Tractor & Agriculture Farm Equipment Loans | Everything You Need to Know

If you’re purchasing a compact tractor, you may have a few questions about financing. To help you along the process our team has outlined everything you need to know about getting an agriculture farm equipment loan. Don’t worry, our team at Timberstar makes the process as quick and simple as possible. We also work hard to make sure you can secure financing that works within your financial goals. This includes helping you acquire the best farm equipment loan interest rates possible.

Applying for financing on your tractor, lawn mower or implements is simple. Our team at Timberstar works hard to make sure you can secure one of the best farm equipment loans in BC. And thankfully the paperwork is quick and easy.  The process is as simple as:

So, how can you prepare to make sure your application will get approved? There are two main ways.

1. Have a Strong Credit Score

The first, and most obvious step, is having a great credit score. The better your credit score, the better chances you’ll have of being approved.

2. Prepare Your Down Payment

Now, keep in mind a down payment isn’t always required. Depending on the financing plan it could be a requirement. But even if it’s not, it is recommended. Our team recommends a 10-15% down payment. This can help ensure you get approved, and unlock better interest rates on your loan.

What if you want to put down more or less than 10-15%? That’s okay. In fact, your down payment size can affect the type of financing you’ll want to apply for. The team at Timberstar will help work within the boundaries of your financial goals. For some, this could be a financing plan with the lowest possible cash down. Or it could be finding the lowest interest rate, which usually means a larger down payment.

KIOTI Tractor Canada offers some amazing low-rate agriculture loans. But, what about everything else? Don’t worry, we still have you covered. Whether you’re purchasing an implement, attachment, or a used tractor, we can help you secure financing quickly and simply.

If you’re purchasing through a business, we work closely with CEF, Canadian Equipment Financing. They’re a Canadian business for Canadian businesses. They’ve helped many of our customers who purchased used farm equipment acquire a loan. If you’re purchasing a tractor through a business, they make the process quick and easy.

However, if you’re not purchasing through a business, we’ll submit your application to Leaseline. Leaseline provides some of the best farm equipment loans for anyone. They’re a loan broker. This means they’ll check with hundreds of lenders to find the best low-interest farm equipment loans available.

It’s as simple as filling out an application. From there, we’ll make sure it’s submitted to the right financing company to find you the best agriculture farm equipment loan.

Lastly, you’re probably wondering what your monthly payment on a farm equipment loan will be. Whether you go with a preferred rate or a low-rate financing option, as well as your down payment will affect your monthly payment total. To make things easy for you, we’ve provided a Tractor loan calculator below so you can run a few numbers yourself.

If you have more questions about agriculture farm equipment financing, or you’re ready to apply, the team at Timberstar is ready to help!

We’re a tractor dealership in Vernon, BC. We service the surrounding area, so if you’re looking for a tractor in Kamloops, Kelowna or beyond, be sure to stop by. You can give us a call, send us an email, or stop by in person for a coffee and we can help you take the next steps to get behind the wheel of your dream tractor.