financing a used tractor

[panthercoach]

I'm looking at buying a Yanmar 2000 and wondered if anyone had any suggestions on where I may look to get financing for 60 months. It makes a pretty big difference in the monthly payment from the 48 months I can get from my credit union. I may still get the 48 month, but I'd like to have options in case I decide to add a couple of new implements.

 

[HGM]

I believe 60mo will be tough to get. Not sure of anyone that offers it, though a farm lending institution may be a place to look if you have a farm.

From what I have seen, some will recomend a credit card as the best option. DONT DO IT... You'll never pay it off.

My best recomendation would be a equity line if you have the equity available. It is usually a reasonable rate and tax deductable in most cases. Plus it is a term loan, so you can amortize it and know when it will be payed off and can plan it out.

The dealer I bought mine from had a bank that he recomended, I didnt get the rate I wanted, but plan on paying it off quicker with my tax money anyhow.

Just my experience, good luck hope this helps.

 

[Jstpssng]

Just my 2 cents worth... If you're going to finance, consider buying new. You can get similar or lower payments although they'll be a little longer term. However, you can buy what you want, without worrying about previous abuse; you will have a new warrantee; and (unlike an auto) given proper maintenance your tractor will last for years after the payoff date.

 

[RoyJackson]

When I bought my first tractor, a Deere 670 (manufactured by Yanmar, BTW), I tried bank financing. As I bought it from a Deere dealer, the salesman at the Deere dealer worked through Deere financing. That's what I ended up going with..the interest rate wasn't too bad either.

The bank wouldn't go for it...they consider tractors poor security. As your looking at a used Yanmar...probably a grey market tractor, I doubt your bank would go for 60 months either.
If you're buying from a dealer, you can see what they will do. If you're buying from a private owner, you might be out of luck.
A home equity might be your best bet for an extended pay off term.

 

[Kyle_in_Tex]

How much are they asking for the Yanmar 2000?

 

[panthercoach]

For a YM 2000 and a Scorpion rotary cutter ( it has four blades instead of the usual two, and can be sharpened to come sort of close to a finish mower capability, plus it has four guide wheels to avoid scalping) and a J-Bar box blade, the price is $4750. Just the tractor is $3845.

 

[Soundguy]

Adding to what RoyJackson said, you may also look at farm credit plans.. like 'farmplan'.. or possibly something thru the farm bureau, if you qualify.

( home equity might be tax deductible? )

Soundguy