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.
Tractor & Agriculture Farm Equipment Loans | Everything You Need to Know
Vernon, BC, Canada
Farm Equipment Loans: How the Process Works
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:
- Filling out an application on paper or through DocuSign
- We send your application to the relevant finance company
- 24-48 hours later you’ll find out if your application is approved (Or right away if it’s auto-approved)
Filling out the application is simple, and only takes a few minutes. Dylan, our sales manager, says remembering your social insurance number is the hardest part. As long as you can remember your home address, work information, birth date, and a few more details, you’ll be done in no time.
There are a few factors that determine where we’ll send your application. This includes what brands you’re purchasing or whether you’re purchasing through a business. We’ll take care of the heavy lifting and try to find the finance plan for you.
After we submit your application, it can take 24-48 hours to be approved. However, it can be approved sooner if it is auto-approved. This can happen if your credit score is high enough and your application contains all the required information.
Looking for an Agriculture Farm Equipment Loan? How to Prepare:
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’s 0% Financing Options
If you’re purchasing a KIOTI Tractor, there are some amazing finance offers. Currently, they’re offering 0% or low-interest farm equipment loan options. In fact, you can get 0% Financing for 60 months.
Keep in mind that KIOTI’s 0% financing is offered by KIOTI. This means it only applies to KIOTI brand products. For example, if you’re buying a KIOTI tractor, an MK Martin Blade, and a Wallenstein Woodchipper, the 0% financing will only apply to the KIOTI Tractor and loader.
KIOTI’s 0% financing doesn’t include third-party implements or taxes. But, if you have a down payment, we’ll apply it first to all the non-KIOTI products you’re purchasing. This will help you achieve the lowest possible interest rate.
Best Options for Used Farm Equipment Loans in BC
If you’ve been looking for a used tractor in BC and are wondering about used farm equipment loans, we’re here to help!
So, can you apply for financing when you’re purchasing a used tractor or implement? Yes!
If you’re purchasing a used tractor from Timberstar, we can connect you with the best financing options. We touch on a few of the companies and options we can connect you with below.
Keep in mind our used tractor inventory is always changing. You can stay up to date by visiting our Used Equipment inventory page here.
Non-KIOTI Farm Equipment Financing Options
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.
Farm Equipment Loans in BC: Monthly Payments
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.
Ready to Apply for Financing? Contact us today.
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.
KIOTI Low Rate Options
| Rate | Term | Estimated Monthly Payment |
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*Rates are valid until October 31st, 2022. Rates subject to change without notice. Rates conditional on approved credit. For estimation purposes only. For a valid rate quote, please contact our dealership.
KIOTI Preferred Rate Options
| Rate | Term | Estimated Monthly Payment |
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*Rates are valid until October 31st, 2022. Rates subject to change without notice. Rates conditional on approved credit. For estimation purposes only. For a valid rate quote, please contact our dealership.
ZTR Mower Rate Options
| Rate | Term | Estimated Monthly Payment |
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*Rates are valid until October 31st, 2022. Rates subject to change without notice. Rates conditional on approved credit. For estimation purposes only. For a valid rate quote, please contact our dealership.
*Amounts are reflected in Canadian Dollars (CAD). Payment calculator reflects Canadian interest rates. Payment calculator does not reflect insurance, document fees or taxes. Special finance rates are for new KIOTI tractors and attachments purchased together. Finance terms are available up to 84 months on eligible equipment. 0% financing is available on specific models. Down payment may be required. Financing based on the purchase of eligible equipment defined in promotional program. Offers cannot be combined. Financing is subject to credit approval. Some customers will not qualify. Restrictions may apply. Offer available on new equipment only. Prior purchases are not eligible. Offer valid only at participating Dealers.
