Credit union asking for appraisal on brand new tractor?

[KretZ]

Looking into buying a brand new tractor, trying to go through a local credit union for a better interest rate (and to keep money local). My local CU makes loans for farm equipment regularly, but the system they use to determine the value of the tractor doesn’t have This brand of tractors in it. So they are telling me I need to have the brand new tractor appraised by someone other than the dealership I am buying it from. I am not sure how to go about this. The value of an item is based on what people will pay for it, thus it seems like the current value of a brand new item, would be the asking price that the company is charging so long as the company is selling them regularly and staying in business? Any ideas?

 

[RickB]

There's a very good answer on your duplicate thread.

 

[KretZ]

There's a very good answer on your duplicate thread.

My bad. Admins, go ahead and delete this mistaken thread

 

[Cahaba Valley Farm]

Looking into buying a brand new tractor, trying to go through a local credit union for a better interest rate (and to keep money local). My local CU makes loans for farm equipment regularly, but the system they use to determine the value of the tractor doesn’t have This brand of tractors in it. So they are telling me I need to have the brand new tractor appraised by someone other than the dealership I am buying it from. I am not sure how to go about this. The value of an item is based on what people will pay for it, thus it seems like the current value of a brand new item, would be the asking price that the company is charging so long as the company is selling them regularly and staying in business? Any ideas?

This is probably the bank's way of passively saying they don't want to make the loan.

 

[Williy]

Our CU don't give loans for farm equipment

willy

 

[IndyJay]

This is probably the bank's way of passively saying they don't want to make the loan.

Our CU don't give loans for farm equipment

willy

That seems to be the case. Anybody here gotten their tractor loan through Credit Union? My Credit Union declined since there wasn't a title.

 

[K5lwq]

The post from the OP in his main thread states it was worked out with his CU.

Post in thread 'Brand new tractor...appraisal?'
Brand new tractor...appraisal?