Farmers don’t need anyone else to tell them why farming is important. If you are a farmer, you know the importance of what you do, and likely feel under appreciated.
What you may need, however, is convincing that there is no need to “make do” with equipment that is old, broken, or doesn’t work properly just because you think you can’t get a loan. Funding for agricultural equipment is available.
Why it Matters
Unfortunately, some farmers are being too frugal in an effort to be responsible. They may be using equipment way past its prime for the simple reason that they do not want more debt. They may also feel that they cannot get more credit. While it is possible that this is the case, and each situation is different, agricultural equipment financing is a different beast. There are lenders that understand the nature of farming, and they know that a farmer using bad equipment could affect the economy. Higher repair costs due to old machinery, or unnecessarily high fuel costs due to a gas-guzzling old tractor, could drive up the cost of food. That is not good for anyone.
What to Do
Look for equipment financing designed specifically for agricultural equipment. There may even be special programs for farmers offered by some lenders. Make some calls, ask around, and see what is available.
Don’t just stay local either. While your local lenders may offer good options, it is possible that you could find better terms or rates online. Shop around and compare. Biz2Credit.com can make this step a little easier by using information gathered on a simple form — one that takes just minutes to complete — to connect with more than 1,200 lenders in our network.
Borrowing money gets a bad rap. While irresponsible debt is never a good thing, farming is a business, and financing is sometimes a necessity. If your tractor or bush hog breaks down, you cannot wait very long to buy a new one. The whole business stops, and no money is made until the equipment is replaced! Borrowing is necessary, and it is okay. Don’t think otherwise. For those times when borrowing is a necessity, Biz2Credit can help. Visit us today at Biz2Credit.com to learn more.