riverpro
Bronze Member
Not sure if this helps but Kubota has 0% financing up to I wanna say 60mo. Standard rate thru Kubota is 5.35 for 60mo. Going thru the same deal here trying to find a decent rate.
Who has the easiest financing? I知 rebuilding my credit
- Thread starter gonefishin1
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OP
gonefishin1
Member
I actually started looking at Kubota first, because they supposedly have fairly easy financing to get. But they don’t offer some of the options I really want... I definitely have to have a wet clutch and power shuttle with a cab. Kinda kills kubota in my price range...
Randy Gann
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I would start with local Farm Credit and local credit unions. First to determine if they make loans for your particular situation for equipment needs. Ask them NOT to run your credit until you get all details. If you already know your credit score, how long you have been in current job and income to debt ratio a good loan officer should know if you have a chance of getting the loan from them. For example they may know you need 25% down and maximum 60 months to make the loan. If you have serious discussions with a dealer as we approach year end they should we willing to help to secure financing to ensure the sale.
fried1765
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I have 4 open credit cards, and my score is 820.
airbiscuit
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If you paid for your shop, you should have enough equity for a Home Equity line of Credit.
hdmyers
Silver Member
Nice. But putting out details on your credit etc on the web is really not the best move to make. I'd delete these posts if i was you.
cheers
fried1765
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Diggin It
Super Star Member
The number of CCs is generally irrelevant. In fact some reading and my own experience is that more is better than less. What matters is the total credit limit and how you manage it. I pay all of mine off each month in full. That means I have to be careful how much I put on them. I'm usually at 3-5% of the available limit, often less. My rating varies from 750 to 810 as they adjust them monthly.
My income is nowhere near the OP's and I got my tractor loan on a simple signature, no down payment, no collateral and not even any questions about income source.
Look into AgDirect. At your rating you may need a downpayment, but they offer very low rates if you qualify for their program.
But I have to agree, at the income stated, you should be able to do better on downpayment than $5K. If you can't, you may need to look at other things you're doing and cut back on rather than extend spending. I haven't worked at all in over 9 years and I could come up with more than that if I really had to.
If you're looking at that, look at LS Tractors. You'll get the same or very similar for less money. The XU and MT5 series might fit:
XU Series – LS Tractor USA
MT5 Series – LS Tractor USA
How's the used tractor market where you are? Do you really need to buy new?
My income is nowhere near the OP's and I got my tractor loan on a simple signature, no down payment, no collateral and not even any questions about income source.
Look into AgDirect. At your rating you may need a downpayment, but they offer very low rates if you qualify for their program.
But I have to agree, at the income stated, you should be able to do better on downpayment than $5K. If you can't, you may need to look at other things you're doing and cut back on rather than extend spending. I haven't worked at all in over 9 years and I could come up with more than that if I really had to.
If you're looking at that, look at LS Tractors. You'll get the same or very similar for less money. The XU and MT5 series might fit:
XU Series – LS Tractor USA
MT5 Series – LS Tractor USA
How's the used tractor market where you are? Do you really need to buy new?
rademamj1
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Even with low credit scores, you should get financing approved from Kubota credit, if you put a 30% down payment. That down payment shows you the buyer is making serious commitment, and financing companies can overrule your low credit score. Failure to achieve higher down payments at your income level, suggest hidden debt to financing companies. A $5k downpayment with $165k income suggests a problem of hidden debt, that's how they will see it.
The number of credit cards don't decrease credit scores, in fact more the better, if they are properly managed.
I will also say, don't apply to 2 or 3 tractor financing companies, and get rejected by then all. Because your credit scores will drop about 5 points with each official credit rejection.
Work with the dealer/manager and his credit department, informally and off the record, discussing various scenarios of down payments and length of loan, without such financing effort ever showing up on your credit report. Maybe this is not the year to buy a new tractor, next year is.
You need to work on credit rebuilding by paying off each credit card fully each month, and keeping your credit charges to no more than 15% of your card credit limit.
It may take years to rebuild credit scores after defaults or a registered bankruptcy. And current income is only a small part of credit score calculation, which is why I read millionaires often have the lowest credit scores per income levels, due to excessive debt loads in their past history. And your wife's income will not show up on your credit score or improve it or affect it in anyway, because she is a separate individual for your credit score calculation.
Again, high down payments allow financing companies to overrule low credit scores and make the loan, based on current income stability.
The number of credit cards don't decrease credit scores, in fact more the better, if they are properly managed.
I will also say, don't apply to 2 or 3 tractor financing companies, and get rejected by then all. Because your credit scores will drop about 5 points with each official credit rejection.
Work with the dealer/manager and his credit department, informally and off the record, discussing various scenarios of down payments and length of loan, without such financing effort ever showing up on your credit report. Maybe this is not the year to buy a new tractor, next year is.
You need to work on credit rebuilding by paying off each credit card fully each month, and keeping your credit charges to no more than 15% of your card credit limit.
It may take years to rebuild credit scores after defaults or a registered bankruptcy. And current income is only a small part of credit score calculation, which is why I read millionaires often have the lowest credit scores per income levels, due to excessive debt loads in their past history. And your wife's income will not show up on your credit score or improve it or affect it in anyway, because she is a separate individual for your credit score calculation.
Again, high down payments allow financing companies to overrule low credit scores and make the loan, based on current income stability.
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