Financing a secondhand tractor

[RhysT]

Weve just bought a new to us tractor without trading anything in. Put down a substantial deposit and financed £32K over 3 years. it worked out at an extra £3k to pay.
Thought long and hard, we could have paid it outright, but would have meant running our reserve funds down, were currently buying a lot of stock in and didnt want to miss out on any opportunities if we were short of cash until stock is sold. Decided on the finance route as we could probably be paying tax, hoping the interest will be set against tax anyway so we wont be any worse off.


Edited to add, We've used West Coast finance based in West Wales. They've been excellent to deal with

 

[Werzle]

I'm sure there must be a moral too a phrase like that...? Care too explain it a little further?? Just finished harvest... not at my sharpest just now

Means you cant take your money with you to the grave, might as well spend it

 

[Alan young]

Means you cant take your money with you to the grave, might as well spend it

Ahh cheers...Good point

 

[Alan young]

Weve just bought a new to us tractor without trading anything in. Put down a substantial deposit and financed £32K over 3 years. it worked out at an extra £3k to pay.
Thought long and hard, we could have paid it outright, but would have meant running our reserve funds down, were currently buying a lot of stock in and didnt want to miss out on any opportunities if we were short of cash until stock is sold. Decided on the finance route as we could probably be paying tax, hoping the interest will be set against tax anyway so we wont be any worse off.


Edited to add, We've used West Coast finance based in West Wales. They've been excellent to deal with

Cheers that's a v similar mind set too myself ....and thanks for sharing your finance company

 

[Johnnyboxer]

Try a local broker

 

[Will 1594]

Peregrine finance is who weve used in the past for new and second hand gear.. bought an extra used tractor through them

adam spensly
mainly use rob booth goldsboro asset finance

 

[Pistonbroke]

Used Beacon Asset Finance at Hereford a few times. There's a calculator on the website to play with amounts / size of deposit / length of agreement

 

[Moors Lad]

I fear the rates won`t be just as good as they would have been a year ago....

I'm lead to believe if it's on finance it will give me a certain amount of cover if I have problems with the tractor?? Any help or advice appreciated thanks

I`m NO EXPERT on finance but I would think this only applies if it`s a new machine financed by the manufacturer/dealer`s approved finance company.

I`d get a quote or two and then maybe consider using finance for maybe half the purchase price - that way you keep a bit of cash in your pocket but you get the machine too...

 

[manfromhill]

Used Tesco for last pickup as it was cheapest and dead simple

 

[Alan young]

Used Tesco for last pickup as it was cheapest and dead simple

Cheers good too know thanks

 

[Alan young]

I fear the rates won`t be just as good as they would have been a year ago....

I`m NO EXPERT on finance but I would think this only applies if it`s a new machine financed by the manufacturer/dealer`s approved finance company.

I`d get a quote or two and then maybe consider using finance for maybe half the purchase price - that way you keep a bit of cash in your pocket but you get the machine too...

Yeah that was kinda my thinking too

 

[icanshootwell]

Used Tesco for last pickup as it was cheapest and dead simple

I know you have to sometimes go for the best deal.

But Tesco, seeing their name on my bank statement every month would spoil my breakfast.

 

[Renaultman]

On a slightly different note…. Where do all the finance repossessions go to be sold?
I am sure someone knows, I am not looking for tractor but if I was that is where I would look first

I would be very careful with repossessions I have had a few, but mainly trucks, you tend to find that when you buy them they often haven't been very well maintained as the company that owned them are more often than not struggling to pay their bills. If you factor that in though you can often get a bargain.

 

[Renaultman]

Having read through it all, I would also look at the credit card cash advances. I'm fairly sure you would comfortably get a £20,000 one over 48 months, if you can't pay the full amount off in that time you just refinance the balance at the end of that time. Credit cards are a brilliant tool if you are careful how you use them.
As an aside I have binned by banks business credit card as they charge for it and got a Barclaycard business card that gives 1% cash back on transactions

 

[daveydiesel1]

Having read through it all, I would also look at the credit card cash advances. I'm fairly sure you would comfortably get a £20,000 one over 48 months, if you can't pay the full amount off in that time you just refinance the balance at the end of that time. Credit cards are a brilliant tool if you are careful how you use them.
As an aside I have binned by banks business credit card as they charge for it and got a Barclaycard business card that gives 1% cash back on transactions

But is that a credit card or debit card from barclays? What charges do u pay with it?

 

[Ffermer Bach]

Means you cant take your money with you to the grave, might as well spend it

but as my Grandfather used to reply, when people said "you can't take it with you", he would reply "I am not planning on going anywhere!"

 

[Renaultman]

But is that a credit card or debit card from barclays? What charges do u pay with it?

Business Credit card no charges no set up fee

 

[daveydiesel1]

Business Credit card no charges no set up fee

And if u pay your bill on time theres no interest? Would seem a no brainer as that pound back would be quite a bit every year

 

[ploughman1963]

I fear the rates won`t be just as good as they would have been a year ago....

I`m NO EXPERT on finance but I would think this only applies if it`s a new machine financed by the manufacturer/dealer`s approved finance company.

I`d get a quote or two and then maybe consider using finance for maybe half the purchase price - that way you keep a bit of cash in your pocket but you get the machine too...

No - applies to anything - I have been very grateful that a machine has been on finance in the past - very reassuring to have someone at your back when you are young and naive.

 

[Renaultman]

And if u pay your bill on time theres no interest? Would seem a no brainer as that pound back would be quite a bit every year

Exactly https://www.barclaycard.co.uk/busin...-8fX-qjXD_7GJvII9NUaArmmEALw_wcB&gclsrc=aw.ds