Pay for the equipment you need, when you need it.
If you’re taking steps to mitigate risk this year, you may be considering ways to boost your productivity while operating on a lean budget. Purchasing and maintaining older model self-propelled farm equipment could help you achieve your financial goals.
The information below will help you make an informed purchasing decision whether you need a tractor, sprayer, combine, or other equipment. We’ve also outlined financing options for new and used equipment.
Narrowing your used equipment search by horsepower, model year, or manufacturer can help you find dependable machinery, but keep in mind that even the most trusted brands may not work properly if their previous owner did not conduct regular maintenance and repair.
Below are some examples of popular ag equipment:
Tractors | Combines | Sprayers | Forage Harvesters |
John Deere 8R Series: Known for reliability and advanced technology Suitable for a variety of farming tasks | John Deere S700 Series: Advanced automation and precision farming features Excellent grain handling and threshing capabilities | John Deere R4038: High clearance and advanced spray technology Suitable for large fields and precise application | John Deere 9000 Series: High-capacity and advanced chopping technology Suitable for large-scale forage operations |
Case IH Magnum Series: Offers powerful performance and comfort Ideal for large-scale farming operations | Case IH Axial-Flow 250 Series: Known for gentle grain handling and high capacity Suitable for a wide range of crops | Case IH Patriot Series: Offers excellent stability and precision Ideal for various crop protection tasks | Claas Jaguar Series: Efficient and reliable Known for excellent forage quality |
New Holland T7 Series: Versatile and efficient Good for both fieldwork and transport tasks | New Holland CR Revelation Series: Twin rotor technology for high efficiency Great for high-yielding crops | Hagie™ STS Series: Known for versatility and high clearance Great for late-season applications | New Holland FR Forage Cruiser Series: Powerful and versatile Great for a variety of forage crops |
You can research and consult with other farmers to find more examples of manufacturers and farm equipment models that could meet your operational needs.
Not sure where to start your search? Here’s a list of where to find farm equipment for sale.
Whether you’re purchasing new or used farm equipment, it’s important to do your research. Below are some important considerations when purchasing older ag equipment.
Assess the current condition of the equipment and review its maintenance history. Well-maintained equipment can be a good investment, even if it's older.
Consider the potential costs of repairs and parts replacement. Older equipment may require more frequent maintenance, which can add up over time.
Evaluate whether the equipment’s technology is outdated. Newer models might offer better efficiency, fuel economy, and features that could justify a higher initial investment.
Check if the equipment can be insured and if any warranties are available. Some older equipment might not be eligible for extended warranties.
Understand the depreciation rate of the equipment and its potential resale value. Older equipment may depreciate more slowly, but it’s important to know its market value.
Purchase from a reputable dealer or seller to ensure you’re getting a fair deal and that the equipment is as described.
Shop around and compare interest rates and terms from different lenders.
Understand the tax implications of purchasing older equipment. There may be different tax benefits or deductions available for new versus used equipment.
Having consistent, sufficient income improves the likeliness of a loan approval. As well, a good credit score can help secure better financing terms.
Want to know what red flags to look for during the purchasing process? Download the free Equipment Purchase Checklist.
It’s important to be aware of common wear parts on self-propelled equipment. If you’re considering buying used equipment, you’ll know which components to inspect before making an offer and can use those insights to assess future performance or potentially negotiate better pricing. If you own equipment, knowing common wear parts can guide regular maintenance, prevent unexpected breakdowns, and extend equipment lifespan.
Download our free guide How to Negotiate Ag Equipment Prices Like a Pro.
