Price Check Loan value for 1966 Ford 3000

[JDdickens1]

Hey y'all,
I want to get this tractor financed... What range will the loan value on this be? It is in excellent condition.

 

[PossumHound]

Welcome to TBN! Tractor House ( FORD 3000, Used FORD 3000, FORD 3000 For Sale At TractorHouse.com - Page 1 )

lists the Ford 3000 from $4,500 to $7,000 depending on equipment and condition.

PH

 

[RickB]

Hey y'all,
I want to get this tractor financed... What range will the loan value on this be? It is in excellent condition.

The only answer worth hearing is from YOUR lending institution. Personally, I would not loan more than scrap value on a 45 year old tractor,as they can be reduced to scrap in a heartbeat.

 

[Tx Jim]

The only answer worth hearing is from YOUR lending institution. Personally, I would not loan more than scrap value on a 45 year old tractor,as they can be reduced to scrap in a heartbeat.

Excellent Answer. I couldn't agree more!

 

[RoyJackson]

It's highly unlikely your bank will lend you anything on that tractor. Used tractors are not good collateral (that's what my bank told me 10 years ago).
So, you'll probably need a personal loan or other collateral.

 

[Soundguy]

i agree... loan values on used equipment are low, if any, and the rates are high.

If over about 5ys old.. i wouldn't bet on much loan value.

a signature loan might do something.

farm bureau MIGHT do something.. or a home equity loan may be the easiest and cheapest.. plus have some tax benefit..

soundguy

 

[Alan L.]

Wow, if banks won't loan on used tractors, how come it costs so much to buy one? I can't believe there are that many people around with $10K cash to buy a 10-year old Kubota B with loader.

 

[Alan L.]

Wow, if banks won't loan on used tractors, how come it costs so much to buy one? I can't believe there are that many people around with $10K cash to buy a 10-year old Kubota B with loader.

 

[RoyJackson]

Wow, if banks won't loan on used tractors, how come it costs so much to buy one? I can't believe there are that many people around with $10K cash to buy a 10-year old Kubota B with loader.

It costs to buy one because they're good equipment and can last a long time...but that doesn't mean a bank is going to consider them a good risk.

As far as how to get the money to buy one...I bought my first used Deere from a Deere dealer and ended up financing through them. I still checked with the bank as an alternative though. Their answer was a tractor wasn't good collateral and wouldn't finance it (although they offered me a personal loan). Turned out the Deere financing was the best.
So, try a personal loan, home equity or something of that sort.

 

[bigbull338]

if you have a good banker he/she will most likely loan you the money for the tractor with 20% down.because the tractor will be up on the loan.

 

[Soundguy]

and what value will that old tractor be to the banker that may have to auction it .. the auction will get a couple thou out of it.. plus the costs involved with the auction.. IE.. net income 1500$ maybee.

can't say I'd loan any more than that...

soundguy

 

[Opti-Mist]

The only answer worth hearing is from YOUR lending institution. Personally, I would not loan more than scrap value on a 45 year old tractor,as they can be reduced to scrap in a heartbeat.

While what Rick says is true, I sold a 9N a few years ago to a guy who was able to borrow the purchase money from his Credit Union. Might be worth considering.

 

[farmall40]

IMHO if you have to finance something, you can't afford it. Cash only in my book.

 

[gilraine]

IMHO if you have to finance something, you can't afford it. Cash only in my book.

i agree on toys.. but many times, when people need a truck or a tractor or other piece of equipment to make there living, a loan is often the only way to make it happen/

 

[RoyJackson]

I wonder how JDdickens1 (the OP) made out...hasn't posted since his first.

 

[farmall40]

i agree on toys.. but many times, when people need a truck or a tractor or other piece of equipment to make there living, a loan is often the only way to make it happen/

I was referring to toys, shudda said that in my post. Sorry.