Where to finance a used private party tractor?
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    Where to finance a used private party tractor?

    I've been looking around for a nice 3x20 tractor and as you'd expect, most of the decent deals are private party. I'd rather finance the purchase right now and pay it off in a year or two. The problem is I'm not a farmer or business owner, just a guy with a lot of work for a tractor to do. About the only option I'm coming up with is a personal loan, anyone know if there are places that do equipment/tractor loans for personal use?

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    arlen's Avatar
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    Your local small bank might be your best bet.
    I of course donít know where you do your banking, but your part of Minnesota canít be too much different than my part.
    Your rate may not be great, but should be acceptable.
    You could talk to AG Star, they may do it also
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    Based on my limited research in Canada, you may as well go to a Deere dealership, unless you get a smoking deal.


    Alternatively, look into the Ritchie Bros auction company, they finance and I believe can act as an Escrow (don't quote me on that.)


    YMMV, I'm in Canada.
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    Be REAL careful of tractor specific finance companies. Sure they will "finance" you, but some call it a lease. And they charge a ridiculous amount of interest.

    Your best bet would be to search Machinefinder.com for something at a dealer that you can look at and maybe wheel and deal a bit on price.
    2nd best (or maybe 1st) would be to find a smoking deal locally and have your bank, or better yet a credit union, finance for you.
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    Back a couple of years when I was looking I asked about financing at my bank and they wouldn't touch it. Since I didn't have a business I couldn't get a business loan and since tractors don't have a title they have no way to lock it down as collateral like they would for a car or ATV. So you either have to be able to qualify for a HUGE personal loan or have some other collateral that you can use (like a house for a home equity loan).
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    My credit union wonít touch tractors, UTVís etc. The only thing they will do is RVís and thatís because they have a title.

    The only choice is a personal loan at 9.9% which has a limit of $20k.

    People who try to sell expensive equipment like this privately have a very limited market because of all this.

    If it is something you would need to finance (like I would) I would be looking to go through a dealer like firemachine mentioned. Deereís rate on used equipment is a bit more than on new but about the only reasonable alternative.
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    Small local banks and credit unions here are happy to loan money for equipment, atv's, UTV's, and so forth as long as your buying new. Once you mention your looking at used equipment they start coming up with ways to say "no" unless your looking for an Ag/business loan. I'm sure there are banks and credit unions out there who will make the loan, I just personally don't know of any. Some local dealers offer financing for used equipment but often it seems their prices on the used equipment would put a buyer being better off to buy new for the 0% unless your willing to throw out a sizable down payment. I have no clue if this is possible but perhaps talking to JD dealers regarding any consignment tractors or customers they may know of looking to sell tractors could help out with a "sale" through their dealership and John Deere Financial. If it's possible this could be done it may be worth any "fee" they would seek.
    Last edited by ky_shawn; 07-05-2018 at 08:34 PM.
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    Quote Originally Posted by ky_shawn View Post
    Small local banks and credit unions are happy to loan money for equipment, atv's, UTV's, and so forth as long as your buying new. Once you mention your looking at used equipment they start coming up with ways to say "no" professionally and nicely unless your looking for an Ag/business loan. Some local dealers offer financing for used equipment but often it seems their prices on the used equipment would put a buyer being better off to buy new for the 0% unless your willing to throw out a sizable down payment. I have no clue if this is possible but perhaps talking to JD dealers regarding any consignment tractors or customers they may know of looking to sell tractors could help out with a "sale" through their dealership and John Deere Financial. If it's possibly this could be done it may be worth any "fee" they would seek.
    The consignment idea is a good one. I cant say Ive ever seen a Deere dealer that didnt do that. Now, would Deere finance something on consignment? That may be the million dollar question...or $38,000 question, or however much he is looking to spend..

    That machinefinder.com is a great tool to use too, and some dealers will ship...so thats an idea too.
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    Quote Originally Posted by IndianaJim View Post
    The consignment idea is a good one. I cant say Ive ever seen a Deere dealer that didnt do that. Now, would Deere finance something on consignment? That may be the million dollar question...or $38,000 question, or however much he is looking to spend..

    That machinefinder.com is a great tool to use too, and some dealers will ship...so thats an idea too.
    It may require some paper pushing so as the dealer is selling the tractor and not the owner of tractor. Something along lines of dealer buys said tractor then sells said tractor through the dealership and take their easy money fee for pushing the paperwork and funds around.
    Last edited by ky_shawn; 07-05-2018 at 10:52 PM.
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    Check the Farm Bureau Bank

    You might check with the Farm Bureau Bank. It's an on line and/or phone option- no walk in unless you are in San Antonio but they are used to making loans on tractors. No guarantees but it's worth a call.

    https://www.farmbureaubank.com/

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