Tractor Financing Tips

Tractors are incredibly durable and long-lasting pieces of equipment and are key to the success of farms and ranches all across the nation. However, valuable machines like these don’t come cheap, and we strongly recommend reading through our helpful financing tips below to ensure you can get your hands on your new equipment sooner rather than later.

Raise Your Credit

If you’re looking to get a good loan for your tractor, you’ll need to take some time to raise your credit score. While it is possible to qualify for tractor financing with bad credit, it will likely end up costing you more in the long run. To quickly raise your credit score, we advise using 10 percent or less of your credit card’s available credit limit each month and paying off the bill in full once it’s due. You’ll also want to try and reduce the amount of debt that you have by making regular payments and—if you have old debts you’ve already paid off—we advise calling your bank to see if you’re eligible to have them removed from your record to help increase your score.

Save Up for a Down Payment

If you plan to finance your new tractor, you’ll be expected to pay a down payment on your equipment. While the amount you’re expected to pay can vary depending on the cost of your equipment and the dealership you shop with, the higher your down payment is, the better your loan offer will be, and we recommend saving up as much as you can before you begin applying for financing.

Searching for affordable and convenient tractor and farm equipment financing in the state of Texas? Then be sure to stop here at J5 Tractors! Our locations in Conroe, Navasota, Buna, and Normangee, TX all offer convenient financing services for you to take advantage of, as well as expert advisors to help you through the application process, and we look forward to assisting you with all of your important agricultural equipment needs.