Tractor loans financing is a way to purchase a tractor by making payments over time.
Tractors are quick, flexible, hassle-free, and ideal for carrying out daily duties that keep the farm functioning. Avail a tractor loan to fund the purchase of a new tractor and other agricultural equipment with Farm Equipment Finance.
When it comes to financing a tractor, there are a few options to consider. One option is to take out a personal loan from a bank or credit union. Another option is to finance the tractor through the dealership where you purchase it. There are also a number of online lenders that offer loans for farm equipment. The best option for you will depend on factors such as your credit score and the total cost of the tractor.
Commercial Tractor Loan Documents
- Land Ownership Proof
- Address Proof: Aadhaar Card or Any one Voter ID / Passport / Driving License
- 3 months' bank statement
- CV 12 months track record
- Identity Proof: Aadhaar Card or Any one Voter ID / PAN Card / Driving License / Passport
FAQ
Bank aims at reducing the financial burden of making the heavy investment of purchasing a new tractor. Thus, with our Tractor Loan, you can avail funds that go as high as 90% of the total value of the vehicle you are buying.
Generally speaking, Tractor Loans are agricultural loans since they vehicle are primarily used in that sector of the economy. However, you can also purchase a tractor for using in your business operations. They are also considered to be term loans as the borrowed amount has to be repaid within a specific period of time.
Credit score is a criteria considered by most lenders while approving Tractor Loan approvals. Usually, a credit score of 680+ is considered to be healthy enough. However, in certain cases, even applicants with scores as low as 520 have been able to avail of tractor financing. It is best to check with the lender in question with regards to your specific situation to get a clearer picture