Loans Secured Against Your Tractor
A tractor is a big piece of equipment that solves a lot of the problems faced by modern farmers. It represents a major investment in your farm, but it can also be used to secure funding for further improvements and upgrades as well. Even if it’s not tilling and harvesting season and your tractor is sitting in the barn, you can use it to qualify for a wide range of tractor loans without having to polish up your credit score first. The value of a full sized tractor in good working condition makes it valuable as collateral on both small and big loans.
Your Farm Equipment As Collateral
When a lender looks at a borrower, they have to weigh the risks of lending to them based on what they can measure. The credit score is a common indicator of overall financial health, but it can be wrecked by identity theft or one particular mishap with a long gone loan. Bad credit tractor loans present farmers with another way to keep their operation running smoothly without worrying about what a three-digit number says about them.
Expand Your Plans
With the right kind of private tractor loans, you may be able to dramatically improve your agricultural business. Personal and unsecured loans are rarely large enough to cover the purchase of acreage from your neighbors or the construction of a new barn to hold hundreds of heads of cattle. Building a business that can withstand the ups and downs of demand for farm products may require you to borrow against assets purchased in better years. Don’t let that tractor just sit there and look good when it serves as the ideal collateral on a loan from a private lender.
Speak with a specialist right now to discover what you can do with a tractor, the right kind of private tractor loans, and the willingness to make your dreams come true.
Are you looking to purchase a new tractor instead? Click here.