Financing a secondhand tractor

[Andrew1983]

Just bringing this thread back up, interesting read through as I deliberate some changes in the business brought about by my main worker leaving.
My smallest oldest tractor isn’t worth a lot but it makes sense to move it on, what I’m looking at would be a big step up. So I’m left in a position where I could potentially fund the gap to change but financing a part of it would leave some cushion in the account for the unexpected. Just wondering what rates to expect just now and who’s best to ask for a quote?

 

[ridger]

Just bringing this thread back up, interesting read through as I deliberate some changes in the business brought about by my main worker leaving.
My smallest oldest tractor isn’t worth a lot but it makes sense to move it on, what I’m looking at would be a big step up. So I’m left in a position where I could potentially fund the gap to change but financing a part of it would leave some cushion in the account for the unexpected. Just wondering what rates to expect just now and who’s best to ask for a quote?

Whereabouts are you?

 

[Andrew1983]

Whereabouts are you?

Highlands

 

[Boysground]

Just bringing this thread back up, interesting read through as I deliberate some changes in the business brought about by my main worker leaving.
My smallest oldest tractor isn’t worth a lot but it makes sense to move it on, what I’m looking at would be a big step up. So I’m left in a position where I could potentially fund the gap to change but financing a part of it would leave some cushion in the account for the unexpected. Just wondering what rates to expect just now and who’s best to ask for a quote?

Theres a few factors on what rates you will get so shop around. I financed something last year and used a finance company i hadn’t used before. Chatting to the chap he was explaining that with rises in cost of machinery, interest rates and the variation in profit that farmers are making he was seeing massive differences in the rates that we available. Well into double figures for some.

You don’t have to do the finance with the dealer you buy the tractor from, but often the larger people will have somebody who only does finance, they have to make money and will deal with different companies to find the best deal. I once bought a class combine from a independent dealer, financed it through a JD dealer using Hitachi finance!

If your tractor is newer there are a few finance deals around at the mo.

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[Johnnyboxer]

Just bringing this thread back up, interesting read through as I deliberate some changes in the business brought about by my main worker leaving.
My smallest oldest tractor isn’t worth a lot but it makes sense to move it on, what I’m looking at would be a big step up. So I’m left in a position where I could potentially fund the gap to change but financing a part of it would leave some cushion in the account for the unexpected. Just wondering what rates to expect just now and who’s best to ask for a quote?

You can use an independent farm finance broker who will shop around to get you a decent deal
You can buy the tractor from a dealer, privately from a neighbour or the farmer classified ads or an auctiin
It won’t matter to a broker

 

[Jim B]

At the moment on a non subsidised deal somewhere in the region of 10% APR? `You'll hear rates of 5-6% "flat rate" banded about but that's just spiel its probably actually more than 10% APR.

Still seems expensive when you see banks advertising personal loans up to £25k at 6% APR.

 

[icanshootwell]

I quite often found bank's to give better deals, they just don't seem to bother much anymore, not here anyway.

At the moment on a non subsidised deal somewhere in the region of 10% APR? `You'll hear rates of 5-6% "flat rate" banded about but that's just spiel its probably actually more than 10% APR.

Still seems expensive when you see banks advertising personal loans up to £25k at 6% APR.

 

[fermerboy]

Just bringing this thread back up, interesting read through as I deliberate some changes in the business brought about by my main worker leaving.
My smallest oldest tractor isn’t worth a lot but it makes sense to move it on, what I’m looking at would be a big step up. So I’m left in a position where I could potentially fund the gap to change but financing a part of it would leave some cushion in the account for the unexpected. Just wondering what rates to expect just now and who’s best to ask for a quote?

We and a lot of others in the North East use Doug Shand at Caledonia Asset Finance in Turriff.
He is doing a lot for dealers too, as most don't have their own finance guys nowadays.
Tractors, jeeps, cars, turbines, you name it he will finance it.
Well worth a call for a quote and some options.

[email protected]
01888 538855​

 

[Spud]

We use Peregrine finance, have done for years, good to deal with and competitive. JCB finace for a couple, nowt wrong with them either.

 

[Boysground]

I’ve used JCB in the last year, if you have any dealings with Oxbury they are worth a call.

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[Boysground]

Also if you bank with Lloyds, their asset finance have been competitive in the past, not sure what they are like now.

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[puntabrava]

Also if you bank with Lloyds, their asset finance have been competitive in the past, not sure what they are like now.

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Competitive with whom, close brothers?
I have dealt with Lloyds for 45 years and when I had a bank manager they asked to be allowed to quote on finance, we’re always a mile out.

 

[Farma Parma]

We use Peregrine finance, have done for years, good to deal with and competitive. JCB finace for a couple, nowt wrong with them either.

Mr Blacker by any chance spud? he even does business up here!

 

[Boysground]

Competitive with whom, close brothers?
I have dealt with Lloyds for 45 years and when I had a bank manager they asked to be allowed to quote on finance, we’re always a mile out.

I’ve had them quote a few times over the years. Did end up doing the bulk tank with them, that’s paid off now and i can’t remember who else quoted. They did put a quote in for me last Summer, Oxbury got that deal but they weren’t far behind.

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[Spud]

Mr Blacker by any chance spud? he even does business up here!

Same company but Adam is our rep. Good lad is ord Sharky (Mark), not seen him in a long while