My Tractor Forum banner

1 - 10 of 10 Posts

·
Registered
Joined
·
716 Posts
Discussion Starter #1
I was told at dealer yesterday 0% on a 2305 and 5.99% on x720 whats up with that.Screw the homeowner time.Almost same price,9120 for x720 otd or 9754 otd for 2305 with a 54inch deck.Going back today which one will I buy more power(no brainer) What do ya think?:greendr:
 

·
USMC
Joined
·
19,146 Posts
Such a deal. You won't be disapointed with either one. I sure enjoy my 2305. slkpk
 

·
Super Moderator
Joined
·
29,532 Posts
but is the 0% for the life of the loan or only 12 months? if only 12 months then it is NOT worth it unless you pay the machine off in that time. it jumps to the teens after the initial term!

i had the option of 0% or 5.99% on my X500. i went with the 5.99% to actually save money since i knew there was no way i could pay it off in a year.
 

·
Registered
Joined
·
641 Posts
What are the terms of the 5.99? Is it for 5 years? 2 years? I looked online but it wasn't clear to me.
 

·
9K+ Poster
Joined
·
12,160 Posts
If you go with the 2305, I highly recommend you go with the 62C deck. It actually will improve maneuverability.
 

·
Premium Member
Joined
·
7,954 Posts
monthly payment is based on 2% of amount financed, sounds like 50 months to me, which would be a little over 4 years, but it doesn't say whether the interest is figured in, so it may be a bit more than 50 months.
 

·
AKA Moses Lawnagan
Joined
·
4,642 Posts
What I saw was 0% for 42 months for the JD CUT's. I don't know what the rate reverts to if you don't pay it off by then, but I suppose the payment schedule is made out for even $$ each month, 1/42 of purchase price minus down payment, if any. Dang good deal as long as you can afford the payments. Look at it as 3-1/2 years, same as cash.

I have the 5.99% financing on my X748. This is what JD calls a PROMOTIONAL rate. You get a JD credit account with $xxxxxx as the limit, and you buy the tractor with the card, basically. As long as you make the minimum payments at least, and don't miss a payment or even run late on one (maybe you get two, I'd have to look) the 5.99 lasts until you pay it off.

BUT---- miss a payment, or come up late, and the rate reverts to something like 17.99%, which really bites.

Any purchases on the JD account against whatever balance there is between the credit limit and what you owe on the promotional amount, is billed at whatever the current rate is, something like 17.99%. Usually, when you buy a tractor, you can get one or two implements with it under the promotional rate. I got a Power Flow for my 748 and it's included in the 5.99%.
 

·
Registered
Joined
·
873 Posts
5.99% Low-Rate Financing on Select Series Tractors offer available March 3, 2009 through August 3, 2009. Subject to approved credit on John Deere Credit Revolving Plan, a service of FPC Financial, f.s.b. For non-commercial use only. No down payment required. Monthly payment will be calculated based on 2% of the amount financed at 5.99% APR, and is for qualified buyers. Rates subject to change. See local dealer for current rates. A $1.00 per month minimum finance charge may be required. Upon default the interest rate may increase to 19.8% APR. Other special rates and terms may be available, including installment financing and financing for commercial use. Available at participating dealers in the United States. Prices and savings in U.S. dollars.
 

·
Registered
Joined
·
417 Posts
I got the 5.99% interest rate on my new X300, I believe the terms state that it has to be paid off in something like 50 months. I'm not sure 2% of the loan amount each month will pay it off in time making minimum payments, I would assume so, since 50 x 2 = 100. I'm making more than the minimum payments however, I expect to have it pay off in 36 months at the most.

What you have to remember with most 0% financing schemes is they are just defering the interest, if you don't pay off the loan amount in 12 months, they just tack on all the interest they would have been charging you all along to the outstanding balance. After promotional period finance charge will begin to accrue at 17.9% APR and is for qualified buyers.

I looked carefully at the John Deere financing options and they look like a pretty good deal. I seriously considered Kubota as well, there low end model is more expense then all of the John Deere's all the way up to the X320 model, but the finance terms were not as attractive. Also they want you to carry insurance on the tractor in case theft, even if it for your personal use.
 

·
Registered
Joined
·
873 Posts
I took the 0% on my x520. Can't wait to get that thing going!
 
1 - 10 of 10 Posts
Top