down payment % using 0% financing?

JeffinNE · May 25, 2011

What down payment percentage has everyone been required to put down on recent deals using JD's 0% financing?

I'm getting ready to pull the trigger and dealer thought 15-20% down? I've always thought it was 10%?

om21braz · May 25, 2011

I thought it had previously been 10%, but there is no info regarding down payment on Deere's website (under Compact tractors - USA). Seems to vary from dealer to dealer according to the info that is available there.

charleyfarmall · May 25, 2011

My understanding is that it is 20%

radman1 · May 25, 2011

Mine was 10% but that was a few years ago.

9973720wb19 · May 25, 2011

I was not required to put down anything...maybe it depends on the dealer and one's credit...

AKfish · May 25, 2011

I agree with the last comment - I think it's dependent upon the dealer as well as your credit rating/history.

I was not required to put anything down but went with just over 10% on my last tractor.

AKfish

sbussell · May 25, 2011

Same for me, no down payment was required for the 0/60. I did put some down, but it was not a requirement of the loan. Dealer in NH.

ctlguy · May 25, 2011

Personal use notes are typically set up on monthly payments so they are a lot more forgiving on down payment (credit history approving) since they will be getting equity much faster. Commercial or ag users will use a lot of annual note payments and so not surprising to see 30% type down figures. There is nothing that states a minimum percentage down just conventioal loan to value ratios and credit history. Sometimes a dealer that has had a recent hit of repo's on full recourse notes and see their reserve moeny dwindling will add a down percent requirement to help act as a safety net for future repo possibilties.

radman1 · May 26, 2011

I don't know if % down has to do with credit rating. I have excellent credit rating but dealer asked for 10% down when I bought my JD CUT in 2005. I could have paid the whole amount but why not use their money at 0% interest. There may be different incentives for the dealers with some $ down. I don't think there was a loan fee. Could that be why 10% was required down?

My last ag tractor through Case-IH also required 10% down in 2008. $90,000 purchase with trade in of JD 5300. The 5300 was enough to cover the 10% down. Again at 0%, why not use their money.