Financing JD 0% financing

Ramairfreak98ss · Sep 21, 2008

Whats it take besides the stated "up to 10% down required" for these big purchases?

Running a business, especially one that isnt very profitable yet, its always hard to justify your true income.

Who here has financed through Deere Credit on one of their more recent 0% offers for a 3000/4000 series tractor? My credit over the years has never been "great" after a bad time when i was 18-20yrs old, now 27yrs though. Does Deere require a specific credit score/number? If i am perhaps denied at 5% down plus tax/insurance payments etc. Could they run credit to see if 10% down or 15% or even 20% down will suffice? Obviously, I'd like to finance at 0% as much as possible to keep extra funds in the bank just in case the winter proves to be nada for snow fall and the machine sits all season. If so, with all the extra back up money, i could easily pay the payments until the spring.

I know most of you won't post your credit history, scores etc here, but if you could give me any insight, please do, or feel free to PM me here or email me at ramairfreak98ss@hotmail.com about any of your experience with them, good or bad.

I currently have had for over a year, a deere credit card for accessory and small items purchases, but they gave me some low $1000 limit. I have credit cards with a much higher offers and limits so maybe thats just some standard thing because i bought a $900 item?

BleedGreen · Oct 1, 2008

Ramairfreak98ss said:
...Whats it take besides the stated "up to 10% down required" for these big purchases...?

...Does Deere require a specific credit score/number? If i am perhaps denied at 5% down plus tax/insurance payments etc. Could they run credit to see if 10% down or 15% or even 20% down will suffice?... ...I currently have had for over a year, a deere credit card for accessory and small items purchases, but they gave me some low $1000 limit. I have credit cards with a much higher offers and limits so maybe thats just some standard thing because i bought a $900 item?...

There is no specific credit score needed that I know of. I can say that the higher the credit risk = a higher down payment in most cases. In general, Commercial accounts are a higher risk than a personal account; yet they seem to be more lenient with Commercial Mowing Equipment. (especially on a Green Fleet deal)

If you are denied at the 5% down payment, your salesperson should be smart enough (don't be shy - tell him to do this if you think he is not smart enough) to ask the Credit Analyst what other options are available, ie Higher Down Payment, Shorter Term, Higher Interest Rate etc. If your Credit Report is marginal, the Analyst will usually suggest alternatives, but you can't count on that - make sure your salesperson knows basically what your situation is, what you want in the loan AND what you will accept if what you want is not doable. Now what Deere Credit wants to do and what you want/can do may be two entirely different things, but it is always worth a shot.

In regards to your John Deere Credit Revolving account - Deere will give out the highest limit possible for your corresponding credit score. Countless times I have had customers come in for an X300 Select Series lawn tractor and walk out with a $10,000.00 credit line - even though they had only asked for $3,00.00 to $4,000.00 in credit. As with any credit card, they believe that the higher your limit is, the more you will spend. Good luck!

Ramairfreak98ss · Oct 10, 2008

thanks bleed... My dealer did talk to someone there. I was about to write a letter to them personally to try and instill that i may be more stable than my credit history protrays with all of our owned equipment. They re-ran everything and it came back 20% down and 0% finance plan for 60mo. Ill be picking one up early November 08

jfrady · Oct 11, 2008

So - you're going with the 4000 20 series? I was hoping they would extend the 0% for 60 months on the 3320 that I have my eye on too. Congrats!

RollingsFarms · Oct 11, 2008

jfrady said:
So - you're going with the 4000 20 series? I was hoping they would extend the 0% for 60 months on the 3320 that I have my eye on too. Congrats!

one thing i learned about John Deere is that their finacing offers are not anything like auto dealer financing specials. for instance, the tractor i bought was at 0% for 48 months and that was the first time i had ever seen Deere do that on that model(5003 MFWD series), so i jumped all over it because i knew it wouldn't last long. i was right because within 3 weeks it was back down to 0% for 36 months. what i am trying to say is if you see something Deere is offering and you say to yourself "man that's what i've been waiting for!" then don't wait another day, week, month or whatever because you will be too late. i would be suprised to ever see 48 months at 0% on that same model tractor, that was the first time i had ever seen it, so i went after it. the thing about cars and trucks is things are slow right now for them so they really have no choice but to offer these killer financing deals. as far as i can tell tractor sales are doing just fine and thats why we arent seeing more consistent finacing deals from Deere.

nmu98 · Oct 12, 2008

RollingsFarms said:
one thing i learned about John Deere is that their finacing offers are not anything like auto dealer financing specials. for instance, the tractor i bought was at 0% for 48 months and that was the first time i had ever seen Deere do that on that model(5003 MFWD series), so i jumped all over it because i knew it wouldn't last long. i was right because within 3 weeks it was back down to 0% for 36 months. what i am trying to say is if you see something Deere is offering and you say to yourself "man that's what i've been waiting for!" then don't wait another day, week, month or whatever because you will be too late. i would be suprised to ever see 48 months at 0% on that same model tractor, that was the first time i had ever seen it, so i went after it. the thing about cars and trucks is things are slow right now for them so they really have no choice but to offer these killer financing deals. as far as i can tell tractor sales are doing just fine and thats why we arent seeing more consistent finacing deals from Deere.

Very true.. Also, if your in Ag, you can do annual payments with the zero percent they advertise..