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THE TRACTOR HUNTER
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Discussion Starter #1
So here is the thing, I want to buy a new 2016 JD 3033r, with a few options, and the darn thing comes to $27-$30k before you blink. This is with all incentives and at 0% for 60 months. I can do this, but I am questioning myself.

So I am starting to look at used cherry 790 or 3005 4200 or 4400 for the $12-$15k range. How the heck do you get a reasonable loan for a used tractor? Say 3.99% for 60-72 months? My bank and credit union look at me like I am confused when I say I want a used tractor loan being a city slicker and all. What banks or online banks offer real loans for used tractors?
 

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Sounds to me you may want to do the math and figure out what you will actually pay with 3.99% vs 0%. I always like using someone elses money if it makes more sense in the long run.
 

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THE TRACTOR HUNTER
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Discussion Starter #3
I agree with you but that isn't what I was asking. Where can you get a used tractor loan, what bank or credit union did you use, and what interest rate?
 

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Credit union would be the best place for a loan like that. That is what I would use. I have been shopping for a CUT for a couple months and scratching my head used or new.... Financing from Deere is attractive but so is a 2.95% loan from our CU.... (I think that is what it was last time I looked)
 

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I was running into a similar dilemma for the last 8 months. Didn't have the cash to outright buy the machine because we had been throwing everything at one of the cars. Ended up refinancing that vehicle that we werr VERY much right side up in at our credit union, and tacking on the tractor amount at 2.5% for 24 months.

Sent from my SM-G860P using Tapatalk
 

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To most banks, a used tractor is not considered proper collateral for a loan, except if maybe the borrower is a true farm business, and then it would be a business loan with the tractor as collateral. other wise the bank just looks like it as a a personal loan to the borrower with no specified collateral, as small tractors that homeowners buy do not have titles and as such no legally binding lien can be put against them. Some tractor manufacturer's credit departments might offer financing on used tractors, but I've never heard of one that does.

If you have enough equity in your home, then a short term home equity loan might get you a very good rate, but then your house is the collateral.
 

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THE TRACTOR HUNTER
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Discussion Starter #7
Yes I agree with you about collateral loans, but there has to be a national bank or credit union that specializes in providing used tractor loan products, right?
 

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Yes I agree with you about collateral loans, but there has to be a national bank or credit union that specializes in providing used tractor loan products, right?
Generally I would think that is the banks that specialize in farm loans (farm bureau's etc). Not sure how many you have in VA. See about middle of the page in the link below "equipment loans"

https://www.farmbureaubank.com/Home

However, I think you have to be a member.... But something to look into.
 

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I would just get a home equity loan if possible.
 

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Hi, there should be many investors if you have a good perspective business they would invest in it for sure. Just send your business plan and believe me you won't wait long dor investing. if no and you are just in a search for a job and you need some cash to live for awhile I can suggest you https://credit-10.com/es/ because they have very good conditions and low-interest rates.
I would like to take a loan for tractor too
what's the average interest rate now?
 
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