So you have an acreage--a few acres or just a large yard--and need a tractor to help maintain the land, but you don't have the cash to buy one. There are several ways to finance a tractor. All require sound planning and advice; so follow the steps below and start your engine.
Decide how much tractor you need and can afford. Tractors come in various sizes and engine horsepower ratings. Wheel configurations and options vary. Visit the Tractor Data website for more information on choosing a tractor.
Shop for tractors that fit your horsepower requirements and repayment ability. Look on local sales lots, in the newspaper classifieds or do a search for tractors on the Internet.
Put together a business plan stating why you need a tractor, how much it is going to cost and how you plan to repay the money.
Ask dealerships if they have financing plans--most do. Ask a private owner if he will consider taking payments for the tractor and what interest rate he would carry on the loan.
Call your local bank and set up an appointment with a loan officer. Bring your business plan and information on the tractor you want. Be prepared to show that you have repayment ability on the tractor you want to finance.
Go online to C.H. Brown Company or Tractor Financial and fill out their application for financing. C.H. Brown finances equipment all over the United States and has tractors for sale. Tractor Financial will help you locate an approved dealer and offers a leasing plan along with financing.