The lender does not buy the invoices but uses them as collateral. This makes it a lot easier to find a loan that suits your needs perfectly, no matter what they are. We can help you refinance your loan or adjust the term of the contract. For illustrative purposes only, if you request $10,000, you could get a total loan of $10,000 with an 8.94% interest rate and $0 fees (note, if the lending partner charges an origination fee, it will increase the APR). Lenders prefer to finance what are referred to as hard assets, such as heavy-duty trucks, excavators, backhoes and tractors. Youre just a step away from approved tractor financing! Equipment Financing - Wells Fargo Commercial No Age Restrictions on Equipment. All programs and content on this website are subject to change without notice. Eligibility. Can anyone give me names of banks or equipment dealers that work with people with bad credit? More commonly, however, lenders will need a 20% down payment and will finance the remaining 80%, while you own the equipment from the start. Since 1986, our companies have offered agricultural equipment financing with farmers in mind. For a better experience, please enable JavaScript in your browser before proceeding. They range from about 8% 30% depending on the lender and your farms business profile. You dont have to worry about stuffing your new heater in your car either. Most farm equipment lenders can loan up to a quarter-million dollars the same day as you apply, said Kevan Wilkinson, a digital content manager at Balboa Capital. Farm Tractor Loans, Farm Supply Equipment Financing Buying equipment from both dealers and auction we have been 100% satisfied. 661-780 Good. Simple & Easy Customer Financing | CurrencyFinance Lenders will require a number of documents and financial statements to make sure you qualify for their financing. FSA rates are released the 1 st of each month. . First, be sure to shop around and compare interest rates from different lenders. Thats why most will insist upon a credit checkit will help them get an idea of how trustworthy you are as a borrower. If youre purchasing private party or perhaps the tractor does not meet lending requirements, you can try to use a personal loan for financing.