Green Tractor Talk banner

1 - 15 of 15 Posts

·
Registered
Joined
·
31 Posts
Discussion Starter #1
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?
 

·
Registered
Joined
·
3,235 Posts
Your local small bank might be your best bet.
I of course don’t know where you do your banking, but your part of Minnesota can’t 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
 

·
Registered
Joined
·
697 Posts
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.
 

·
Registered
Joined
·
1,650 Posts
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.
 

·
Super Moderator
Joined
·
4,886 Posts
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). :greentractorride:
 

·
Registered
Joined
·
21,446 Posts
My credit union won’t touch tractors, UTV’s etc. The only thing they will do is RV’s and that’s 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. Deere’s rate on used equipment is a bit more than on new but about the only reasonable alternative.
 

·
Registered
Joined
·
1,933 Posts
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.
 

·
Registered
Joined
·
1,650 Posts
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.. :laugh:

That machinefinder.com is a great tool to use too, and some dealers will ship...so thats an idea too.
 

·
Registered
Joined
·
1,933 Posts
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.. :laugh:

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.
 

·
Registered
Joined
·
4,957 Posts
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/

Treefarmer
 

·
Registered
Joined
·
92 Posts
I bought a Hagie sprayer from a private party and financed it through John Deere. That has been several years ago so not sure if they will still do it.


Sent from my iPhone using Tapatalk
 

·
Registered
Joined
·
31 Posts
Discussion Starter #13
Thanks for all the info! I'd thought of the consignment idea, I'll have to check on that. Otherwise I'll make a few calls to see what I can do and keep watching the dealers. It's not that a decent deal can't be found at a dealer, it just takes longer. I wasn't ready to buy last winter but I watched a beautiful, low hour, 3720 with BH sit on the lot for months at $28,500. A week before I was ready to buy it sold. :( Not that I really needed the BH, but that was a decent deal.
 

·
Registered
Joined
·
42 Posts
I went thru this recently. The dealer local to the seller offered to run the financing thru deere for us FOR a 5% commision on the amount borrowed! This was for a tractor that this dealer sold new 11 months earler! The deere financing wasnt all that great, decent rate (5.?%) but they were able to offer the deere insurance ETC. In the end I bought new, but those are the details I got. Hope this information helps you in some way.

Jason
 

·
Registered
Joined
·
75 Posts
Not familiar with what you owe on your house but a Home Equity Loan (HEO) may be the way to go. The interest rates are usually pretty low and I used one a few years back to purchase a vehicle, put on a roof, do some metal wrap and vinyl trim on the house and take a little vacation. Credit Unions are the best.
 
1 - 15 of 15 Posts
Top