Financing Financing options for personal use

alia176 · Jan 30, 2014

What financing companies give tractors for personal use (vs ag use)?

I called AgDirect and they all only insure equipment for Ag use. Searching on "finance" produces too many hits!

kenmac · Jan 30, 2014

alia176 said:
What financing companies give homeowners loans for new or used tractors?

I called AgDirect and they all only insure equipment for Ag use. Searching on "finance" produces too many hits!

Personally, I pay cash for my stuff. If you must finance, most of the tractor manufactures offer financing for a new tractor

Timm250 · Jan 30, 2014

Depending on where you live Farm Credit is a good option. They usually have good rates & service.

alia176 · Jan 30, 2014

kenmac said:
Personally, I pay cash for my stuff. If you must finance, most of the tractor manufactures offer financing for a new tractor

Yeah I do the same but my money is doing well in the market

I'm looking for non dealer/manufacture financing options.

Timm250 said:
Depending on where you live Farm Credit is a good option. They usually have good rates & service.

Thanks, let me look into it.

kenmac · Jan 30, 2014

alia176 said:
Yeah I do the same but my money is doing well in the market I'm looking for non dealer/manufacture financing options.

I'm not talking about your investments. I'm talking about the $$ you keep in your savings (liquid cash)incase, you find something you want to buy

RoyJackson · Jan 30, 2014

If you have the money for a cash purchase (without wiping out your savings), do that.
But, like most of us, we don't have the tens of thousands required for a purchase.
Deere offers pretty good rates (I've financed three tractors and a UTV through Deere), so do check dealer financing on a new or used tractor (if purchased from the dealer).
If a private sale...you might consider a home equity loan...

kenmac · Jan 30, 2014

RoyJackson said:
If a private sale...you might consider a home equity loan...

I wouldn't . If you have to finance. I would buy new and finance through a dealer. If you can't make the payment , they only take the tractor. Not the house

GManBart · Jan 30, 2014

AgriCredit is another option....they say they finance everything down to hobby farmers working a few acres.

alia176 · Jan 30, 2014

GManBart said:
AgriCredit is another option....they say they finance everything down to hobby farmers working a few acres.

AgriCredit doesn't deal with individuals, only with dealers. Mahindra uses AgriCredit and I was trying to find a lower interest rate.

arnoldziffel · Jan 31, 2014

About how much money are we talking?

alia176 · Jan 31, 2014

arnoldziffel said:
About how much money are we talking?

Less than $25k

GManBart · Jan 31, 2014

alia176 said:
AgriCredit doesn't deal with individuals, only with dealers. Mahindra uses AgriCredit and I was trying to find a lower interest rate.

That isn't what their website says, and you can actually do the initial application steps online...hard to imagine that as an option if they only work with dealers. Still, their rates are a bit higher than others I've seen.

RKJeepXJ · Jan 31, 2014

I did AgriCredit through my dealer.

kcflhrc · Jan 31, 2014

Hard to beat John Deere's 0% for 60 months

bigbull338 · Jan 31, 2014

theres a few ways to finance a tractor.1 is your personal banker 2 in house dealer financing.3 ag credit.

alia176 · Jan 31, 2014

GManBart said:
That isn't what their website says, and you can actually do the initial application steps online...hard to imagine that as an option if they only work with dealers. Still, their rates are a bit higher than others I've seen.

I called them just to confirm and they only deal with dealers. Mahindra uses them too so interest rate isn't any different between them and Mahindra.

GManBart · Jan 31, 2014

alia176 said:
I called them just to confirm and they only deal with dealers. Mahindra uses them too so interest rate isn't any different between them and Mahindra.

Funny because they talk about "listening to you" and "developing personal solutions", etc, have a section for consumers, and an application link (that works)....wouldn't be the first time a website doesn't match up with reality!

alia176 · Jan 31, 2014

AgriCredit does have a decent used inventory though!

kenmac · Jan 31, 2014

alia176 said:
AgriCredit does have a decent used inventory though!

Probably repos. Someone bought a tractor that didn't have the $$ to buy a tractor & couldn't pay for it. The tractor is then repossessed . That's why it isn't a good idea to tie anything to your house. Most tractor manufactures , Mahindra ,JD, Kubota ,etc, will offer you a 0% interest rate. You still end up paying more for the tractor than you would if you paid cash

ldman · Jan 31, 2014

alia176 said:
What financing companies give tractors for personal use (vs ag use)?

I called AgDirect and they all only insure equipment for Ag use. Searching on "finance" produces too many hits!

I've been looking at Mahindra tractors.. They have 0% financing. If I buy that new 5530 with FEL and Backhoe, I will finance some of it.. as for used, I would pay cash.