Financing Who has the least requirments

Stiffler63 · May 1, 2014

I recently purchased a new house with 3 acres. I need a Tractor to maintain entrances, fill holes, Mow, and other tasks around the house. I went to my local dealers (Kubota, John Deere) Liked the L3200 better got everything lined out and the couldnt get financing. Score is a 680-720 depending on the day. The Problem I have is the length of credit. It is only at 2 years of solid credit as I am only 25. So I was wondering who would be the best to go threw any try to get a tractor.

paulfun9 · May 2, 2014

Talk to your local bank. Especially if you financed your home threw them.

Gary Fowler · May 2, 2014

You can increase your credit score by making a series of small loans and paying them off without missing a payment. I think they must be at least 6 month duration to help you score so you cant borrow money and then pay it off the next day and get any good from it WRT credit scores. Sorry to say but the best way to increase your credit score is getting into debt. Anything you can finance that you would be buying like new furniture, appliances for the house etc will help you out long term. Not much help in the short term though.

Many times financing can be had with a larger down payment, you may try that if you have some cash but I am thinking it would be in the neighborhood of 20% of purchase price.

MessickFarmEqu · May 2, 2014

Kubota will probably approve you with some down money. We've had customers younger than you in the past.

PILOON · May 2, 2014

Back in the '70's I needed to borrow $500 for a project but was new in town as well as new to my job.
My bank said that my lack of a credit record was against me.
Across the street was a HFC so I went in borrowed $50. and paid it back same day.
Next day the bank lent me the $500. that I had been refused 3 days earlier.

Stiffler63 · May 2, 2014

I had 20% to put down and my credit score is around a 700 so I have a decent score my problem seems to be how long Iv had credit I do have loans in my name and have all been payed on time.

kcflhrc · May 2, 2014

John Deere actually has 2 loan types. A standard retail loan and an Agricultural loan. Have you tried the Agricultural loan? Not sure you could go that route with only 3 acres but I would ask your dealer about it. The loan applications are completely different.

Stiffler63 · May 2, 2014

Thanks for that suggestion I spent my down payment on a lawn mower yesterday couldn't wait any longer my 3 acres is all grass and was 2 foot high so Im trying to decide were is going to be my best bet when I get a down payment saved up again.

kcflhrc · May 2, 2014

I did the Ag loan on a $19k rig and they only required $1k down. I thought that was very fair and the 0% financing was a big bonus. It may have more to do with your age than credit worthiness, not sure though. I'm twice your age and had an approval for the loan in 2 hours. The loan application is very different. They don't even ask for your employer info. Basically just assets and yearly income.