Tractor Equipment Financing and Leasing
Providing the best advice and solutions for small and medium-sized businesses looking for tractor financing and leasing opportunities.
Tractor Equipment Financing and Leasing
Charter Capital has been in the equipment financing industry for more than 40 years. We have worked with thousands of small to large farms that need tractor financing and leasing assistance, matching them with the best sources of funding available.
With more than 20 trusted lenders in our network, we guarantee that we can find you an equipment financing partner who can support your business as you scale and evolve. We understand how important it is for a growing business to have a stable source of funding when the need calls for it. This is why the financing partnerships forged through Charter Capital’s assistance are built to last for many years.
We can help you finance all models and sizes of tractor equipment for any type of business. We also provide support for all kinds of agricultural equipment.
With an experienced financial broker like Charter Capital by your side, you can be confident about acquiring the best types of tractor equipment that will support your growth needs. Contact us today to speak with our team about the best tractor financing and leasing options that are available.
Some of our customers...
- are interested in the lowest rate.
- are interested in a specific tax treatment.
- want to avoid breaching existing lending covenants.
- are interested in the longest term.
- are interested in getting reimbursed for equipment they have already paid for.
- want seasonal or other cyclical structures.
- want to finance software.
- want us to give the seller a deposit before the equipment is shipped.
All of our customers want a fair deal at a fair price and no surprises.
Tractor Equipment Financing and Leasing Options
Farm equipment consists of some of the most expensive machinery, with some priced by the thousands to hundreds of thousands. Because of this, small to medium farmers are often hard-pressed to find the extra funding they need to purchase equipment that will help them scale while operating their businesses.
Fortunately, there are now several options that farmers can consider to acquire their agricultural equipment needs. If you are a farmer looking to purchase equipment to support a new type of product or to replace near-retiring machines, the first question you should ask when considering a loan is this: are you going to finance the purchase, or are you going to lease it?
Equipment financing means you own the machine once the loan has been paid off. With a lease, you either give it back to your lender when the lease period ends or make a balloon payment to buy it.
Let’s say you’re looking to finance a new tractor. Leasing may be the sensible option if you are looking to use the tractor for the short term or intend to upgrade it after several years. However, the disadvantage to leasing is that you can’t write your tractor off on your taxes. If you are buying a tractor that you would most likely need for the long haul, then you’ll be better off with financing.
Loan terms for tractors and other farm equipment typically range from 12 months to seven years, depending on your arrangement with your lender. Charter Capital can help connect you with the lender that has the best financing or leasing terms, so you spend fewer resources and effort poring over paperwork and comparing offers and gain more time for actually growing your business.
Tractor Equipment Financing With Bad Credit
Having poor credit can limit your tractor financing options, making it difficult for you to move forward on your growth and expansion plans. In your search for the right financing provider, you will likely find lending agencies that guarantee loans regardless of your financial history or promise to have your back in exchange for something. Don’t fall into the trap too easily.
Getting approved for an equipment financing loan might be challenging for someone with bad credit, but that doesn’t mean it’s impossible. Here are some lender red flags that you should watch out for.
1. The lender guarantees 100 percent approval, regardless of your financial situation.
Part of the lending company’s protocol is examining your credit history to determine how much of a risk you would be. If a company promises to lend you the money you need without so much as glancing at your financial background, they’re not honest with you. There are lenders that do release funds even to those with bad credit, but they have to be upfront about the caveats.
2. The lender seems to be in a hurry to have you sign contracts.
A reputable lender will present several options to you and provide sound advice on the pros and cons of each choice. If you feel that the company is rushing you to sign the first deal that comes by, pack up and walk away.
3. The lender is asking you to pay them first before they help you.
These fees can come disguised as processing fees, application fees, or whatnot. Any provider that requires you to put money down first before anything is dubious. To ensure that you’re working with the right financing partner, here are some questions to ask before signing anything.
Equipment financing companies like Charter Capital can help you get the tractor loan you need, even if you have a bad credit history. Charter Capital can help look for lenders that provide the most affordable and sound arrangements for your situation so that you don’t end up with even more debt. Our mission is to help growing businesses weather challenging times, so we make it our goal to find the best financing partner who can support you every step of the way.
Contact the Charter Capital team today to start working together towards a bright future for your farm business. We’re more than happy to share all the available tractor financing and leasing options with you.