Financing a secondhand tractor

[Lincsman]

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

I have a "normal" cash back Barclay credit card, no charges, you get 1% return on all purchases, here we can pay council tax etc with C Cards now along with Tax discs and online shopping, so it all helps.

A quick search shows they are not available anymore, only a rewards thing.

 

[milkloss]

I disagree with the idea of paying for it outright. Change is coming and who knows how bad it all could get. Provided the finance is affordable I’d make sure I kept as much cash as I could in hand just in case.

 

[daveydiesel1]

I have a "normal" cash back Barclay credit card, no charges, you get 1% return on all purchases, here we can pay council tax etc with C Cards now along with Tax discs and online shopping, so it all helps.

A quick search shows they are not available anymore, only a rewards thing.

Shame as id of been up for gettin 1

 

[Highland Mule]

I have a "normal" cash back Barclay credit card, no charges, you get 1% return on all purchases, here we can pay council tax etc with C Cards now along with Tax discs and online shopping, so it all helps.

Always pays to keep an eye out for specials. I was getting a 20% cash kickback and a chunk of airmiles (worth about another 7%) on every purchase from Morrisons for a while. I can’t imagine how many thousand pounds I spent on gift cards there - at least £4k on Amazon for a start. Was even possible to buy Morrison vouchers and use them in the petrol station to fill the truck for a ~27% discount (actually more, as the receipt showed full price for the accounts).

 

[ridger]

I'd finance it anyway, way I look at it is if the 24000 would buy 50 bullocks, you could sell 1 a month to pay the finance and have money left over if it got tight lol

 

[Lakesdigger]

I'm guessing you're buying it through your business? If so interest on finance is able to be offset against tax at year end (so provided you're making enough the tax man wants a bit it's potentially 0% anyway)

 

[Alan young]

I'd finance it anyway, way I look at it is if the 24000 would buy 50 bullocks, you could sell 1 a month to pay the finance and have money left over if it got tight lol

Wow I haven't heard of anyone that cheery and optimistic in farming in yrs... congratulations I thought optimism and positivity had died out...

 

[Alan young]

I'm guessing you're buying it through your business? If so interest on finance is able to be offset against tax at year end (so provided you're making enough the tax man wants a bit it's potentially 0% anyway)

Yeah I hear what your saying ...thanks

 

[Sid]

FYI if you take out finance up to IIRC 25k you can pay back without penalty, 25,001 there are early redemption charges as I understand.

 

[ridger]

Wow I haven't heard of anyone that cheery and optimistic in farming in yrs... congratulations I thought optimism and positivity had died out...

Don't know if your for real or joking but that's just my take on finance. No point tying up money that you can't then earn anything with

 

[Renaultman]

I disagree with the idea of paying for it outright. Change is coming and who knows how bad it all could get. Provided the finance is affordable I’d make sure I kept as much cash as I could in hand just in case.

It's a bit of a dilemna, if inflation is running at or around 10% your cash in the bank is losing value rapidly but I agree in uncertain times a cash buffer is a great antidote to my insomnia.

 

[Alan young]

Don't know if your for real or joking but that's just my take on finance. No point tying up money that you can't then earn anything with

No I wasn't meaning any offence just nice too hear some go ahead positivity as in going out n buying in 50 bullocks..

 

[celtis man]

We use HBV fiance and they seem to use a Irish credit firm

 

[milkloss]

It's a bit of a dilemna, if inflation is running at or around 10% your cash in the bank is losing value rapidly but I agree in uncertain times a cash buffer is a great antidote to my insomnia.

Fair point about the inflation that’s for sure

 

[ridger]

No I wasn't meaning any offence just nice too hear some go ahead positivity as in going out n buying in 50 bullocks..

Any money I get is put into cattle lol, if the 24000 is worked right it will be turned over at least 15 times in the 5 years and is better working

 

[Bill the Bass]

I disagree with the idea of paying for it outright. Change is coming and who knows how bad it all could get. Provided the finance is affordable I’d make sure I kept as much cash as I could in hand just in case.

I agree with what you are saying, however I was thinking about it the other way; if things are getting rough why saddle yourself with more finance? I’m am thinking of paying all my short term finance off to free up cash flow for the next few years in anticipation of rates going up on a long term borrow that’s on a tracker.

for the OP, I would use half cash half finance.

 

[Sharpy]

I agree with what you are saying, however I was thinking about it the other way; if things are getting rough why saddle yourself with more finance? I’m am thinking of paying all my short term finance off to free up cash flow for the next few years in anticipation of rates going up on a long term borrow that’s on a tracker.

for the OP, I would use half cash half finance.

Would you perhaps be better putting funds into the long term borrowing assuming the short term stuff is fixed rate?

 

[Bill the Bass]

Would you perhaps be better putting funds into the long term borrowing assuming the short term stuff is fixed rate?

Good question, the amount it would take to tidy up the short term stuff and free up a fair bit a month wouldn’t make any real difference to the long term amount borrowed as I see it.

 

[7610 super q]

I'd finance it anyway, way I look at it is if the 24000 would buy 50 bullocks, you could sell 1 a month to pay the finance and have money left over if it got tight lol

But..but...but....no money in cattle. We are told this on here. Often. No money in it. £12.50 for a bale of straw ?....no way....we'll sell the cooos rather than pay that. No money in it you see. Not paying more than £150 ton for barley...no way. No money in it at that. Not funding arable farmers skiing trips. Sell the cooos rather than fund skiing trips. No way. No money in it you see. On here we are told this. Often. No money in it.

 

[Tubbylew]

But..but...but....no money in cattle. We are told this on here. Often. No money in it. £12.50 for a bale of straw ?....no way....we'll sell the cooos rather than pay that. No money in it you see. Not paying more than £150 ton for barley...no way. No money in it at that. Not funding arable farmers skiing trips. Sell the cooos rather than fund skiing trips. No way. No money in it you see. On here we are told this. Often. No money in it.

Plenty money for tractors, not much for strippers and champagne?