Tractor Financing for bad credit?????

[Jim Timber]

Well, not all of us started out on sure footing. Credit is a tool just like a hammer, truck, or chainsaw. How you use it, maintain it, and if you choose the right one for the job make a big difference in how things work out in the end.

I use a credit line to buy my inventory in a large enough volume to get quantity breaks. I pay a little percentage to do so, and I make a lot more on that savings than I pay in interest on the transactions. If I was in a position to just pay cash, that'd be even better yet, but I'm not so I choose to use the tools available to make my income possible rather than waiting for money to fall out of the sky.

YMMV.

 

[kenmac]

you are correct.. I never started out on sure footing/.. I also never spent what I made either..

Credit is a tool that can and has put many into bankruptcy. And when you go bankrupt / get foreclosed on.. It tends to have a domino effect

Not 1 person I know without debt was foreclosed on or went bankrupt !
Every person I know that was foreclosed on or went bankrupt had debt

As previously stated.. A person convinced against their will, is of the same opinion still

 

[Jim Timber]

Bankruptcy happens for all kinds of reasons. As the OP has stated, his situation came from losing his assets in a failed partnership. Marriage is a risk too.

 

[kenmac]

Marriage is a risk too.

Sure is,, especially if you allow your wife to open credit cards in your name, or your wife's name on your credit card,and not make the payments....
people do strange things like that for some reason

See where his risk got him ?? He took the gamble / risk once ,and lost ! want to play the game again ?

 

[mcd176]

The tractor would be for personal use on my 30 acres....let me clear the air here, I didn't choose to get in a slump but life happens, divorce sucks and if you haven't been through it you wouldn't understand, I applaud you kenmac for making your wealth your way but for most people using the banks money is the only way to get expensive items, homes, vehicles tractors ect.

 

[mcd176]

The tractor would be for personal use on my 30 acres....let me clear the air here, I didn't choose to get in a slump but life happens, divorce sucks and if you haven't been through it you wouldn't understand, I applaud you kenmac for making your wealth your way but for most people using the banks money is the only way to get expensive items, homes, vehicles tractors ect......the cards were in my name and my responsibility however trying to pay for a home and utilities as well as provide for my daughter sometimes you get behind, sounds like you have had the perfect life, not all of us are as fortunate!

 

[cat fever]

I've enjoyed reading this thread; mcd176 hope all works out well for you, however you decide to take car of your tractor purchase.

TSO and kenmac have very good points on both sides. Here is one point that really bothers me about credit/loans. My home is valued at 500k or more. I owe 70k on it. If I can't pay the rest for any reason and was not able to sell it quick enough the bank would forclose on a home that they only own 15% of. So while credit did get me in, I sure can't wait until I hold the deed.

 

[cat fever]

The tractor would be for personal use on my 30 acres....let me clear the air here, I didn't choose to get in a slump but life happens, divorce sucks and if you haven't been through it you wouldn't understand, I applaud you kenmac for making your wealth your way but for most people using the banks money is the only way to get expensive items, homes, vehicles tractors ect......the cards were in my name and my responsibility however trying to pay for a home and utilities as well as provide for my daughter sometimes you get behind, sounds like you have had the perfect life, not all of us are as fortunate!

Bad things happen to good people.
When one door closes another one opens. I know several people that ended up better off after their divorce.:thumbsup:

 

[joefromga]

If you can quit today and then get hurt and you can't pay property taxes you will lose it all just like anyone else.

Getting hurt is a risk. Not everyone wants to be 57 and finally relax. Some people want a good life while they live it. Some choose to have just the necessities. Credit isn't the problem. Not paying loans is the problem.

Have nothing now or have nothing later on IF you default IF things go bad IF the economy crashes.

Nothing is still nothing. This country was built on credit. Credit is king. Credit allows you to make and keep cash for when things get bad. What if you get injured the day after you paid out your 8 years of cash savings on something? You still have nothing but a used piece of equipment and no customer base, no savings, no accounts, no name brand to sell jobs, no nothing.

And IF you get hurt - there's INSURANCE..

 

[TSO]

Imagine if the fledgling United States of America had waited until they saved up enough money to raise an army, and build a naval fleet .... Instead of obtaining a loan from the Dutch.... While trying to fight for independence from the crown.

JoFromGa is right that the country was literally built on credit