Financing Used Tractor Financing

[Depmandog]

We live in a small town at the edge of a large metro area. Our bank offered personal loans, but only for 2 or 3 years and the interest rate was double digit. I checked and looked and looked and checked to no avail. Finally I smartened up, and called a small bank in a farming community about 40 miles east of me. No problem at all writing a loan on a used tractor. And the rates were decent too.

Turns out they had a a branch office in the town just south of us, and they let me close the loan there. The bank officer mentioned this was the first ag loan he had ever been involved with. Yet 40 miles away at their main office - ag loans were very common.

I bought used, got a 6 year tractor with only 300+ hours, with a Land Pride brush hog and FEL. I saved close to half from new prices.

I will say I looked for months before i found this desk.

 

[mikehaugen]

I was fortunate and bought my tractor with cash. I was buying from a guy that I know that was going through a divorce. He was kicked out of his house so his wife could live there, so he had no use for the tractor. He went and took it while she wasn't there (she really didn't even know it was there) and sold it to me for cheap because it was easy and he needed money for his attorney. I bought my 1070 2wd with woods 90" finish mower with about 2500 hours for $4000. I suspect it will last me for another 20 years with the amount I use it, but if I need to replace it someday I will probably buy new. If buying used I think you need to buy at least 10 years old to see much depreciation, at least around here- anything that's a few years old the seller want nearly new price for it.