Re: Equipment Loans

Posted by robhkent on November 30, 2006 at 18:46:32 from (209.131.239.65):

In Reply to: Equipment Loans posted by Youngfarmhand on November 30, 2006 at 18:23:20:

First and most important question, do you have a relationship with your local banker? I watch people come in and out of our bank daily that I wouldn't loan $10 to. The loan officers know these people, and know (mostly) whether they will pay or not.

The sooner you establish a good relationship with a Good banker, the better your terms will be. All bankers also want all of your business, we want your loans, your checking account, and your savings account.

Current terms are going to vary from 6.5% to 12%-14% depending upon your credit, your job, all the usual stuff. The length of the loan depends upon what the equipment is, how old etc.. the up side is that many ag loans are set up on an annual or biannual basis.

Don't even think about going to one of the big chain banks, the big banks care very little for the small "starter" loans. Look for a local bank that has a stake in your communitty, they have an interest in whether or not you succeed.

Rob

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