Small, medium and large farms all need a variety of equipment to milk the cows, water the fields and collect the wheat. Agricultural machinery financing helps American farmers purchase the latest technology to harvest their crops and ultimately grow their business. Farm equipment loans are offered by a multitude of banks, cooperatives and government agencies to help farming businesses grow and prosper. Let Halo Capital help you finance the purchase of new or used farm equipment to increase your company’s productivity. To see how much your business qualifies for, fill out the form to the right and one of our representatives will be in contact with you to discuss your options.
Farm Equipment/Tractor Loan Rates & Terms
Agriculture tractor loan rates and terms are based on many different factors including the make, model, age and condition of the equipment purchased. The financier will offer a variety of programs based on your credit score, business history and farming needs. You might receive more affordable interest rates if you have been in business for more than two years – this is the standard tractor loans threshold. You should also consider the benefits of a loan versus lease program. With leasing, you can write off payments as an operating expense. As a loan, you can depreciate a certain amount of the purchase on your taxes. Consider the variety of agriculture equipment loans available. You can use a tractor financing calculator to track your repayments. Financing for farm equipment can be analyzed using the loan calculator as well.
Agricultural equipment loan rates may vary over time. With certain farm tractor loans, there might be a benefit to purchasing a specific make or model. Regardless of which route you choose to pursue, securing capital helps family farms, vehicle manufacturers and lending institutions alike.
The Different Types of Farm Machinery Finance Programs
Various lenders will offer different programs. Some governmental programs have funds allocated specifically to certain types of farms or regions. Loans for farm equipment are readily available if you know where to look and how to present your business. Cheaper tractor financing rates can usually be found when collateral is involved. New/used tractor loan rates that are low and affordable can help you increase your agricultural production dramatically.
Agriculture Equipment Financing Uses
Large cooperatives, which have purchased smaller farms, might prefer affordable tractor financing. You might want to research used farm machinery funding. Using a loan to buy a used tractor can replace broken equipment that has been found during an inventory check. With this additional capital left over, you can then buy modern crop sprayer, harvester or thresher to handle larger acreage. Farm machinery finance can create a better mix of equipment to expand your operations. Whatever the situation, the best place to find a farm equipment loan is a bank or financial institution that understands the business inside and out.
Financing a Tractor Supply
Wouldn’t you like to replace that old beaten-up tractor? Of course you would! The good news is that financing a tractor has never been easier. Modern tractor financing can give you the resources you need to purchase one of the newest models. This benefits the entire farming community. If you want to apply for a loan for your tractor, keep in mind that professional agricultural credit services will look up your credit score to determine your creditworthiness. Speak with financial experts to learn how to finance your tractor/equipment, both new and used.
Farm Equipment Loan for Bad Credit
Halo Capital’s partners have both good and bad credit tractor loans available. We understand that farmers with bad credit might have had some down years and still need access to capital to purchase their tractors and equipment. There are a myriad of government loans available from the Farm Bureau and USDA. When it is time to buy farming equipment, banks can provide the much-needed capital, and private lending institutions can help as well.
Used Tractor Loans for Agriculture
Smaller operators might prefer used farm equipment loans as well. If you just bought the family farm from your parents for example, used tractor financing might be the best way to go because it’s the most cost efficient. Many agricultural financial institutions have capital available allocated to farm equipment financing. Simply review the different features offered by lenders. Tractor supply financing companies are ready with money to help you improve your farm. With Halo Capital, the process is easy.
Whether you live in Kentucky, Missouri or Texas, you can discuss agreement terms and conditions with an experienced representative. Just fill out the form to learn how to get a farming machinery loan today.