Kubota revolving credit

[Humbleto]

Has anyone actually used the Kubota revolving credit where it is 0% for one year + $500 rebate? Supposedly it is for up to $15000. It would be interesting if your experience is like mine, and I will not be using it. Me thinks it may some sort of come on (scam) from Kubota.

 

[NoviceguyInCT]

I think the interest rate really increases if you don't pay it off in full by the 12th month. That's what I understand anyway.

I thought about the deal while looking to purchase a new BX24.

Good luck

 

[DannyD]

Dont know for sure, but if they are like others, ONE day over the 12 months, and you pay the interest for the entire 12 months anyway...........not a scam, but close.

My 36 month will be paid off at least one month, maybe 2 early

 

[Humbleto]

I should have been a little more detailed in my first post. I know how the revolving account works and that it goes to something like 12.5% after 12 months. I am getting a new L3400 on Wed. I have been approved for financing for several diferent terms for 100% of the cost. However when I said I wanted to use the revolving charge and get the $500 rebate, I was only approved for about 50% of the amount. That is what I referred to as a come on (scam). I was wondering if anyone had a similar experience. My credit didn't change the only thing that changed was my mind that I wanted the rebate. After Wed. I may have more to say about Kubota's revolving account.

 

[Casey1]

I have used the revolving credit but the limit was $15,000. I just gave the dealer the difference and that was about it. Just pay it off early. You will get screwed as you would with any credit card if you don't pay it off in full. Supposedly the $500 rebate will be on the first statement as a credit. I haven't got my first statement yet but it should be on there. You have a year to pay it off. If you do that it is a good deal.

 

[MessickFarmEqu]

I actually used it. I had no problems. Its no int / no pay for whatever term you want -- longer terms have higher rates once they free period expires. It IS NOT retroactive like some other companies. I wish they would just offer a cash discount and be done with it - thats all people seem to use it as.

 

[tracseeker]

I am planning to use it but the current period is 6 months according to our dealer unless the program changed this month.

 

[20acres]

I plan on buying a L3130 in the morning.
17200 for L3130,FeL,Canopy.
16700 revolving credit 1500 down.
357 month based on Prime now is 6.5% + the 3.0& Kubota puts on for promotion.
336.00 for flat 5.99 60 month plan.

Difference is around 20.00 but for me the 6 months is huge.
I'll save enuf to pay off 2 years early ( or so I plan, lol), but either way its very similar.
I think the 6 months is more important than the 500.00 off in my situations.

Even if prime goes up to 8.0 payment will only go up around 10.00 a month.

I like playing stocks and actually thing prime will go down by years end, but oh well every business venture is a a gamble.

If i'd done a revolving credit on my home purchase 5 yearsago I'd saved probably 25K by now but who knew rates would stay flat for so long.

Hope this helps.
Pics of new tractor coming soon.

New Kubota owner ( well after I sign tommorow.)

 

[20acres]

exact number correction
Revolving credit 9.5% 500.00 rebate 60months 355.49
Thats insurance, taxes, fees everything.

5.99% Flat Payment plan 60 months 337.74

Total price if you would pay over 5 years = plan 1 21,329 (assuming interest prime does not change and it will either up or down your best guess there)
Plan 2 flat rate over 5 years. 20,264

So if you don't want to pay early and plan on paying over 5 years save the 1,100 and go flat rate.

If you can pay early go revolving.

I'm going revolving because I'm under a 789.00 car payment thats coming to an end soon.

If you unsure about it make your dealer print out multiple scenario's and understand your own financing. Always take the flat rate if going long term, for short term investors revolving is a way to save a grand or 2.
GL

 

[SnoFalls]

If you plan on payiong off in 3 years, why not get the 3.99% flat rate?

$16,700 financed over 3 years is $462.98 per/month (total interest paid $1047.15)

that's almost a $3k difference!

 

[20acres]

why not 2 yrs then at 1.99? Same old question on financing.
again the question is how much can you save in 6 months to pay down early to save without having to go with flat rate.
For me 6 months is around 9K if I stick to the budget.
I would hope to do it less than 3 maybe even in 2. But I can't plan on doing it with 1.99 at 2 yrs and be stuck with a big payment the first 6 months (plan for emergency spending). Never could get ahead. If you take the flat rate cost is 17200 instead of the 16700. Payment around 5 a month then. If you fall behind pay the extra 18.00 per month (avg) over the length or as long as it takes to build back you cash flow.

I just like playing on house money and making money during a free 6 month.
Most are not comfortable doing that.
Either way do what you're comfortable with.

 

[20acres]

Snofall,
didn't give you enuff info. The tax, fees, ins. adds up to over 1.5K, so the 3 k difference is not accurate (more around 1.3K) Most would pay the extra 35.00 a month for financial security due to large debt.
Short term is always better cost wise if one can afford it. Thats the simplist way of stating it. Revolving over 2.2 years is better than 3 years flat.
CASE by CASE.

17,200+ ins,tax, etc. really brings tractor cost to around 19
800 tax 740 ins, fees liens state filing etc in VA 140.
3 yrs flat vs. 5 yrs flat at other rates is a little over 1K.
Revolving you can' figure because of varibles (how long will it really take you...realisticly and where will the rates be in 12 months.)
Good luck

 

[1945]

i used the revolving credit twice, once for 5k and got $500 off if paid in 180 days, paid it off and and sold it to upgrade, then used it for 15k got the same deal, got more 4 months to use thier money /forums/images/graemlins/grin.gif

 

[20acres]

They also have prime
-1.00 puts you at 6.5 to get the extra 500.00 plus here waiving the extra reg fees 180.00 total plus anywhere from 6-800.00 more saved off insurance on the financing. Up to you with other types of ins. once you own it.
I'm financing private at 4.49 over 48.
Should save extra 1.2K
Take the extra 90 or 180 days free if desired but if you get left holding the note remember its not 6.5 its 10.5 or 12. That gets ugly.