Credit Score and Kubota Finance

[darbycrash55]

Greetings,

I have been lurking the forums now for a few months shopping for a SCUT. One thing that really bothered me and I couldnt seem to find a straight answer on was what kind of credit score/situation is the bare minimum that kubota finance will accept. It worried me a lot since my credit score was lower then desired.

I hope this post helps out those who are seeking the same information as I was.

I am 25 years old. My credit history is only about 5 years long. I have a few credit cards which I payed to 0 on all before I applied. I have a auto loan that I have not missed a payment on, and I make monthly payments on student loans. My credit score itself is in the low to mid 600's. I have a few delinquincies in which are all medical bills. No foreclosures.

I applied for a personal loan through 2 banks and 1 credit union in which i was turned down by all. (there goes buying a used machine) I applied through john deere credit which i did not realize was just a revolving small account like a credit card with super high interest (above 18%) I was approved for 2500 bucks.. not going to cut it. I also applied for a loan through one of those bad credit lenders which are basically loan sharks and want 20% interest from you and a life insurance policy and was denied!

So, I went to a Kubota dealer with a check wrote out to 2500 bucks for a down payment filled out the paperwork and was approved for 0% interest. I drove home with a BX2370 FeL/MMM.

I hope this helps people in my situation realize that with questionable credit as long as you pay your bills kubota is willing to work with you. Get a down payment together tho before you apply.

 

[murphy1244]

Have any pics?

 

[ovrszd]

Welcome to TBN.

Yep,,,, we like pics.....

 

[fluxed]

Congrats on your tractor! I could type a book on credit analysis, scoring, debt to income, blah blah blah, but the "score" is not always the same from vendor to vendor. As an example, a 650 to one could be a 690 to another depending on how their model is constructed or the year of the model they are using. There are hundreds.

I saw the John Deere consumer credit card offer myself. I clicked away when I saw the 18+ percent rate.

congrats again!

 

[HillStreet]

Congrats on the tractor. Financing through Kubota can really improve your credit score once you get a couple of solid years into it.

 

[Steppenwolfe]

Good for you... Do Not miss a payment, period. Your score will go up every 3 months. Enjoy the Kubota, you got the best tractor, anyway.

 

[MHarryE]

When I got my L5740 I did not have to fill out a document at all, but I did trade in a tractor. No problem. The next year I bought a RTV900XT, no down payment, no questions asked. The next year I made a deal on a M135GX and everything went along fine until I got a letter saying my credit was disapproved and suggesting ways to improve my credit score. Well, my score is significantly over 800. I happened to be going on a trip and stopped by my dealer (150 miles away) on my return. They had not told him they refused my credit so there was a scramble. The thing that triggered the refusal was the size of the purchase with no down payment. Kubota Credit had not received any financial information on me. So they let me log on to a computer, downloaded 2 bank statements showing that I could easily cover the price in cash, they emailed them to Kubota Credit and within minutes I had my approval. Kubota is very easy. Why get the loan instead of paying cash? My 3 Kubota purchases have so far cost me less than zero because the money I had to invest due to the zero percent loans way exceeded any discount Kubota has no risk because if I stopped paying now and they took the machines back, they could easily sell them for much more than my remaining payoff. So far so good, but when war is declared between USA and Russia I may be singing a different tune.

 

[ovrszd]

When I got my L5740 I did not have to fill out a document at all, but I did trade in a tractor. No problem. The next year I bought a RTV900XT, no down payment, no questions asked. The next year I made a deal on a M135GX and everything went along fine until I got a letter saying my credit was disapproved and suggesting ways to improve my credit score. Well, my score is significantly over 800. I happened to be going on a trip and stopped by my dealer (150 miles away) on my return. They had not told him they refused my credit so there was a scramble. The thing that triggered the refusal was the size of the purchase with no down payment. Kubota Credit had not received any financial information on me. So they let me log on to a computer, downloaded 2 bank statements showing that I could easily cover the price in cash, they emailed them to Kubota Credit and within minutes I had my approval. Kubota is very easy. Why get the loan instead of paying cash? My 3 Kubota purchases have so far cost me less than zero because the money I had to invest due to the zero percent loans way exceeded any discount Kubota has no risk because if I stopped paying now and they took the machines back, they could easily sell them for much more than my remaining payoff. So far so good, but when war is declared between USA and Russia I may be singing a different tune.

Little thread hijack here.

I see you have a diverse line of tractors. Do they do similar work?? And if so, which brand do you prefer as in ease of use, most productive, most efficient, etc.???

 

[MHarryE]

Little thread hijack here. I see you have a diverse line of tractors. Do they do similar work?? And if so, which brand do you prefer as in ease of use, most productive, most efficient, etc.???

7720 is 150 PTO HP, also has electronics matching our JD large round baler. M135GX has 120 PTO HP, can fill in anywhere, and also has a loader. NH is about 100 PTO HP and spends most of the year attached to our Discbine. It also was used for discing before we got the M135 GX. The 6230 is about 85 PTO HP, is a utility tractor and gets switched between raking, tedding, square baler, and also has a loader so feeding and loading manure. The L5740 is just a nice size to gave around due to maneuverability. We're up in Northeastern Minnesota where our grandfather bought this farm - and my cousin's father and my father kept adding land. Fields are wherever there is high land in the midst of a bunch of swamps so small fields, no straight sides, lots of turning and shifting so everything is power shift. The 7720 is built much heavier than the M135GX and TS115A but it also is easiest on fuel for work done although the Kubota is close. The Kubota transmission is nice having 8 power shift gears in each range vs 4 PS per range on the John Deeres. The 7720 is also quietest followed by the Kubota with the NH lagging. I am a fairly recent retiree back to farm with my cousin who stuck with the place so it is 2 old guys who don't want to shift implements on tractors or we could get by with a couple less. To tell it like it is the MX135 was almost a Deere 6R series except the dealer wanted $7,000 more. A month after the Kubota arrived at the farm we got a John Deere offer for a loader on the tractor for no additional cost which would have made it a toss up. Oh, the Kubota dealer gave my wife and me heavy jackets, medium weight jackets, hoodies and caps. The John Deere dealer only gave one cap. That may have been the tie breaker if the tractor prices were equal.

 

[ovrszd]

Thank you very much for the very detailed response. Answered all questions I might have had. Kubota is trying very hard to get into the AG market. I never hear anyone complain about their attempt. I know what you mean about the MX135 almost being a Deere. My M9540 was almost a 5xxxM Deere except for $6000.

Thanks again for the response. I'm two years retired back to the farm. So I know the feeling about "old guy".