I stop to see a young Brother today, and see if he had any pork or beef in the freezer, since they farm an sell to the pubic. And ofcourse we got on about tractors and such, and here in lays the story. The boy has 2 larger L Kubota tractors and it has become appearent that the L is just not enough tractor for their needs. He approached our dealer and found a very lightly used JD, right around 100 hours, I forget which one. I think he said 85 or 95 hp. Well the kids and the dealer hooked up and they offered the kids a rather fair price for both of the "L"s and a very good price inthe green tractor. Groovey,,, now it seems that going through the big K they cant get the loan onthe green tractor,, why? They both have good credit scores, not behind on any payments and so on,, and the loan through the dealer came back,, insufficient credit history. Here 2 kids working their butts off , pay all their bills and because they havent been paying bills for 50 years they cannot get a loan on a used tractor,, somebody please explain why young farmers cant get started
Well I gota ask
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85Hokie
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BX-25D ,PTB. Under Armor, '90&'92-B7100HST's, '06 BX1850 FEL
Here is what they need to do ........... this is gonna sound crazy as shyte!
Get one of those credit cards that pays "points" ..... My wife convinced me to get the AMAZON chase card about 5 years ago........
charge EVERYTHING on the card ................... PAY OFF ALLLLLLL THE CARD at the end of the pay period........ALL OF IT , dont spend more than you can pay off!!!!
Then your credit is awesome and you now have the credit card company PAYING you to use their card!!!!!!!!
I buy a lot of stuff off amazon ....... probably too much "stuff" but........ I use the chase card to pay EVERYTHING..... car insurance, gas, food, you name it!!! At the end of the billing cycle I have the payment drafted off my account.... never have a balance at the end...........
so far this year ( well last 12 cycles) CHASE has paid me $296 ! AND I have paid zero to have card and zero in interest ....
this may not work for everybody - but it will get a no credit person credit in a hurry!
But I get cha Skeets - some what a pity you cannot buy something on credit UNTIL you have credit to buy on.
Same as the old adage ....... takes money to make money!!!
Get one of those credit cards that pays "points" ..... My wife convinced me to get the AMAZON chase card about 5 years ago........
charge EVERYTHING on the card ................... PAY OFF ALLLLLLL THE CARD at the end of the pay period........ALL OF IT , dont spend more than you can pay off!!!!
Then your credit is awesome and you now have the credit card company PAYING you to use their card!!!!!!!!
I buy a lot of stuff off amazon ....... probably too much "stuff" but........ I use the chase card to pay EVERYTHING..... car insurance, gas, food, you name it!!! At the end of the billing cycle I have the payment drafted off my account.... never have a balance at the end...........
so far this year ( well last 12 cycles) CHASE has paid me $296 ! AND I have paid zero to have card and zero in interest ....
this may not work for everybody - but it will get a no credit person credit in a hurry!
But I get cha Skeets - some what a pity you cannot buy something on credit UNTIL you have credit to buy on.
Same as the old adage ....... takes money to make money!!!
There are farm credit agencies set up to help finance in such situations. Its hard to feel sorry for your brother without first seeing a full credit report and so forth. Credit in America is as loose as a goose for the creditworthy in my opinion.
Magicman
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M4900 Utility Special 4WD e/w FEL & 1530 John Deere "Traveling Man"
No matter how worthy or honest anyone is, without a favorable credit rating, they may not get financing.
Rcflyer330
Active member
Equipment
Kubota B2650 Cab, B2779 Broom, B2782B Snowblower, RB1672 rear blade
Even with a favorable credit rating you may still get denied. I was denied i didn't have a long credit history (and a non favorable score) so i expected it. We added my dad (with just under an 850 credit score) and he was denied. Our plan was to build my credit but ended up paying 100% cash for the tractor and accessories.
All I will say is banks need to make loans. A loan is an asset and needs to be replenished as the loans are paid off. If banks don't loan money they go out of business. I work for a bank and the establishment of credit lines and loans to a bank is like breathing. Its the most important thing. Banking is very competitive. If you have good credit and the proper income to debt ratio its hard to believe a bank or credit union would not loan you money. Banking is highly regulated. If you conform to the standards you will get the money. Thats my experience.
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Both kids have good credit reports, so that is not the real issue,, the issue is they have no credit history. Therein lays the rub, banks will give you money for school, but not for the farm you are trying to keep going or trying to build, yet the pilgrims can get money from state agencies and have no credit or credit history no questions asked. He said if the farm wasnt the family homestead they would just walk away and get regular jobs. I guess it is all about money now and a mans word means nothing
Magicman
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Lifetime Member
Equipment
M4900 Utility Special 4WD e/w FEL & 1530 John Deere "Traveling Man"
My credit history began and continues only with credit cards.
Never had a bank loan, car loan, mortgage, never had debt.
But after years of CC use and like 85hokie, putting everything on the card, I have a credit score in the 800's.
When our daughter was a child, my wife made our daughter a user on her credit card account.
As a result of that foresight my daughter's credit rating began early on and today she too has a score in the 800's.
We also buy on our Amazon CC and earn back a few hundred buck a year.
