Loan rates?

[aaroncmh]

Has anyone found any good loan rates lately?

I'm in Ohio and I am aware that most manufacturers have special rates but I can't use it (I'm buying a Bobcat).
I checked at my normal bank and its 8%...too high. No LOC either looking for an installment loan.

Thank you in advance,
Aaron

 

[rjkobbeman]

What are you buying exactly? I see 0% plastered all over Bobcat's website.

 

[aaroncmh]

I cannot use the manufacturer financing for this. Its a free loader OR zero APR. The loader is $4k and I really need the loader.

 

[rjkobbeman]

What is Bobcat's "normal" rates?

Do the math, it might pay to buy the FEL and get the 0%. What tractor are you getting?

 

[FF117]

A couple months ago I got 4.35% on a three year fixed. This was through 1st Farm Credit Services
http://www.1stfarmcredit.com

Not sure if they have a branch near you, but I'm sure you can get better than 8%. My regular bank was at around 5%. Good luck.

 

[aaroncmh]

Kobbeman, I did the math I'm not an idiot. The financing will not cost $4K which is what the loader costs. I also did the math on 8% and it will cost about $1680 more than 4% (at 60 mos).

FF117 thanks I'll take a look at them.

 

[rjkobbeman]

Kobbeman, I did the math I'm not an idiot. QUOTE]

Where did that come from? I was just making a suggestion... Nobody called you an idiot, nor did anyone suggest you were.

You still haven't said what you are buying. Depending on how much money you are spending, $4k in interest is not out of the question.

But good luck to you...

 

[EarPlug]

Aaron, Are you sure that the 0% financing would not include the total package price of tractor, loader and any other attachments? I could not find anything that said you can't finance the loader as part of the package. It only says that if you DON'T finance you can get a rebate or a free loader.

Also I found this on the Bobcat website

Attachments
Receive 0% APR for up to 24 months* when you purchase a new Bobcat attachment from a participating Bobcat dealer in the United States or Canada.

FIND A DEALER

Offer begins August 1, 2010 and ends October 31, 2010. See participating dealers for details. See program disclosure below.

 

[avatar]

you might want to look into a credit unions intrest rates. my banks that i deal with charged 7.5% to 8% on a tractor loan and the credit unoin that i belong to charge 4.5%, which is better than the LS tractor dealers 6.5%. Hope it helps

 

[manganos]

I was going to pay cash for my toy but Agri-Credit (Mahindra) did 0% for 72 months. I rather keep mine in an interest bearing account and use their money. This included the tractor and FEL. I don't know if they still have this deal but it wouldn't hurt to research.

Good luck, Chris

 

[JDGreenGrass]

Not to be a wise guy but....maybe you are not financially ready to purchase.

Start putting what you can afford, monthly, away in a savings account until you can purchase the tractor and attachments that you need.

Or, go Green (or Orange, etc.) and get the financing that you desire. Why are you stuck on Bobcat.??

(now you can blast me)

 

[Gary Fowler]

I just got the rates on the Massey Ferguson a few weeks ago. They also are offering a free loader or 0% for up to 72 months. For my price, it works out about the same price on a 60 month loan if I take the free loader, they will finance for 5.99%. I plan to pay it off in a couple months anyway so the free loader is my way to go. My brother in law bought a New Holland around the first of this year and go free financing on it and the loader. I dont know if that is still on or not. Like one member said, whats the deal with Bobcat. Look around, there are other great tractors available with great deals on financing now. I liked the MF with the QPS transmission and Cab best for the price.

 

[aaroncmh]

Man I'm sorry Kobbe I get frustrated on forums sometimes because most people don't read my entire post and then they comment on one sentence.

So I'm getting a Bobcat CT235. IMO after a few months of searching (and starting with 8Ns ha, ha) BC has the best bang for the buck. Plus I like the sales guy...I walked into 3 JD dealerships, 1 NH and 2 different Kubota dealerships and no one said a word to me (I swear). When I did force someone to talk to me I was bugging them...I hate that.

Okay sorry again the program is a free loader OR the good financing OR a $2K rebate. The free loader is the way to go I am sure of it (for me).

And the comment about not being ready to buy? I don't get that my wife and I can afford it...we actually bought the new house with acreage w/o selling the old house (its on the market now). Getting the 8% loan from the local credit union was no problem they approved it on Wednesday I just thought I could do better.

The finale, I'm going to use a new line of credit (at 4%). I would have used that from the beginning but its on the new house and the county hasn't processed the transfer (supposed to happen early next week).

Thanks again for the help...I'm getting the CT235 today I believe (payment next week). Very excited!

 

[ITHINKICAN]

Can you wait until the other house is sold and use the net proceeds from the sale? Good luck! Everything will work out!!

 

[aaroncmh]

Can you wait until the other house is sold and use the net proceeds from the sale? Good luck! Everything will work out!!

Wait?! No way!

Ha, ha I've got it figured out now I just didn't want to pay 8% (or burn up that much cash).