Loan rates?

[aaroncmh]

Has anyone found any good loan rates lately?

I'm in Ohio and I am aware that most manufacturers have special rates but I can't use it (I'm buying a Bobcat).
I checked at my normal bank and its 8%...too high. No LOC either looking for an installment loan.

Thank you in advance,
Aaron

 

[rjkobbeman]

What are you buying exactly? I see 0% plastered all over Bobcat's website.

 

[aaroncmh]

I cannot use the manufacturer financing for this. Its a free loader OR zero APR. The loader is $4k and I really need the loader.

 

[rjkobbeman]

What is Bobcat's "normal" rates?

Do the math, it might pay to buy the FEL and get the 0%. What tractor are you getting?

 

[FF117]

A couple months ago I got 4.35% on a three year fixed. This was through 1st Farm Credit Services
http://www.1stfarmcredit.com

Not sure if they have a branch near you, but I'm sure you can get better than 8%. My regular bank was at around 5%. Good luck.

 

[aaroncmh]

Kobbeman, I did the math I'm not an idiot. The financing will not cost $4K which is what the loader costs. I also did the math on 8% and it will cost about $1680 more than 4% (at 60 mos).

FF117 thanks I'll take a look at them.

 

[rjkobbeman]

Kobbeman, I did the math I'm not an idiot. QUOTE]

Where did that come from? I was just making a suggestion... Nobody called you an idiot, nor did anyone suggest you were.

You still haven't said what you are buying. Depending on how much money you are spending, $4k in interest is not out of the question.

But good luck to you...

 

[EarPlug]

Aaron, Are you sure that the 0% financing would not include the total package price of tractor, loader and any other attachments? I could not find anything that said you can't finance the loader as part of the package. It only says that if you DON'T finance you can get a rebate or a free loader.

Also I found this on the Bobcat website

Attachments
Receive 0% APR for up to 24 months* when you purchase a new Bobcat attachment from a participating Bobcat dealer in the United States or Canada.

FIND A DEALER

Offer begins August 1, 2010 and ends October 31, 2010. See participating dealers for details. See program disclosure below.

 

[avatar]

you might want to look into a credit unions intrest rates. my banks that i deal with charged 7.5% to 8% on a tractor loan and the credit unoin that i belong to charge 4.5%, which is better than the LS tractor dealers 6.5%. Hope it helps

 

[manganos]

I was going to pay cash for my toy but Agri-Credit (Mahindra) did 0% for 72 months. I rather keep mine in an interest bearing account and use their money. This included the tractor and FEL. I don't know if they still have this deal but it wouldn't hurt to research.

Good luck, Chris