Your Guide to Financing Agricultural Equipment

Agricultural equipment is incredibly important, and few farmers have the time to sit on their hands and slowly save up for a piece of machinery. While financing your equipment will ensure you have exactly what you need to get your farm ready for the upcoming season, you don’t want to rush into a loan with high-interest rates or an exceptionally long-term length. For tips on how to get a great loan for your agricultural equipment and avoid breaking the bank be sure to read over our helpful financing tips below. 

Prep

While taking out a loan doesn’t have to be a complicated process, to ensure you’re getting the best offer available, you want to make sure to take some time to prep for your applications. Be sure to take some time to save up enough money for a down payment, get your credit score as high as possible, and remember to set a budget based on your monthly income and expenses. Once all of this has been done, go ahead and grab your documents—including proof of ID, income, and address—to get started on your applications!

Apply

When applying for agricultural equipment financing, we strongly encourage you to research your lenders diligently. Different institutions, such as banks, dealerships, and online lenders, will all have different rules on lender qualifications and loan conditions. To ensure you’re getting the best offer for your needs, we recommend applying with more than one lender and directly comparing your offers. Just be sure not to over-apply and end up damaging your credit score. 

Finding the right agricultural equipment for your farm isn’t always as easy as it sounds. Thankfully, we here at Magnum Power offer a versatile stock of amazing equipment for sale, as well as quick and convenient financing services. If you’re located in Clay County or Kansas City, Missouri feel free to stop by our location here in Lawson, Missouri anytime to speak with one of our helpful sales staff about buying, financing, or trading in a piece of agricultural equipment.