Never had a bank loan, car loan, mortgage, never had debt.
But after years of CC use and like 85hokie, putting everything on the card, I have a credit score in the 800's.
When our daughter was a child, my wife made our daughter a user on her credit card account.
As a result of that foresight my daughter's credit rating began early on and today she too has a score in the 800's.
We also buy on our Amazon CC and earn back a few hundred buck a year.
Poohbear
Active member
Equipment
L3301 HST, LA525, LP shredder, BB1566 box blade, QH10, Worksaver pallet fork
You would be surprised how many folks " look & talk credit worthy " & cant afford to pay attention. When I was in the HVAC business My Distributor had a financing system & after a few years I just quit offering it as so many were rejected.
Thier local bank or Credit Union probably would give a better rate tha K if they really can qualify.
Poohbear
Active member
Equipment
L3301 HST, LA525, LP shredder, BB1566 box blade, QH10, Worksaver pallet fork
I blocked access to my credit history on the 3 Credit Bureau reporting firms. We have assets to a small amount & no debt . I did this after our CPA of 30+ years had a data breach
. I had forgot doing this until last year when we went in to buy a new car. We were declined due to no report available so I just cut a check
. I had forgot doing this until last year when we went in to buy a new car. We were declined due to no report available so I just cut a check
They just need to put more down. Nothing to it at all.
The bank sees a risk. Putting more down will alleviate that risk for them.
Banks will loan to bad credit and no credit history if you put enough down. My son wanted a co-signer on his first load. Instead, we lent him about 50% of what he was borrowing and he put that down, loan was issued the next day. Nothing to it. He now also has very strong credit.
The bank sees a risk. Putting more down will alleviate that risk for them.
Banks will loan to bad credit and no credit history if you put enough down. My son wanted a co-signer on his first load. Instead, we lent him about 50% of what he was borrowing and he put that down, loan was issued the next day. Nothing to it. He now also has very strong credit.
I guess trading in 2 Kubota tractors, isnt enough, and really after you did that theres not much more these kids can do, SO putting more down is not really an option. And like I said they both have good credit just no history so to speak, but then I guess not many 20 some year olds do
Rocks 101: Gold and silver is found among rocks and is so-rare it represents wealth and is used for valuable transactions.
Something is for sale. Someone wants something. That someone pays for the something and then owns it.
Seller has high price on something and Someone hasn’t got that much so Seller takes partial-payment and loans the rest until buyer comes up with the additional.... title to the something is retained until it is paid in-full.... and thereby “Credit” was invented.
Paper 101: Carrying around large amounts of cash is troublesome and heavy so “paper” is used to represent real money. The paper is called “checks” ”greenbacks” or “credit”.
This credit system is so good for Sellers, the only drawback being the time necessary to complete the deal that “fast credit” is thought desireable... so some persons (often called “shysters” invent PLASTIC to replace PAPER and call it “Credit Cards”.... and thereby “credit ratings” are invented. Credit cards themselves actually become the merchandise And are marketed to anyone-and-everyone until the system breaks-down.
Scissors 101: Scissors Cut-Off ordinary people from the sellers addicted to Plastic Credit Cards who have forgotten buyers no longer have large amounts of Rocks ... and Buyers have forgotten that banks are the original lenders who sell Paper-money on credit.
Solution: Brothers should tell Seller to retain Title and the two “L’-Kubotas” until JD is paid-in-full... OR... Brothers should go to Bank and arrange for Paper for Seller to hold while Bank holds Title to JD until Bank is paid in full.
Something is for sale. Someone wants something. That someone pays for the something and then owns it.
Seller has high price on something and Someone hasn’t got that much so Seller takes partial-payment and loans the rest until buyer comes up with the additional.... title to the something is retained until it is paid in-full.... and thereby “Credit” was invented.
Paper 101: Carrying around large amounts of cash is troublesome and heavy so “paper” is used to represent real money. The paper is called “checks” ”greenbacks” or “credit”.
This credit system is so good for Sellers, the only drawback being the time necessary to complete the deal that “fast credit” is thought desireable... so some persons (often called “shysters” invent PLASTIC to replace PAPER and call it “Credit Cards”.... and thereby “credit ratings” are invented. Credit cards themselves actually become the merchandise And are marketed to anyone-and-everyone until the system breaks-down.
Scissors 101: Scissors Cut-Off ordinary people from the sellers addicted to Plastic Credit Cards who have forgotten buyers no longer have large amounts of Rocks ... and Buyers have forgotten that banks are the original lenders who sell Paper-money on credit.
Solution: Brothers should tell Seller to retain Title and the two “L’-Kubotas” until JD is paid-in-full... OR... Brothers should go to Bank and arrange for Paper for Seller to hold while Bank holds Title to JD until Bank is paid in full.
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I am reading a great book right now, "TITAN; The life of John D. Rockefeller, Sr". I assure you it has always been about money. Its what governs our society to a large degree. Like it or not it will probably always be about money, despite the current views in our nations capital. Ask me why a building is where it is. Its about money. A car dealership? Money. I rest my case.