Here are ag equipment parts that most often wear out and how to spot potential issues:
Belts: Cracking, fraying, glazing, or stretching
Hoses: Cracks, leaks, bulges, or soft spots
Filters: Clogging, reduced performance, or visible dirt
Blades and Cutting Edges: Dulling, chipping, or uneven cutting
Tires and Tracks: Tread wear, cuts, punctures, or uneven wear
Bearings and Bushings: Noise, vibration, or excessive play
Chains and Sprockets: Stretching, rust, or worn teeth
Seals and Gaskets: Leaks, cracks, or hardening
Brake Components: Squealing, reduced braking performance, or visible wear
Electrical Components: Corrosion, frayed wires, or blown fuses
Hydraulic Components: Leaks, reduced performance, or unusual noises
Clutch and Transmission Parts: Slipping, grinding, or difficulty shifting
Financing older model equipment can be a viable option if you’re looking to expand your operation without the high cost of new machinery. Here are several ways to finance new and used equipment:
FBN Finance
FBN Finance can finance new and older used equipment, which many local banks do not do. We also have the ability to offer cash refinances on qualified equipment (no blanket liens) and flexible repayment options. Learn more here, or continue reading for more details.
Looking to buy used farm equipment? Check out the For Sale section of the FBN® Forum.
Banks and Credit Unions
Many financial institutions offer loans specifically for agricultural equipment, including . both new and used equipment.
Operating Leases
Operating leases allow farmers to use the equipment for a specified period without owning it. At the end of the lease, the equipment is returned to the leasing company.
Finance Leases
Finance leases are similar to a loan, where the farmer makes payments over time and typically has the option to purchase the equipment at the end of the lease term.
When should you lease vs. buy farm equipment? Find out in this blog.
Manufacturer Programs
Some equipment manufacturers offer financing programs for used equipment through their financial services divisions. However, subsidized low-rate financing on older equipment is uncommon.
Dealer Financing
Many equipment dealers have partnerships with financial institutions to offer financing options for used equipment. They may also offer in-house financing.
Trade-In Programs
Some dealers offer trade-in programs where farmers can trade in older equipment as part of the down payment for newer used equipment.
Personal Loans
Farmers can use personal loans to finance equipment purchases. These loans may have higher interest rates compared to specialized agricultural loans.
Lines of Credit
A line of credit provides flexible access to funds, which can be used to purchase equipment as needed. Interest is only paid on the amount borrowed.
Auction Financing
Some auction houses offer financing options for equipment purchased at auction. This can be a convenient way to finance older model equipment.
FBN Finance offers term loans, leasing, and equipment lines of credit tailored to the needs of farmers. Our equipment financing can be used to finance new or used agriculture equipment, including:
Tractors and combines | Application equipment | Balers | Implements | Semi-tractors |
Forage harvesters | Windrowers | Irrigation equipment | Skid steers | Grain trailers |
We have great interest rates, which can help reduce the overall cost of financing older equipment, and offer flexible loan terms to help meet your specific needs, including various repayment schedules. Use the FBN Equipment Loan Calculator to see personalized loan options.
We even offer instant approvals through our digital application process, helping you secure financing quickly, along with personalized support from our financial experts.
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Financing offered by FBN Finance, LLC and its lending partners. Available where FBN Finance, LLC is licensed. Terms and conditions apply. To qualify, a borrower must be a member of Farmer’s Business Network, Inc. and meet all underwriting requirements. Interest rates and fees will vary depending on your individual situation. Not all applicants will qualify. NMLS ID: 1631119.
The information provided by FBN's finance calculator is provided solely for your convenience, and is for illustrative purposes only. The information is not guaranteed and actual rates, payments, and other loan variables may differ based on your individual circumstances, as well as the underwriting policies and procedures of our lending partners. This finance calculator does not pre-qualify you for any loan program, nor does it constitute a loan application, and we have no obligation to extend an offer of credit based on the information provided by this tool. The finance calculator does not constitute investment or financial advice, and we shall not be responsible for any losses stemming from the use of, or reliance upon, calculations or conclusions reached using this tool.
Written by Norm℠, reviewed and edited by Stephanie Nikolopoulos.
This content was generated with the assistance of Norm℠, FBN’s artificial intelligence (AI) Ag Advisor, based on a dataset of information containing general industry best practices and research. The AI model did not use specific external sources to generate this content. Our process involves using AI to aid human subject matter experts with the initial drafting and/or refinement of content.
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