A tractor working in the fields.

Tractor Financing

Tractors are pricey and for most people, financing is the way to go when it is time to purchase. If you have bad credit, this can be tricky. At Loan Monkey, we give you access to a huge network of lenders and one of them may be able to make you an offer for the money that you need. Find out in just a few minutes.

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Infograph on the bad credit tractor financing process.

Get An OfferHow Does It Work

How Does It All Work?

For starters, you should know that Loan Monkey is not a direct lender and this is a good thing for you. With a direct lender, you are obviously only applying with one single lender. If you do not meet their requirements, you get turned down and that is it. If you have bad credit, this can be frustrating and a huge waste of time.

It is easier to get an approval with the help of Loan Monkey because we give you access to a huge loan network. More lenders means more chances of getting an approved loan offer. If you are ready to get your tractor loan offer, here is how it all works.

Getting Your Quote

It takes just a few minutes to get your tractor loan offer and all that you need to enter is some basic information.

  • First, you need to fill in the quote form at the top of the page. It needs just some basic information about you and your source of income.
  • Second, submit your quote form to the loan network and wait a few minutes for your offer.
  • If approved, you will now be forwarded to your lenders website so that you can review your offer. Take the time to carefully review all of the loan details.
  • Now just make your decision. Accept the loan and money can be in your account as soon as the next business day. Decline and simply walk away with no obligation.

That is it, one of the simplest ways to get a loan offer even if you have bad credit.

Installment Loan Benefits

Getting an installment loan has a lot of benefits over dealership financing.

For starters, it is often much easier to get an approval for an installment loan from a lender network. Dealer financing can be tricky to qualify for if you have less than perfect credit. They often have stringent requirements and if you do not meet them, you get turned down and that is it.

With a lender network, you have more lenders and more sets of requirements. This gives you more opportunities to get that tractor financing.

Another benefit is that you will get your money in cash. If you get an approved offer and decide to accept it, your lender will deposit the money directly into your bank account. That in turn makes you a cash buyer.

When you are a cash buyer, you are not stuck working with one dealer. You can shop your business around so that you get the best deal on the tractor you need. It also means that you can select any model and brand that you like.

Another benefit of being a cash buyer is that you can explore the used market. Potentially save up to 5000 dollars on the model that you are looking for by going with a lightly used tractor. That or buy a more powerful model used. A model that you might have not otherwise been able to afford if you had to buy it off the lot.

Plain and simple, cash gives you options.

Why A Tractor

If you have an agricultural need, this is a simple answer. You need it to make a living and to work your land.  For others, the need is not so cut and dry but there are definitely some times when you need to step up to a tractor.

Stepping Up To A Tractor

If you have more than two acres, it may be time to start thinking about a tractor. Any less than that and you can probably make do with a zero turn mower or even a large riding mover. Over five acres and a tractor starts becoming almost mandatory.

There are a number of benefits to owning a tractor for non agricultural use. For starters, it allows you to cut larger swathes of grass in a fraction of the time of even a zero turn.

One of the biggest benefits to a tractor though is the ability to use attachments. Turn up soil, dig fence post holes and move hay bales with ease. All because of the versatility of a tractor and the available implements.

Making Your Financing Decision

Once you get your loan quote, you need to think carefully about whether or not the loan is for you. If you need the tractor to work and a loan is the only option, the decision is probably quite easy.

If a tractor is more of a want than a need, the decision is not so clear cut. A bad credit loan comes with high fees and interest. Weigh the total loan cost against the benefits and then look to see if you have other options that might make sense to you.

If the cost of the loan makes sense to you, do one final thing. Make sure that you can fit the loan monthly payment easily into your budget. If not, you need to make some budget cuts, find a way to increase your income or simply turn down the loan.

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James Car is a finance, loan and budget expert based in the United States. After attending Brookhaven college, he went on to become a successful entrepreneur. He now enjoys writing articles that help people save and make the most of their money.