Last year when I bought my tractor, several (John Deere, Mahindra, Kibota all had 0% interest. I think some of them are still doing so. Since you haven't settled on a tractor, then you should be able to shop for hungry dealers.
trouble on tractor financing
- Thread starter onegreenday
- Start date
- Views: 9317
EastTexFrank
Veteran Member
- Joined
- Jun 5, 2003
- Messages
- 1,422
- Location
- East Texas, USA
- Tractor
- Kubota Grand L4740, B2400 and F2680
It's tough to live in America without a credit rating isn't it? I ran into the same thing when I came to the States in 1985 ... no credit rating. I couldn't get a mortgage or anything else unless I paid cash and some places weren't all that keen to take cash ... figure that one out!!! Even the one and only credit card I'd ever owned, Amex, didn't help much as it wasn't classified as a "credit" card since you pay off the balance every month. Thank goodness for my wife. She had to sign for everything.
The advice I got from other ex-pats who had run into the same thing was to do exactly as KiotiJohn suggested. The only thing was that back then interest rates were about 15%. It really broke my little Scottish heart to pay a bank 15% to borrow my own money in order to establish something I didn't think I needed. Ah well, it's the price we have to pay for living in a credit orientated society.
The advice I got from other ex-pats who had run into the same thing was to do exactly as KiotiJohn suggested. The only thing was that back then interest rates were about 15%. It really broke my little Scottish heart to pay a bank 15% to borrow my own money in order to establish something I didn't think I needed. Ah well, it's the price we have to pay for living in a credit orientated society.
OP
onegreenday
Bronze Member
Good news! New Holland said they'd finance me with 20% down. 4 years at 0% interest.
Their tractors seem to be about $3-4 thousand more than Kioti, Zetor or Mahindra tractors of equal spec's; so that hurts a little.
But NH can do the deal and the tractors seem to have an OK rep on these boards; so I might have to bite the bullett on the xtra money.
NH must have more liberal financing requirements than Agricredit Acceptance LLC; which wouldn't finance me.
Their tractors seem to be about $3-4 thousand more than Kioti, Zetor or Mahindra tractors of equal spec's; so that hurts a little.
But NH can do the deal and the tractors seem to have an OK rep on these boards; so I might have to bite the bullett on the xtra money.
NH must have more liberal financing requirements than Agricredit Acceptance LLC; which wouldn't finance me.
dsgsr
Platinum Member
- Joined
- Feb 16, 2001
- Messages
- 507
- Location
- Monroe, Maine
- Tractor
- Kubota M59 ,Takeuchi TB175 Excavator, TD7 Dozer, 2 dumptrucks, Northlander Sawmill
Thats because the NH will have a better resale value than the other three.
David
David
rockyridgefarm
Elite Member
Not to muddy the waters but have you checked with Deere and Kubota also? I know JD Credit has been very easy to deal with...
But NH is a fine setup, if you go that way...
But NH is a fine setup, if you go that way...
Dargo
Super Member
- Joined
- Mar 6, 2004
- Messages
- 5,981
- Location
- S. IN
- Tractor
- Jinma, Foton, TYM, Belarus, Yanmar, Branson, Montana, Mahindra and maybe some green and orange too.
The big three keep being the big three CUT tractor companies with the help of their finance acceptance corporations. Similarly, you don't think that the finance arm of GM, Chrysler, and Ford keep selling vehicles for them?? There is a reason that they generally retain about 30% of dealer financing, and it isn't always because they have the lowest rates!!
The tractor companies who want to be considered with the "big three" will have to come with their own finance companies or they will never crack into that level of sales or market penetration. Just look at what Toyota, Honda, and Nissan discovered about 15 years ago. They didn't at first have their own finance companies. Do you think they do now??? /forums/images/graemlins/wink.gif I know that tractors and cars / trucks are not exactly the same, but economics 101 is!
The tractor companies who want to be considered with the "big three" will have to come with their own finance companies or they will never crack into that level of sales or market penetration. Just look at what Toyota, Honda, and Nissan discovered about 15 years ago. They didn't at first have their own finance companies. Do you think they do now??? /forums/images/graemlins/wink.gif I know that tractors and cars / trucks are not exactly the same, but economics 101 is!
sneaky_pete
Platinum Member
- Joined
- Aug 10, 2004
- Messages
- 677
- Tractor
- Kubota B7400HSD, G1800
</font><font color="blue" class="small">( ...It really broke my little Scottish heart to pay a bank 15% to borrow my own money in order to establish something I didn't think I needed.)</font>
Frank,
Where are you from? My wife is from Hamilton, Lanarkshire.
Pete
Frank,
Where are you from? My wife is from Hamilton, Lanarkshire.
Pete
EastTexFrank
Veteran Member
- Joined
- Jun 5, 2003
- Messages
- 1,422
- Location
- East Texas, USA
- Tractor
- Kubota Grand L4740, B2400 and F2680
Pete, I PM'd you. Check "My Home".
Soundguy
Old Timer
- Joined
- Mar 11, 2002
- Messages
- 51,575
- Location
- Central florida
- Tractor
- RK 55HC,ym1700, NH7610S, Ford 8N, 2N, NAA, 660, 850 x2, 541, 950, 941D, 951, 2000, 3000, 4000, 4600, 5000, 740, IH 'C' 'H', CUB, John Deere 'B', allis 'G', case VAC
</font><font color="blue" class="small">( The big three keep being the big three CUT tractor companies with the help of their finance acceptance corporations. Similarly, you don't think that the finance arm of GM, Chrysler, and Ford keep selling vehicles for them?? )</font>
I agree.. it is almost 'in house' financing.
Ford financed my first ford tractor.. and wanted my 2nd one.. but my bank beat them pretty good on the interest rate this time.
Soundguy
I agree.. it is almost 'in house' financing.
Ford financed my first ford tractor.. and wanted my 2nd one.. but my bank beat them pretty good on the interest rate this time.
Soundguy
OP
onegreenday
Bronze Member
Kubota said no to financing me. Only New Holland would finance me so far(no credit history).
New Holland wanted 20% down ($5,700) on a TN60A (selling for $28,500 with loader) but would take $4,500 down (less than 20%) on a TN65 (old style) (selling for $26,700)
Have not tried JD yet.
New Holland wanted 20% down ($5,700) on a TN60A (selling for $28,500 with loader) but would take $4,500 down (less than 20%) on a TN65 (old style) (selling for $26,700)
Have not tried JD yet.
