Finance companies / lenders

[inane2]

Good afternoon all,

I know there's an awful lot going on in the world right now but want to ask the TBN members:

Looking at buying a new compact track loader for the farm. Most manufacturer's currently have 0% for up to 60 months. Priced one the other day and the "cash price" is significantly cheaper than the 0% financed price. I had planned on putting about a third down and using someone else's money for the rest. With that, does anyone have a good lender for farm / construction equipment.

I've financed several vehicles / machines and used the manufacturer's financing. I did finance a truck back in 2012 and it was cheaper to go with Chase than the manufacturer so I went that route. I don't have any open notes with my bank and when I checked about 2 weeks ago, their rates weren't all that attractive.

Thanks!

 

[Diggin It]

Look at AgDirect:

AgDirect - Equipment Financing

 

[inane2]

Thanks Diggin It! I'll definitely check them out.

 

[dodge man]

Some manufacturers often good rates on tractors. I don’t know if that extends to construction equipment or not. When I bought my JD tractor and my wife’s last car, we would have paid more if we has paid cash. Doesn’t make sense but I think in both cases we saved $500 by financing and the JD was at 0% interest.

 

[nards444]

my guess is your going to find lenders probably in the 4-8% range to do this. May check with a local bank. personal loan although higher rates arent bad ideas for small amounts of money. Right now it should be a borrowers market.

 

[pcustoms]

I just went through this buying my Kioti.

Banks/Non-Dealer were 5-8%.

Dealer was 0% for 72, but about $2k more expensive because you lost the rebate.

Running hte numbers you pay less long term financing more at 0% then buying cheaper and paying interest. I forget where it switch over, IIRC if you could pay off in 2-3 years it made sense to finance at a higher rate.

 

[kthompson]

Here they are Arbor One but they are part of The Farm Credit System. Not sure fully all details on them but they do rural type loans. Houses, tractors, barns. I would search for The Farm Credit System there. I know for hay barn they were at least 1 if not 2 % less than any where else.