Who has the easiest financing? I知 rebuilding my credit

arrow · Dec 10, 2020

GF1, no justification needed. Good luck with your new tractor.

dodge man · Dec 11, 2020

Sounds like you have it all together, good luck with upcoming purchase.

gonefishin1 · Dec 18, 2020

so I just wanted to update this thread with a final outcome. I was approved by a local bank, but not by agco. They wanted 20% down 11% intrest for 72 months. I refused to break into my savings account since I had credit issues from this in the past.... I had about 4k to spare in my checking account, but didn't feel comfortable using the savings on a non essential purchase like this.... So I guess I'll wait until next year. At least then I'll have 15-20k to put down. I still plan on getting a 4707 after looking at them it seems like the perfect tractor for my needs.. I will use my worn out 4610 until then.

Thanks for everyone's help

rademamj1 · Dec 18, 2020

Thanks for the update on your situation. I know alot of members were thinking just what your doing is best, waiting a few more months for larger downpayment. Merry Christmas and Happy Holidays.

Diggin It · Dec 19, 2020

Couple of years back, I did a credit building exercise. Took out a unsecured personal loan for $1K and had it transferred into my checking account at the same bank. Used a small amount, but left most of it there. Set the payments to transfer automatically back to the loan. Added what I needed to so the loan was paid off a couple of months early. Cost me a few dollars in fees and interest, but now that's on my file and will help if I need to do it for something else.

paulfun9 · Dec 19, 2020

Diggin It said:
A six figure income having trouble coming up with a down payment signals trouble in my eye.

This!

Something isn稚 right!

rScotty · Dec 19, 2020

paulfun9 said:
This!

Something isnç¨š right!

I don't see it that way.

Back at the beginning of this thread, the OP had just bought his land, improved it, and then built and furnished his shop.
That's how a lot of us got started, and that means he has been busily converting down payment money into land and farm equity.
Now's he has found that it makes sense to upgrade the old equipment he got started with. The old tractor still works, and he wants to replace it while it does. Again, that's what others have done as well.
We did it that way with an old Ag tractor (which we still have!), and maybe that's why what he is doing makes sense to me.

Unless someone is one of the lucky few inheriting a place, I don't know how else a couple would do what they are doing.
rScotty

Tractorable · Dec 20, 2020

I can relate to some of what the OP is going through. In 2015 my wife and I moved from the suburbs to country. The 8 acre property was our first home so we didn’t have equity in another home to roll into it. So property being very expensive in northern Virginia, we had the expensive mortgage to pay, started with zero equipment and two compact cars. Acquiring everything from weed eaters to lawn mowers to a truck, tractor, trailer and a thousand other things was hard on the bank account even though together we earn over $200k/yr.

I made due with a ‘52 Ford 8N because I couldn’t swing a down payment and payments on top of everything else. Even though it broke down, got stuck in the snow, and didn’t have a loader I still used it. Ended up giving it to a friend in exchange for some handyman services.

Took an assignment out of state, rented out the property, and now have cash going straight into a tractor fund so that when we go back I can pay cash for all the equipment needed for the property.

For know I’ll keep driving my 15 year old truck with 250k miles and saving for a new tractor.

paulfun9 · Dec 20, 2020

rScotty said:
I don't see it that way.

Back at the beginning of this thread, the OP had just bought his land, improved it, and then built and furnished his shop.
That's how a lot of us got started, and that means he has been busily converting down payment money into land and farm equity.
Now's he has found that it makes sense to upgrade the old equipment he got started with. The old tractor still works, and he wants to replace it while it does. Again, that's what others have done as well.
We did it that way with an old Ag tractor (which we still have!), and maybe that's why what he is doing makes sense to me.

Unless someone is one of the lucky few inheriting a place, I don't know how else a couple would do what they are doing.
rScotty

Yep my reply was a bit premature, as he cleared up that in a latter post.

Personally I would hold off as long as possible to build up that down payment unless there is a profit to be had in doing the finance now. But every other person will see this a bit different then the last or next.

gonefishin1 · Jan 1, 2021

I figured I would add a little more info to this thread and my future plan.

As recommended by digging it, I took out a $500 line of credit. I will be paying it off in 6 months. It was rather high interest rate, but I think if i do that once or twice it should help my score and be worth it.

Also I have decided to fix my small 25hp ts254. It only needed about $400-$500 worth of parts and a few days labor. that will allow me to rake hay with it and general duties around here to keep some hours off my 4610. One of the main reasons I wanted to get a new tractor was to not wear out the 4610, because I inherited it many years ago from my grandfather before he passed away.... I was about to buy a mahindra and he told me just to go get his tractor instead. He said he would be happy to know I had it and it was being put to good use and taken care of...

And I still plan to buy the massey next year. I have about 7k saved in the tractor fund now(not my normal savings account), and hopefully by december 2021 I'll have about 20k to put down and I think that would work a lot better in my favor....