How to Prepare to Finance a Tractor

Looking to buy a new tractor? Then it’s very likely you're planning on financing your upcoming purchase. The majority of buyers on the market choose to finance their farm equipment rather than purchase it out of pocket. Below, we’ve written up a few helpful tips to help you prepare for your purchase and ensure you get a great loan for your new tractor model.

Your Credit

While financing a tractor can provide quick and easy access to important machinery, preparing for your loan can often improve your chances of approval and ensure you receive better offers from lenders. The first thing you’ll want to do when preparing to take out a tractor loan is to raise your credit as high as possible. This can be done by using your credit cards regularly and paying off the bill on time. Another way to quickly raise your credit score is to make payments on current debt, or have paid off debts removed from your report completely.

Your Down Payment

In their haste to prepare to buy and finance a new tractor, many buyers forget that they’re still on the hook for their model’s down payment. This is usually expected to be at least 10 percent of the model’s sticker price—however the higher your down payment is the better your loan offer will likely be. Don’t forget to save up as much as you can before you begin filling out your financing applications.

For more helpful tractor financing tips, or to take advantage of convenient and affordable farm equipment financing, visit us here at CCR Sales and Service! We proudly serve the nearby city of Burlington, Vermont, and are located just nearby in Essex, Vermont.