Heavy equipment Financing- Best Bank?

[flienlow]

Can someone give me the run down on financing heavy equipment. Looking to buy a compact track Loader. What are usual rates and terms this day and age?

Thanks!!

 

[dragoneggs]

Can someone give me the run down on financing heavy equipment. Looking to buy a compact track Loader. What are usual rates and terms this day and age?

Thanks!!

I would start with your own bank. You also might want to try BECU credit union (non profit)and open to all now I believe. Whatever, you need to shop around a bit and get quotes, unfortunately. Deal with banks direct. Don't go through brokers.

 

[Dirthog]

Try the dealer also many of the equipment manufactures have very good finance rates through the dealers. I work for one and a couple of the manufactures are offering 0 Percent right now.

 

[bdog]

Can someone give me the run down on financing heavy equipment. Looking to buy a compact track Loader. What are usual rates and terms this day and age?

Thanks!!

My advice is don’t. Save up until you can buy it outright. That’s what I did on all my equipment. CTLs are awesome and I dont know what your plans are for it but if it is personal use there is no way I would ever finance and if it is business financing greatly increases your chance of failure. Those payments are always due month after month but the jobs and money coming in are not always steady.

 

[FM504]

I financed my t4.100 through NH capital credit and my L230 skid steer through ag direct. Put 20% down on the skid steer as that is standard for construction equipment. I’ll always use someone else’s money if the rate and term is agreeable. What’s the point in having excellent credit if you don’t use it? My opinion of course and to each his/her own.

 

[EddieWalker]

My first choice is always going to be with the dealer. They either have something already in place with the manufacturer, or they have shopped around and arranged something with a lender. What's most important is that they are working together, and the dealer is going to do all that they can to make sure it happens. Banks and Credit Unions always make me feel like I'm annoying them by asking for a loan. I've done it for a few vehicles because of the better rate, but in the last 20 years, the dealers always seem to have the better deals over the banks.

 

[FM504]

It’s been my experience when dealing with the dealer you have one of 2 options...you either get a great financing rate or they will deal on price, not both. If you secure outside financing the dealer is more willing to come off his asking price but the rate may not be as favorable so you have to do the math and see where you come out in the end.

 

[Turbys_1700]

I went with Farm Credit. The actual cost of the loan was lower than the deal through New Holland.