Tips for Financing a Tractor

The majority of tractor buyers choose a financing option - and for good reason. Tractor financing offers many benefits, including getting the needed farm equipment much sooner. If you're considering tractor financing, the following tips can help make the process easier.

If you have any questions or want to discuss your options, contact the experts at Arizona Tractor Sales. We proudly serve those throughout the western United States.

1. Create a Budget

Start by evaluating your finances. How much can you spend on a tractor? This will help narrow your search by eliminating models that are outside of your price range. It will also help you get a better estimate of the tractor financing options that will work for you.

Remember that the budget needs to include all expenses, such as any tractor attachments you want to buy or the interest amount that goes along with the tractor financing option.

It helps to take a long-term approach when making a budget. Think about how long the loan would be for and how that factors into your current expenses. The usual term for our tractor financing agreements, for example, is 48 months. Estimate what your ideal monthly payment would be throughout the duration of the loan period, not just what works for right now.

2. Check Your Credit

Your credit score will influence your available tractor financing options. See what your current credit score is and see if you can raise it at all. The higher your credit, the better tractor financing deal you can get.

3. Get the Down Payment

Tractor financing options usually require an upfront down payment. It's typically based off of a percentage of the tractor's value.

Start putting aside money for the down payment sooner rather than later. This will give you more flexibility when you are ready to start the tractor financing process. 

Plus, it helps to pay as much as possible upfront. That way, you'll spend less money overall paying off interest.

4. Look Into Requirements

Once all the preparation work is done, it's time to research tractor financing options.

Double check that you meet any requirements for approval. Our tractor financing plans, for example, are accessible for those with excellent credit, a stable income, and a debt to income ratio of no more than 40%.

5. Get Ready to Sign

When you arrive at the dealership to discuss tractor financing, know that the process can be quick. Our average approval time is three hours or less, so get ready to pick your tractor's delivery date and sign on the dotted line!

For more tractor financing information or to shop tractors for sale, contact Arizona Tractor Sales. Our expert staff is happy to answer questions, give advice, and make the financing process as easy as possible for you. We proudly serve the western United States. Contact us to get started today!