New & Used Farm Equipment Loans
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Can you finance farm equipment for personal use?
What is a farm equipment loan?
Farm equipment loans provide a lump sum of cash that enables you to purchase equipment now while making fixed installments over a predetermined period. From tractors to dirt or trailers, farm equipment loans (in the form of a personal loan) have few spending restrictions. Personal loans can be offered up to $100,000 without collateral, depending on credit score. To use a farm equipment loan, you’ll need to get pre-qualified for the amount you need. Once you’ve found and accepted an offer, you can proceed with the approval process to receive funds. Farm equipment personal loans that are approved can be funded in as little as 1-2 business days, although funding times can vary.
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Helping You Find Farm Equipment Loans for Bad Credit
Farm Equipment Loans for Bad Credit: Frequently Asked Questions
How hard is it to get a loan for farm equipment?
The difficulty experienced getting a farm equipment loan can depend on qualifications, lender requirements, loan amount, and other details. Let’s break this down to help you understand what to expect.
- Qualifications: When applying for the loan, the qualifications of the borrower can influence offers. This can include income, credit score, credit history, and more. When you apply for a loan the lender needs to feel confident you intend to and are able to repay the loan.
- Lender requirements: Lenders can set requirements, such as credit score, that borrowers need to meet to qualify for a loan. These requirements are intended to help the lender determine the creditworthiness of the applicant, or the likelihood that they will repay the loan. Since requirements can vary by lender you may have a better chance of qualifying with some lenders compared to others. Finding the right lender is a key part of your success obtaining the right farm equipment loan.
- Loan amount: Requirements may vary depending on the loan amount. Typically, the larger the loan, the more strict the requirements. When applying for a farm equipment loan, consider what you can realistically afford to take on.
What credit score is needed for a farm equipment loan?
Credit score is often a primary requirement to qualify for a personal farm equipment loan. While you may be looking for a definitive answer here - our realest answer is that credit score requirements can vary. In addition, some lenders, such as OneMain Financial, may not have a minimum credit score requirement. Generally speaking, offers are more likely to be returned to borrowers with fair, good, or very good credit. To put this into perspective, according to the FICO® score scale a fair credit score is between 580-669, good between 670-739, and very good between 740-799. The good news is that credit score is usually not the only requirement. Other requirements such as income, debt-to-income, credit history, and more can help you qualify for a farm equipment loan, especially so if you have less than perfect credit.
Where can I find the best farm equipment loan for bad credit?
The online marketplace can offer unmatched convenience while expanding your options for a farm equipment loan. Plus, online lenders may have less strict requirements. At Acorn Finance, we partner with hand-selected top national lending partners to serve users. Through our secure platform, submit some personal information to return offers in seconds with no credit check. From the driver’s seat, you can watch lenders compete for your business, giving you the power to choose the one that’s best for you.
Can I finance used farm equipment?
Personal loans offer borrowers a lump sum of cash that can oftentime be deposited directly to a bank account. In addition, personal loans have few spending restrictions. Given these two details about a personal loan, you can see how purchasing used farm equipment can be a breeze. Purchasing gently used farm equipment is a smart way to give items a new life while saving money.
What types of farm equipment can be financed with a loan?
Personal loans are a flexible lending product that can be used for most farm equipment. Before applying for a personal loan you may want to determine the cost of equipment. This can help you determine how much you need to borrow. Since personal loans are funded as a one-time lump sum you’ll want to get approved for the appropriate loan amount. If you need to access funds on an ongoing basis, a line of credit may be a more suitable option. Here are some types of farm equipment you can finance with a personal loan.
- Pole barn
- Arena
- Tractor
- Excavator
- Garden supplies
- Lawnmower
- Soil/dirt
- Shed(s)
- Drag
- Seed drill
- Cutter and shredder
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What can I do with a $8,000 personal loan?
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Do I need collateral for a farm equipment loan?
Personal loans are typically unsecured meaning they do not require collateral or a down payment. Instead they are based on the creditworthiness, or likelihood of repaying. While removing the need for collateral can reduce the risk for the borrower and help more qualify, there can be downsides too. Personal loans may have a higher cost of borrowing compared to secured loans (loans that require collateral). In addition, the requirements to qualify may be more strict since there’s more risk for the lender without collateral.
Are there government-backed loan programs for farm equipment?
Farming is extremely important and therefore the government makes efforts to help farmers succeed. The Farm Service Agency (FSA) and United States Department of Agriculture (USDA) can offer loans to help finance equipment.
How long are farm equipment loan terms?
Repayment periods for farm equipment loans can vary, with periods up to 12 years, depending on credit score, available in some cases. As you compare offers you may notice a variety of repayment periods offered affecting the total loan cost and installment. Longer repayment periods are usually intended for larger personal loans.
What documents do I need to apply for a farm equipment loan?
The first step toward getting a farm equipment loan is usually to get pre-qualified. In some cases, the lender may solicit you with the pre-qualified offer. In either case, once you accept the offer you’ll complete the underwriting process to obtain approval. During the underwriting process a lender may require supporting documentation such as identification, proof of income, and more. Ensuring that the information submitted matches the documentation submitted can help ensure your loan is approved without any problems.
Why choose Acorn Finance for farm equipment loans?
In a nutshell, at Acorn Finance we simplify the process of checking real personal loan offers - the kind you actually qualify for. By submitting some personal information, you can check rates in seconds from our top national lending partners. With no credit score impact and the flexibility to return for valid offers when you’re ready, you can take your time making decisions. For those that are ready to move faster, simply accept the offer of your choice and proceed with the lender. Our lending partners can fund approved loans in as little as 1-2 business days, although funding times may vary.
Plow through the loan shopping process. . . check offers from top national lenders at Acorn Finance!
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