Re: Tractor Financing - Where do I go?

Posted by junkmagnet on October 20, 2002 at 13:01:09 from (12.17.67.21):

In Reply to: Tractor Financing - Where do I go? posted by Dave on October 20, 2002 at 06:39:18:

Most dealers have a deal worked out with banks in the area. The bank will chage you or the dealers say 8%, but dealer will arrange finacing for you and he gives it to you for 8-1/4%. Each month you pay the bank the loan amount with the 8-1/4% interest and the bank then pays the 1/4% back to the dealer, it's called a reserve. All dealers I don't care what they sell, cars, tractors etc do this. Once in a while the dealers are lower so use them. I use my local bank when ever I need a loan. Best thing to do is find a bank with a loan officer you like and trust and keep your business there. That way when you need something a simple phone call is all that is needed.

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