Financing need help finding financing with damage credit

[maxwell18]

I am looking for used compact tractor with FEL somewhere close to NW FL. I had problems in the past with credit cards but now have paid off 3 out of 6 and paying the other 3 satisfactory now but credit score is arounf 565 on one of the three credit reporting Co. I have income around 117.000 and now acceptable debt ratios.Now having said that I am looking for either a compact tractor with FEL or a bush hog to cut some trails through about 3/4 acher of land. Any ideas or help would be apreciated. I am a 100% disabilied Vet, Thanks Bruce.

 

[Monster5601]

Welcome.

Given the current round of financing from the manufacure (typically 0% for 60 months) you are (may) better off to by new. Also, buying new may increase your chances of getting finance since not may like to lend on a used tractor. You may have to come up with cash as a down payment.

Good luck.

 

[McGeesEquip]

If you go looking into the new tractor market, a lot of brands are financed through a finance company named AgriCredit. Agricredit finance score generally gets turned down below a score of 630. You would have to try a brand that has their own finance company. John Deere, Kubota, New Holland, And Case are some of the brands that have their own finance companies.

Hate to say it, but credit scores that you get from your own credit monitoring is always higher than the credit scores that credit vendors get from the reporting bureaus. When you pay for the credit monitoring, the score you get differs greatly from what credit vendors get from the credit bureaus.

Your best bet would be to have some money to put down on a tractor and have it financed through a local finance company and face their high finance rates. At lease it will be a step to rebuilding your credit score.

Good Luck, and I wish I had better news.

 

[Ford tractor]

You may be far better off to pay off all your debts before taking on more.

 

[1010]

You may be far better off to pay off all your debts before taking on more.

EXACTLY!!! Save your money and pay cash. Find Dave Ramsey on the radio he has done more for me and my money.
Borowers slave to the lenders!!!


DAVID,

 

[RoyJackson]

If you have an income of $117000 annually (was that a mistake??), you might get financing through Deere if most of your credit problems are squared away.
But you won't see a particularly good rate and definitely not 0% to 2%.

I did have credit problems about 15 years ago and Deere did give me financing about 10 years ago (on a used 670 with a $9000 price tag) so it can happen. In fact, this helped me re-establish credit.

Just make sure you can afford the payments before you sign that dotted line!

 

[seymojo536]

Given the state of the banking/finance business today, I really don't think you will find anyone (except maybe Guido down on the corner) willing to talk to you with a credit score that low. Unless you have 50% down, maybe not even then.
Consider hiring someone to clear the trails you want. Keep paying down your debt. Then make sure it doesn't creep back up on you, (like maybe buying a tractor on credit?)
You need to keep you outstanding balances below 25% of your available limits and pay everything on time for at least a year before you will see any improvement in your scores.
Good luck on you efforts to get out of debt. It's hard (I know full well) but it is doable if you resist the urge to dig deeper before you are completely out of the hole.

 

[smstonypoint]

If you go looking into the new tractor market, a lot of brands are financed through a finance company named AgriCredit. Agricredit finance score generally gets turned down below a score of 630. You would have to try a brand that has their own finance company. John Deere, Kubota, New Holland, And Case are some of the brands that have their own finance companies.

Just a question out of idle curiosity. Are you saying that the tractor manufacturers have "credit-worthiness" criteria that are lower than stand-alone finance companies?

Steve

 

[Gods Country]

If I understand the OP's question correctly I too would suggest either hiring or renting a machine to do the job. How much work could it be to cut a couple trails on 3/4 acre?

 

[EddieWalker]

First post, can't spell and he wants to borrow more money before paying off his current debt? Either a scam or he just doesn't get it.

Pay off your bills and your credit score will go up. Then cancel the cards except for one that you can use for an emergancy. With the changes that have been done to the credit card companies, I'm sure your paying close to 20% in interest.

The tractor can wait.

Eddie