Tractor Financing Recommendations?

[let-um-grow]

Guys, wondering if anyone has recommendations based on recent experiences that might save me some research time?

Trying to make sure I evaluate going the used route based on rates VS new with 0% options.

This would be a Used 2018 model....

Thanks in advance.

[redfishted]

Not sure this helps, but with the strong resell values of good used tractors I could not make the numbers work on financing a used tractor, my decision was either to pay cash for a used one or buy a new one when Kubota was running 0% for 72 months. I got a new one.

[Gunnyart]

I just bought a new Kioti a couple months ago after looking for used. With the interest rate so low and the term so long it made it cheap. (I also put a good chunk down that I was saving to buy a used tractor) knowing the service history from the start was a big consideration for me also.

[ken800]

Not sure this helps, but with the strong resell values of good used tractors I could not make the numbers work on financing a used tractor, my decision was either to pay cash for a used one or buy a new one when Kubota was running 0% for 72 months. I got a new one.

I came to the same conclusion. A very clean used tractor isn't going to be cheap enough to justify paying the rates on a used one I don't think. Kubota often offers 84 month 0% and rebates when you buy implements. I've bought two tractors from WC Tractor in Kileen and they are now in Waco and a couple of other areas. Reach out to Josh - probably in Waco store most often. Tell him I sent you. I have shopped around and they always come out lower without any haggling. YMMV.

[TexasBob]

If buying a john deere or through a deere dealer you can get good rates.

[JTCowpoke]

I used Ag Direct when I purchased my used tractor. They were easy to work with. But I purchased a tractor that was 8 years old so the numbers are a little different than what you are dealing with.

[CWendling]

They really dont do 0%....the 0% cost of the tractor is higher than the cash price. Essentially a financing charge paid.

[let-um-grow]

Thanks for all of the input guys.

[Atfulldraw]

They really dont do 0%....the 0% cost of the tractor is higher than the cash price. Essentially a financing charge paid.

you're wasting your breath on this one.....

[bowhntrmatt]

you're wasting your breath on this one.....

Haha don’t be coming around HERE talking about 0% not being real!

[jds247]

One thing about buying new is a lot of manufacturers include a insurance policy that covers just about everything.. I say just about because I had a rat get under the dash and chew all the wires off at the back of the guages.. They exclude rodent damage so come up with a new story...

[denimdeerslayer]

I borrowed against my 401k when I got mine. You can get 50k loan against it if you have enough in it. Up to 100k on a house. I borrowed the rest from my credit union. Just expect that loan to come out every payday. Yes there is some interest but you pay it to yourself.

[BrianL]

They really dont do 0%....the 0% cost of the tractor is higher than the cash price. Essentially a financing charge paid.

Most of the time this is the case, however they do run 0% and no rebate from time to time. Just have to ask cash vs financing price. especially John Deere and Kubota.

[wes122984]

I went with DLL for mine. Like said above its usually 0% or 3-4k less for cash or standard finance.

[Throwin Darts]

I borrowed against my 401k when I got mine. You can get 50k loan against it if you have enough in it. Up to 100k on a house. I borrowed the rest from my credit union. Just expect that loan to come out every payday. Yes there is some interest but you pay it to yourself.

Your true interest rate on the 401k loan is the loss of appreciation of the borrowed funds, which can be much much higher than a traditional loan.

Also, if you lose your job you typically have 60 days to repay the loan or the IRS will treat it as an early distribution triggering income tax + an early withdrawal penalty. Getting a loan to repay a 401k loan when you don't have a job is a tough spot to be in.