Financing JD Financing???

[sogolddj]

I have narrowed my search for a new tractor down to a JD but there interest after 48 months is 6.9%. I have noticed Mahindra and others are offering long term for 3.9%

Q. What are my options besided going with deere creidt for abetter rate?

Thanks

 

[gordon21]

JD has multiple promo offers at any given time. Look at some of the other choices on their web site.

Interesting note:

JD revolving accts show up on all three major credit bureas.
JD installment accts with secured collateral do NOT show up on any of the credit bureaus.

This was a pleasant surprise when the bank pulled my credit scores for the construction loan.


If you do go through them, make sure to buy the JD insurance. It is dirt cheap. Mine was something like $50 a year for full coverage on a $15,000 purchase.

 

[BleedGreen]

sogolddj,

What model tractor and what attachments are you planning on purchasing, and how soon? I will get back with you and let you know what different rates are available, terms, down payment, etc. Thanks for going green!

 

[BleedGreen]

ooops I forgot, BTW the Deere insurance IS dirt cheap, but it now has a $100.00 minimum charge... Still awfully inexpensive compared to anyone else...

 

[orlo]

Hi:

I'm no financial genius but the 0% deal they have going is great. I wouldn't go with any other deal. It is only for 36 months so that may increase your monthly $$ amount. However, if you are buying some accessories (loader/tractor, etc.) separate them on pricing. If you can fork up the extra $$ up front to pay for the loader (or some other accessory) or even take out a JD (or other loan) just for the loader you can probably keep the 3 year payments on the tractor what they would be for 4 years with a higher interest rate for the whole deal.

No interest is a great thing.

 

[cast_and_blast]

I agree on the 0% for 36 months - great deal (especially with interest rates going up as much as they have)!

Check with your insurance agent before going for any insurance - I was 100% covered for my non-commercial use for full value.

If not, the JD insurance is about as inexpensive as it gets.

Scott

 

[sogolddj]

I am looking at the 2320 with 200x loader, 62'mmm, box blade, I-Match. We're at around $17,000. Seems like just about all manufactureres have 0% for 36 months but the deal breaker is after the 36 months. Deere's best rate is 6.9% Mahindra, New Holland offers 3.9% for up to 72 months which is around $270 per month.
I just got rid of my 4310 with several attachments etc that I was paying $490 monthly at 6.9% thru Deere.

 

[turbo36]

I agree on the 0% for 36 months - great deal (especially with interest rates going up as much as they have)!

Check with your insurance agent before going for any insurance - I was 100% covered for my non-commercial use for full value.

If not, the JD insurance is about as inexpensive as it gets.

Scott

What insurance company do you have? I have to have my equipment on separate riders or "schedules" which results in extra cost.

 

[cast_and_blast]

American Family.

Scott

 

[cast_and_blast]

I am looking at the 2320 with 200x loader, 62'mmm, box blade, I-Match. We're at around $17,000. Seems like just about all manufactureres have 0% for 36 months but the deal breaker is after the 36 months. Deere's best rate is 6.9% Mahindra, New Holland offers 3.9% for up to 72 months which is around $270 per month.
I just got rid of my 4310 with several attachments etc that I was paying $490 monthly at 6.9% thru Deere.

You'd still be under $490 if you financed all of the $17K for 36 months through Deere. You have to put at least 10% down so a quick calculation shows $452.78 per month @ 0% interest.

The same 10% down for at 3.9% for 72 months puts you at a lower payment, true, but you pay over $2,000 more for the tractor over that 72 months in interest. That's a deal breaker to me...I like to use JD's money and keep mine liquid.

Plus, you wouldn't have a Deere.

Good luck!

Scott