Tips and Tricks for Financing Farm Equipment

To keep a farm running smoothly, you often need a variety of different tools on hand to take care of all of your crops, livestock, and land. However, farm equipment can be pricey, and a majority of buyers prefer to finance their purchase to make the investment more affordable. If this is the case for you, be sure to read through our helpful financing tips below for advice on how to get the best loan available!

Prep Your Finances

To ensure you get some good loan offers, we advise taking a little time to get your finances in order. Your credit score and debt-to-income ratio have significant effects on your interest rates, and you may want to try and improve them before you begin applying. Thankfully, by reimbursing old debts and paying monthly bills on time, you should be able to improve both scores very quickly.

Research Your Options

There are quite a few different lenders out there willing to help you finance your farm equipment. Before you select one, we advise doing some research on each financial institution. You may find that some lenders offer better rates than others, or have a wider variety of loans available. If you’re not able to choose between two lenders, you can always apply with both, and see which offers you better rates.

Pick an Offer

While interest rates are an important factor in picking a good loan, there are other key components you’ll also need to consider, such as whether or not your loan is secured. If you do choose a secured loan, your rates will likely be much lower, but at the risk of your equipment being repossessed if you miss a few payments. The length of your loan is also an important element to keep in mind. Even if your interest rates are low, if your term length is extremely long you may still end up paying more in the long term.

Whether you’re ready to apply for financing, or are still searching for the right equipment for your farm, you’ll want to visit us here at Bucklin Tractor & Implement! On top of our impressive inventory of machinery, we also offer helpful financing, repair services, and trade-in options to our clientele. Simply visit any one of our 6 locations across Kansas to take advantage of our many services, or start browsing for your new equipment.