Price Check Loan value for 1966 Ford 3000

   / Loan value for 1966 Ford 3000 #1  

JDdickens1

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May 20, 2011
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Tractor
1966 Ford 3000 Desil
Hey y'all,
I want to get this tractor financed... What range will the loan value on this be? It is in excellent condition.
 
   / Loan value for 1966 Ford 3000 #3  
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.
 
   / Loan value for 1966 Ford 3000 #4  
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!
 
   / Loan value for 1966 Ford 3000 #5  
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.
 
   / Loan value for 1966 Ford 3000 #6  
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
 
   / Loan value for 1966 Ford 3000 #7  
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.
 
   / Loan value for 1966 Ford 3000 #8  
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.
 
   / Loan value for 1966 Ford 3000 #9  
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.
 
   / Loan value for 1966 Ford 3000 #10  
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.
 

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