Financing Financing experience's

[Blackcatstrat]

Hello all, new member to the forum but been lurking in the shadows for many years. Great site by the way.
I just sold my NH TC18 and have decided on a new rig.
Spent many hours of research and decided on the Kioti CK2610.
My questions really revolve around the financing though.
Not many options for tractor financing it seems
Most if the big names, Kubota, Mahindra, Kioti all use what used to be AgCredit but is now DLL Financing...?
I tried to find out more about this company and come up with very little positive information.
Nothing related to their tractor financing business though.
As with anything you find on the internet you have to take it with a grain of salt but thought
I would get some first hand experiences from people here on this site.

When you make your payments is it through DLL finance or Kubota, Kioti etc.
Any problems, complaints etc?

I am just trying to avoid any complications and stress from this purchase.
I tried doing a search but didn't come up with much.
Many thanks.

Jerry

 

[cford36]

I bought my LS, financed thru DLL. Pay online easily with no issues on the DLL site. Only complaint was the online application process that the dealer does seems cumbersome.
But no other complaints.

 

[mddorange]

:welcome:
To the TBN forum Jerry. We are glad that you joined with us here.

As for the financing with Kubota, everything states: "Kubota Credit Corporation, USA, in Ft. Worth, TX" but there Loan Admin Dept. is located in Torrance, CA.

I use there online website to manage my account.

 

[TheMan419]

Also go to your local credit union or farm bureau. They will finance the purchase as well. Compare interest rates and terms. You may be able to get a cash discount from the seller because they are not the ones financing the purchase. Even if the dealer is offering zero percent, ask what the cash discount is. Then compare your total payments between cash + finance yourself vs zero percent with the dealer.

 

[dadster4]

No issues at all with Agricredit/DLL, I set up automatic payments through my bank, and have never had a problem.

 

[moriboy]

I've used Kubota credit several times. Not a single issue.

 

[Blackcatstrat]

Thanks for the reply's gents, I'm glad to hear there haven't been any problems so far.
I did talk with my credit union and some of the other local banks but they don't offer anything for tractor loans other than personal loans. 11-15% interest so far.
I also talked with farm credit (Farm credit east) but since I'm not a "farmer" they can't offer any loans.
Kicked around the idea of an equity loan but not sure I want to do that either. I'll keep checking but looks like I might be forced to go with DLL finance.
Part of my reluctance to go that route is my serious disliking for big banks.
Thinking outside the box here I have been looking at government grants since half my land at my Vermont property is state protected conservation area and the tractor would be needed to help maintain that. Not expecting much on that but you never know.

My tractor needs are a little more complex, I have an acre piece of property in CT where I live, I use the tractor for maintaining my driveway, garden, firewood and whatever else I need so I can't get too big of a machine but my land is Vermont is a whole other matter. More machine is better up there. In addition to maintaining things I am building a camp on some seriously neglected and challenging land.
Not looking forward to having to trailer a tractor back and forth all the time especially through Springfield Ma but hopefully with some planning I can make it worth the time and effort.
The Kioti Ck2610 seems like a good compromise for my needs.
Drank a bit too much coffee this morning......

Jerry

 

[TheMan419]

The home equity loan is a bit of a double edge sword. You can deduct the interest on your taxes (if you itemize) so there is some savings there. On the other hand you are putting the house at risk if your finances head south and you cannot make the payment.

Ultimately it is simply a decision to get the best interest rate. I am surprised the credit union only has a personal loan at such a high rate.

Ultimately I financed my New Holland through their in house financing. Their rate was just as good as my CU and it was just easier.

 

[Dftodd]

No issues through kubota credit. Was easy breezy, and took 20 minutes to get an approval. Wife and I had checked several other manufacturer's financing options/ interest rates. Kubota was by far the easiest for us.

 

[jeff9366]

My tractor needs are a little more complex, I have an acre piece of property in CT where I live, I use the tractor for maintaining my driveway, garden, firewood and whatever else I need so I can't get too big of a machine but my land is Vermont is a whole other matter. More machine is better up there. In addition to maintaining things I am building a camp on some seriously neglected and challenging land.

