Financing Financing question...

[sbussell]

Not ready to pull the trigger yet, still deciding between 2305/2320 or Kubota BX or B series. With the 0% financing from Deere, do they require you to purchase insurance to protect them (Deere) for the life of the loan from damage/theft etc? Kubota requires you have insurance for damage/theft/flood which adds $12-$14 or $1000 + to the loan.
I appreciate all the discussion on TBN to help make the decision easier. Thanks.

 

[KB9UDE]

Either buy Deere ins or prove you have homeowners ins to cover the tractor. The Deere ins is really cheap and provides good terms.

John

 

[bp fick]

Not ready to pull the trigger yet, still deciding between 2305/2320 or Kubota BX or B series. With the 0% financing from Deere, do they require you to purchase insurance to protect them (Deere) for the life of the loan from damage/theft etc? Kubota requires you have insurance for damage/theft/flood which adds $12-$14 or $1000 + to the loan.
I appreciate all the discussion on TBN to help make the decision easier. Thanks.

Kubota does not insist upon you using THEIR insurance, although it is a great product, from all accounts. You may also provide your own.

 

[MBDiagMan]

Yes, I just took advantage of the 0% just last week. I paid 10% down and the numbers included insurance at a little less than $12 per $1,000. The lump sum covers the insurance for as long as the loan is in force. It would not be wise to pay off a 0% loan early, but if you did the insurance lapses at the time of the payoff.

 

[buckshot721]

J/D required an insurance rider on my 2305. Have all my insurance through my credit union, did not cost anything.

 

[LBrown59]

Not ready to pull the trigger yet, still deciding between 2305/2320 or Kubota BX or B series. With the 0% financing from Deere, do they require you to purchase insurance to protect them (Deere) for the life of the loan from damage/theft etc? Kubota requires you have insurance for damage/theft/flood which adds $12-$14 or $1000 + to the loan.
I appreciate all the discussion on TBN to help make the decision easier. Thanks.

Kubota does not insist upon you using THEIR insurance, although it is a great product, from all accounts. You may also provide your own.

Financed always requires insurance,but you get to pick the insurer is the law.

 

[Rob-D]

Not ready to pull the trigger yet, still deciding between 2305/2320 or Kubota BX or B series. With the 0% financing from Deere, do they require you to purchase insurance to protect them (Deere) for the life of the loan from damage/theft etc? Kubota requires you have insurance for damage/theft/flood which adds $12-$14 or $1000 + to the loan.
I appreciate all the discussion on TBN to help make the decision easier. Thanks.

If you finance you must get insurance. The best insurance is from Deere as it's the cheapest. In my case I have three years for about $175.00. Hard to beat.

Rob

 

[ham]

I received 0%. No finance charge. No insurance charge.

 

[Dill]

Get your own insurance. For 2 reasons, 1 its usually cheaper but the main reason is Deere(or any of the other companies) is only covering the note, not the value of the machine. So its decreasing coverage. Say your tractor burns up in a garage fire and you only have 3 months left on the note, do you want the 15k its worth or the 1500 you still owe deere paid off?
There are homeowner's companies that have special tractor coverage now or you can go the farm insurance route which usually gives you more coverage for less money. And its not the companies requiring it, its the dealers trying to make an extra buck. I got into it pretty hard with a Case IH dealer the other day, it pretty much killed the deal. Which I couldn't believe he was willing to lose 12 thousand over 200 bucks. But I sell insurance, I want the commission not him.
Anyway, just did a Deere Ag finance and they are one of the easier companies, you'll want to bring your policy number and agent's name and fax number. They'll contact your agent and get the binder from them.

 

[sbussell]

Thanks guys. I appreciate all the info.