I sell a lot of stuff on contract. Everything has terms spelled out. Generally speaking, if its a year or less term I charge but dont assess interest unless the payments are late or the buyer runs long. For example, I sold serveral loads of hay this year 90 days same as cash. For the 90 days the payments are 10 percent of the balance due each month with a balloon at the end. Interest accures from day one at 18 percent APR which is maximum legal interest in my jurisdiction but, if the balloon is paid in full on time the interest is waived. If not or if they then need longer terms the interest has already been compounding.
On land sales where I hold the first mortage I charge prime plus 4 percent fixed with 25 percent down. For each percent less down adds one half of one percent to the interest rate. Since these are mostly building lots and I want them built on pretty quick they are set up with monthly payments on a 20 year schedule with a balloon at the end of 4 years to pay off the full amount.
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Today's Featured Article - Women and Tractors, A Woman's Touch - by Teri Burkholder. I thought I would give you a little background on how I got myself hooked on tractors and their restoration. My family is a very "crafty" bunch of people. By crafty I mean good with crafts!! My Dad is a retired industrial engineer from Bucyrus Erie which made big shovels for excavating and he is also a wonderful wood worker. My mom and my "guardian angel" has had her own ceramic shop for 30 years and is an excellent painter. With these skills always active in our house it was hard not t
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