Running a farming business is extremely rewarding. It requires time and dedication to run successfully. When tractors and other farming equipment becomes inoperable or obsolete it can be difficult to run your business seamlessly. Tractor and equipment loans can help you ease the burden of the high price tag that comes along with these purchases, allowing you to make affordable monthly payments while keeping your farming business operations smooth.
What are Tractor and Equipment Loan?
Tractor and equipment loans are designed for farming companies to make purchases without paying the total costs up front. With a clean credit history and high rating you can purchase a new tractor or other farming equipment with little to no money down. Interest rates are determined by your credit, the better your credit the lower your interest rate will be.
Who Offers Tractor and Equipment Loans?
Both traditional lenders and specialty financing companies offer tractor and equipment loans to farms. With affordable monthly payments, fixed interest and repayment terms you can get the tractor or farming equipment you need with ease.
How To Get a Tractor and Equipment Loan
- Start shopping around for the tractor or farming equipment your business needs. Be sure to negotiate the price just as you would when purchasing a new car, the sticker price is never set in stone.
- Submit an application to your personal business bank or to the financing company within the tractor and farming equipment supplier.
- Review the terms and conditions to the loan.
- Make negotiations if possible.
- Sign the contract and start utilizing the new tractor or farming equipment right away!
Chris Fuller went to the University of South Florida and has worked in the financial sector for over 20 years. He has extensive experience in all aspects of personal and small business lending, from personal loans, equipment finance to cash flow based solutions for small mom and pop businesses, and large corporations.