Clarifying "Paid Off"...touches a few past threads

Musclford · Aug 7, 2007

Spiveyman said:
Have you all considered the 100% down plan? It may take a little more patience, and may take time than some folks don't not have, but you can't beat the terms! I saved up and paid cash for a good used tractor to get started farming. My family isn't relying on my tractor for daily rations yet, so I have that luxury. I realize not everyone is in that position, but it certainly saves the hassle of dealing with finance people after the fact. Good luck getting things sorted out.

When something is 0% for 3 years,,, I'm sorry, but IMO, your an absolute idiot not to take advantage of it if your buying new. Nothing wrong with buying used, I love used stuff... But someone could literally be farming and making money for the 3 years your saving to buy that used tractor..

15K @ 5% in a money market gives you and extra 750 dollars interest in the first year.. If they are offering, take that 0% every time...

I suppose it ultimately decides on the size of your land, the size of your pocket book, and just how antsy you are.

Spiveyman · Aug 7, 2007

Buying with cash or credit is a personal decision, and we're all going to have our opinions. For me, the decision to get out of debt and start paying cash for everything is the only reason I am here on TBN today. Otherwise I could not have afforded to buy my farm last year or the cattle or the tractor.

Sorry to get the post off topic, I didn't mean to hi-jack the thread. There are folks out there who have concerns about clearing up all this stuff with liens and such and we should probably keep it on topic for their sake. If you want to discuss please PM me so that we can keep this thread on track.

bowhunter3030 · Aug 7, 2007

Spiveyman said:
Have you all considered the 100% down plan? It may take a little more patience, and may take time than some folks don't not have, but you can't beat the terms! I saved up and paid cash for a good used tractor to get started farming. My family isn't relying on my tractor for daily rations yet, so I have that luxury. I realize not everyone is in that position, but it certainly saves the hassle of dealing with finance people after the fact. Good luck getting things sorted out.

When a company gives you 0% for 2 years, but offers no reduced price if you pay for it in full, you would be an idiot to pay it in full. Some car companies will give you a few thousand off if you pay in full, but Kubota doesn't.
I keep my money in a money market that is paying 6.07% at this time. I made over a thousand dollars in interest earned in the 2 years and the money stays in your bank, plus I got a 2 year warranty and a new tractor. How much did you earn on your money by paying it in full? $0!