Financing used tractor, private party

[davitk]

What is the best way to finance a used tractor without going through a dealer? New certainly is a nice way to go, with the 0% for 36 month deals, but when the occassional 1 - 3 year old tractor with low hours comes on the market, it just seems like such a tease because I just don't have the cash in my pocket.

Is anybody buying/financing used in a private transaction or is everyone going through the dealer?

 

[AlanB]

Credit card or Farm Credit type place.

FCS (Farm Credit Services) has been a real help to me, and you do not need to be an official "farmer" when you join.

I also like that I can call them, say Hi Karen, and she say's hi Al, customer service where they know you is a great thing.

 

[AndyMA]

Credit Bureaus also work. Then there's also the home equitity loan.

Andy

 

[flusher]

What is the best way to finance a used tractor without going through a dealer? New certainly is a nice way to go, with the 0% for 36 month deals, but when the occassional 1 - 3 year old tractor with low hours comes on the market, it just seems like such a tease because I just don't have the cash in my pocket.

Is anybody buying/financing used in a private transaction or is everyone going through the dealer?

I have a bank VISA card and constantly get mailers with blank checks inclosed that I can use up to my credit limit. These usually have lower interest rate than the normal credit card rate. But there's a time limit for the lower rate after which the higher rate kicks in on the unpaid balance.

You might be able to finance part or all of a used tractor purchase this way depending on your credit card limit.

 

[davitk]

I have a bank VISA card and constantly get mailers with blank checks inclosed that I can use up to my credit limit. These usually have lower interest rate than the normal credit card rate. But there's a time limit for the lower rate after which the higher rate kicks in on the unpaid balance.

You might be able to finance part or all of a used tractor purchase this way depending on your credit card limit.

Seems to be an echo around here, think I keep hearing someone saying "the devil's in the details"

 

[MrJimi]

I have a Visa card and I can get a cash advance for my total amount( pretty high ) and the payments are 2% of the unpaid balance, I have bought a Cessna, New Harley Davidson and many other things. It works for me and I usually pay it off as fast as I can. But becareful..
Jim

 

[kenmac]

Seems to be an echo around here, think I keep hearing someone saying "the devil's in the details"

yes, b late on 1 payment . that 3% for the life of the loan goes to 35% for the life of the loan

 

[LBrown59]

yes, b late on 1 payment . that 3% for the life of the loan goes to 35% for the life of the loan

Bying new at 0 percent is usually cheaper than buying used at over 0 percent.

 

[AndyMA]

Most of these Visa offers I have seen have an origination fee of 2-3% of the amount of the cash advance.

Andy

 

[Soundguy]

Last time i bought, I use dmy bank to finance the tractor. Found out rates for used equipment weren't to good. However.. i happend to have a CD at that bank, and found i could make a secured loan against the cd (as colatoral ) for something like 1/2 point over what I was making on the cd.. IE.. it was virtually a wash interest wise. I went that route.. worked out good... since I had the colatoral, there was virtually no loan paperwork.. it was all said and done and I had a check from the bank 15 minutes after I walked in..

Soundguy

What is the best way to finance a used tractor without going through a dealer? New certainly is a nice way to go, with the 0% for 36 month deals, but when the occassional 1 - 3 year old tractor with low hours comes on the market, it just seems like such a tease because I just don't have the cash in my pocket.

Is anybody buying/financing used in a private transaction or is everyone going through the dealer?