Loans

[poolecw]

Can you guys recommend any online loans companies that cater to used tractors? M local deal is quoting 5.75% which seams really high to me.

 

[davrow]

We couldn't find anyone who would loan on a used tractor. They all said we would need a signature loan, which makes your 5.75% sound pretty good. We ended up buying new.

 

[blb078]

You might be able to look into farm type loans or usda equipment loans. Not sure the qualifications but they do have loans for small or large operations. Makes me wonder how used tractors get sold if it's hard to get loans for one.

 

[prichard]

When we looked last year 5.75% was very good with excellent credit. IIRC credit union would write it as an RV/boat/ATV loan at around that rate.

 

[newbury]

Does your land bank do equipment loans?

 

[hurricanoday]

when I first started looking at tractors I did some research Navy Federal loans for tractors but it would be at a higher interest rate. As someone else already mentioned you might have to go new and 5% doesn't seem that bad. Looks like navy is up at 7% for a "pleasure" collateral loan, which I'm sure is perfect credit

 

[DieselBound]

Take out a home equity loan?

 

[realhunter]

Can you guys recommend any online loans companies that cater to used tractors? M local deal is quoting 5.75% which seams really high to me.

3.75%-4.15% at AgDirect

At Dealership Financing