Yesterday's Tractor Co. Shop Now
   Allis Chalmers Case Farmall IH Ford 8N,9N,2N Ford
   Ferguson John Deere Massey Ferguson Minn. Moline Oliver
Classified Ads
Photo Ads
Tractor Parts

Discussion Forums
Project Journals
Tractor Town
Your Stories
Show & Pull Guide
Events Calendar
Hauling Schedule

Tractor Photos
Implement Photos
Vintage Photos
Help Identify
Parts & Pieces
Stuck & Troubled
Vintage Ads
Community Album
Photo Ad Archives

Research & Info
Tractor Registry
Tip of the Day
Safety Cartoons
Tractor Values
Serial Numbers
Tune-Up Guide
Paint Codes
List Prices
Production Nbrs
Tune-Up Specs
Torque Values
3-Point Specs

Tractor Games
Just For Kids
Virtual Show
Museum Guide
Memorial Page
Feedback Form

Yesterday's Tractors Facebook Page

Related Sites
Tractor Shed
Ford 8N/9N Club
Today's Tractors
Garden Tractors
Classic Trucks
Kountry Life
Using Your Tractor & Crop Talk

Discussion Board - Re: line of credit

[Show Entire Topic]  

Welcome Guest, Log in or Register
Author  [Modern View]

02-20-2014 06:33:59

Report to Moderator

If you have a good plan and decent credit you"ll be fine. One thing I have noticed is that part-time farmers tend to wait until they NEED an opperating loan before they go and try and get one. I would suggest it"s easier to start with a small opp loan when you may not techinically even need it so that you build a good relationship with a banker before you hit them up for big money. With that said, my experience is that bankers love farmers with off farm jobs. The other thing that they like is row crops. If you have row crops they will require you to have federal crop insurane so they know that they have themselves covered. The hay will be the hardest part to finance most likely since there is no insurance. Some bankers might want detailed production history and sales records from the past years on the hay since it has no federal crop insurance paper trail.

I firmly beleive everyone that is farming on any scale needs a good relationship with there banker. However that doesn"t mean you should borrow all your money from them either. Get a line of credit approved at the bank FIRST and then start checking rates on supplier financing. In this age of low interest rates there is no reason to finance things like seed through a bank if your at all limited on your credit line. All the major seed companies offer some form of financing that will be cheaper than what ever your bank is charging. And from what I have seen, they have very low credit standards. Similar many fertilizer dealers have similar financing as well. Usually these kind of input finance deals are ran through farm plan or a similar company.

Like Jim mentioned in his post, paperwork is part of the deal with any loan. A balance sheet, projected cashflow/budget, and Previous years income/expense statment are the minimum. Some, but not all lenders like a marketing plan. And their is some variation in how each individual lender wants the documents prepared. For example FSA has some quarks about their Balance sheet compared to how my local bankers wants it. So talk with any prospective banker and see just EXACTLY what each requires and how they want it prepared.

Finally if all else fails at the local banks FSA will give you an opperating so long as you have a good plan. However they have MORE papar work than what a typical bank will require and there are some headaches. But even the headaches, FSA is still worth it for their low interest rates compared to other last choice lenders.

[Log in to Reply]   [No Email]
[Show Entire Topic]     [Options]  [Printer Friendly]  [Posting Help]  [Return to Forum]   [Log in to Reply]

Hop to:

Fast Shipping!  Most of our stocked parts ship within 24 hours (M-Th). Expedited shipping available, just call! Most prices for parts and manuals are below our competitors. Compare our super low shipping rates! We have the parts you need to repair your tractor. We are a company you can trust and have generous return policies. Shop Online Today or call our friendly sales staff toll free (800) 853-2651. [ About Us ]

Home  |  Forums

Copyright © 1997-2018 Yesterday's Tractor Co.

All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy

TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.

Yesterday's Tractors - Antique Tractor Headquarters