You have probably read how prone to theft tractors are. So you will need secure storage in CT and VT.
I store my tractor in my humidity controlled garage. My Kubota utility vehicle is also in the garage.
Our two cars park in the driveway.

Consider these measurements on you tractors: height/ROPS UP, height/ROPS DOWN, height to top of Backhoe when mounted. I use my tractor three or four days per week. It is a pain to lower and raise the ROPS. I bashed the garage trim twice when the tractor was new. I have not forgotten to lower the ROPS in the last two years.

 

[Slowpoke Slim]

Went through Wells Fargo's AG loan department via my Branson dealer. Process was done over the phone with my dealer and was pretty painless. All was approved and done in a matter of hours. Can either elect for direct electronic payments, or the good old fashioned payment book via mail.

 

[Blackcatstrat]

Thanks for that info Slim, I didn't know Wells Fargo had AG loans, they used to carry my mortgage so I have dealt with them before.
I will be looking into that for sure.
Hows that Branson treating you?

Jerry

 

[bdog]

I would not finance a tractor. The only thing I think it makes sense to borrow money for is a house. I would look into cheaper used tractors if buying a new one with cash is not in the budget.

 

[Turbys_1700]

At the time I purchased my new Workmaster 50 last year New Holland had I think 3.99% and 0% financing offers. The 0% offer used list price while 3.99% was typical financing with some money down. I ended up going with Farm Credit. The rate with them was actually 4.25% but they did not require New Holland insurance which in effect ended up with a lower payment per month. I think the New Holland insurance was over $1800 over the term of the loan. I was able to get insurance through Farm Bureau for less than half the New Holland insurance cost and pocketed the difference. The approval process was seamless and took less than a day.

My son just purchased a new Bob Cat ZTR from the same dealer and got 0% financing through Sheffield and his process was fast and easy. I think the requirements for them was a credit score over 700.

To be honest with you I have been considering one of those ZTR's also. Don't really care about another payment but 0% is attractive and my dealer cut substantially off list price. I've checked prices and they are very aggressive in pricing tractors, implements, and mowers. Make most of their $$$ off service.

 

[Dustind]

I used Kubota. I always wait for the zero % sale. love it

 

[check]

Hi, Jery. Looks like complications and stress are a big issue for you. I hear ya.

For absolute simplicity, I would go with the 0% deal that the dealers offer. When I was checking out Kubotas, for example the dealers near Toronto would each give me a price with and without the "0%" financing, so that I could figure out the true cost of borrowing. (Just divide the difference in pricing by the number of years financed, and then cut that in half sine the interest is of course applied on the declining balance.. The quotes I got worked out to about 4% interest, compared to about 2.5%So, Michelle will be living in the exact same building, just for floors below us. for mortgage money here in Ontario.

The nice thing about dealer financing, at least with Kubota, is that they offer a really nice insurance package that has received rave reviews here on TBN. So, if simplicity is the key then go with dealer financing, and they will arrange everything. There is nothing like one stop shopping!

Good luck with your purchase!

 

[Slowpoke Slim]

Thanks for that info Slim, I didn't know Wells Fargo had AG loans, they used to carry my mortgage so I have dealt with them before.
I will be looking into that for sure.
Hows that Branson treating you?

Jerry

Jerry,

Sorry I didn't reply sooner, didn't see your question the first time. The Branson has been fine so far, no complaints. Haven't put many hours on it yet, snow is gone and the grass hasn't really taken off yet. Only 10-12 hrs on it so far just regrading my driveway, after the snowmelt runoff washed a few ruts across the center of it.

 

[JK22]

Kubota credit has been great for me. They even send you a coupon book you can use for all your payments, you tear one out and send it in with your check. I just pay automatically.

 

[Catoosa]

Just went through this with my credit union, got a tractor loan for 2.9%. At that rate makes no sense to pull money out of investments.

 

[GManBart]

Check out AgDirect. I've used them twice and they have been very easy to work with. You can get a person on the phone right away, and their rates have been very competitive.