What is the average interest rate for equipment loan?
What kind of loan can I get for a tractor?
USDA Loans
A farm equipment loan can be used to buy mowers, tractors, and just about any kind of farming equipment you need.
How hard is it to get a loan for a tractor?
The best tractor financing programs require credit scores over 680 but there are programs in the marketplace for most credit profiles. Often, tractors can be financed with FICO scores all the way down to 500 based on cash flow, collateral, or other factors.
What is the interest rate on equipment?
Equipment financing rates and terms
Repayment terms and interest rates on equipment financing can vary depending on the lender, your business's qualifications and how long the equipment you're purchasing is projected to have value. Anecdotally, equipment financing interest rates range from 4% to 30% APR.