Tractor Financing for bad credit?????

mcd176 · Jan 19, 2016

Can anyone give me names of banks or equipment dealers that work with people with bad credit? After my divorce my credit is terrible but I am slowly rebuilding it and am in need of a good used tractor, Im looking for something in the 15K price range.

As always Thank You all for your help.

Coyote machine · Jan 20, 2016

Bernie Madeoff at Dowe, Screwem, and Howe. :confused2:

davesl708 · Jan 20, 2016

Have you had a conversation with lenders you did business with before the divorce? Assuming you had good credit before. I would think something could be worked out.

The online lenders are going to want 20% interest and 50% down.

kenmac · Jan 20, 2016

If I had to finance a tractor.. I would pass, Do like I did, save your $$ and pay cash for something you can afford..Credit isn't always a good thing

mcd176 · Jan 20, 2016

I wish I made the money to save and pay cash for one, It would be 5 years before I could purchase one that meets my needs....

Handloader109 · Jan 20, 2016

Then wait 5yrs...... It is much better to pay cash.... Save for a year, buy an older model, use for as long as you can while saving, step up and do it again.

Sawyer Rob · Jan 20, 2016

They ARE giving you EXCELLENT advice, hope you take it...

SR

kenmac · Jan 20, 2016

Sawyer Rob said:
They ARE giving you EXCELLENT advice, hope you take it...

SR

Afraid that wasn't what he wanted to hear.. Our advise doesn't seem to be the American way
If I had bad credit.. The last thing on my mind would be to worry about how to finance a tractor.. I would be looking to see what got me into that bad credit situation in the 1 st place

/pine · Jan 20, 2016

If for commercial use (if you have job commitments/pending contracts etc.) you should be able to do two things...both lease a machine and build your credit at the same time...

If for private use it's a different story...and a compromise to an ideal machine is one possible option...

Good Luck...

mcd176 · Jan 21, 2016

A divorce is what put me in a slump....I have paid off all of my debt except my home and car payment, I have no credit card debt at all, the problem was late payments on credit cards....I have the funds to pay a monthly payment on a tractor but my fico is low and I worry that I wouldn't qualify for a loan at this time...I do appreciate the advice and maybe the suggestion of getting something to get me through for now is a good idea