybe you won't be just a number to them.

That aside, can you get an Ag loan? Don't know how big your operation is, to whether or not you would qualify for Ag business status.

I do know that Wells Fargo has an Ag Loan department. I did a loan app over the phone and had my results and purchase completed in the same day. I'm not recommending them over anyone else, it's just one that I've went through before.

Good luck.

 

[4570Man]

You’re making combined over 200k how about paying for the tractor?

 

[gonefishin1]

Thanks for the replies so far.

My wife has no credit cards.

I tried my bank and they don’t finance equipment or recreational vehicles...

I’m not sure on the ag loan. I haven’t shown ant profit yet. I just bought this place 2 1/2 years ago. I have been getting everything in order I planted sudan this year and had a guy lined up to cut mine and my neighbors place. He never showed all summer. So i have 7 foot sudan in all my pasture. And I haven’t started selling any cows yet.

I would pay cash, but i just spent all my savings on my shop. I paid 50k down on this place 2 1/2 years ago. Then i saved from then until a few months ago and paid 43k cash for my shop. So I’m not able to just buy outright. It would take me 2-3 years to save up again and I really need a tractor that is dependable and capable for next year..

 

[oosik]

I'm surprised that your local bank won't finance equipment. When I bought my brand new 2009 Kubota M6040 - my local bank was more than anxious to finance. Actually - local bank had better terms than Kubota financing.

I know that both Kubota & John Deere offer financing. The other major brands probably do also .............

 

[kawakx125]

DLL was pretty easy to work with, they do financing for Kioti and some others. It will help tremendously if you can put a decent chunk down, say 5-10k. That lowers the lending institutions risk

 

[Tractorable]

Do you have any equipment laying around that you could sell to make a decent down payment? Cars, motorcycles, tractors, implements, etc?

 

[LS Tractor Owner]

Wells Fargo will finance even if you are not Ag related (even though you will eventually be). I do not farm, I do not have an Ag exemption, I do not have a business at all.... WF financed 85% of my tractor. They require 5% down, any more and it looks better to them. I'm not sure what tractors you are looking at, but Financing new vs. used is a BIG difference.

Not sure if your interested in LS, but WF has some deal going with them, my interest rate is 3.5% up to 84 months. Shorter terms have lower interest rates, like 60 months are 1.99%. My local banks or credit unions won't do equipment, but do RVs, motorcycle, atv loans.... go figure.

If you are interested in LS, RCO tractor in Austin is a fantastic dealer.... what have you got to loose? They can only come back and say they want more down, shorter term, or just no....

 

[gonefishin1]

I hadn’t really considered ls tractors. But i will check them out.

I have had my ag exemption for about 2 years if that helps.. i will have to check out wells fargo. I never thought about them financing ag stuff...

I have about 5k to put down. I’m just trying to not get a bunch of credit inquiries to hurt my credit even more... i was just hoping there was a place that was almost guaranteed to finance me... Instead of being turned down several times before hopefully finding a place...