Farm Equipment Financing to Power Your Farm
The right equipment is key to a successful ag operation, but new equipment can be prohibitively expensive for farmers. Farm equipment loans can help.
From tractors and harvesters to hay balers and plows, the right equipment can make all the difference in maximizing yields and minimizing labor costs. But purchasing new — or even used — equipment outright can be extremely costly for farmers.
Farm equipment loans can help farmers buy the equipment they need to improve efficiency in their operations — without putting a strain on current budget or cash flow.
FBN Finance is a trusted provider of agricultural financing solutions, including farm equipment loans. We have a team of experts with years of experience in the industry, and we understand the unique needs of farmers.
When farmers work with FBN Finance, they can expect a seamless and streamlined online application process before being connected with a dedicated loan advisor who will guide them through the process from start to finish. With great rates and flexible repayment terms, FBN Finance applies a Farmers First® mindset to help qualifying growers and producers get the equipment they need to run a successful ag operation.
Terms
FBN equipment loans have terms of up to seven years and require:
A minimum loan amount of $25,000
As little as 0% down payment (monthly)
Instant Approvals
With instant approval* on equipment loans from FBN Finance, farmers can get an instant decision to expedite financing and be more competitive in a seller’s market.
With an instant approval*, farmers can likely receive funding faster because they don’t have to fill out lengthy application forms or wait weeks for paperwork to be reviewed. This is especially critical for farmers who need urgent funding to purchase equipment and get back to running their farm.
Farmers can apply virtually anywhere by using a laptop or phone. This is a huge advantage for those who don't have the time to travel to the bank.
Interested in financing other areas of an operation? FBN Finance also offers instant approvals* for qualified farmers on operating lines under $1 million and land loans up to $2.5 million.
Calculate Your Equipment Loan Payment
Adjust the loan amount and credit score to see personalized loan options.
What Is an Equipment Loan?
A farm equipment loan is a type of loan specifically designed to help farmers purchase the new or used equipment they need to run their ag operation. Whether a farmer is looking to buy new equipment, update existing equipment or replace outdated equipment, a farm equipment loan can help spread out the cost over several years, making it easier to manage farm cash flow and enabling the farmer to improve their operation without having to pay for it all upfront. Click below to learn how farmers can expense the interest on their taxes.
What Can Equipment Loans Be Used For?
Equipment loans can be used to finance a wide range of farm equipment, including tractors, combines, irrigation systems, and more. These loans can also be used to purchase either new or used equipment, depending on the borrower's needs. For example, equipment loans can be used to:
Purchase new or used tractors, combines or other farm equipment
Upgrade or replace existing equipment
Purchase irrigation systems or other farm infrastructure
Finance equipment repairs or maintenance
How Can Farmers Qualify for an Equipment Loan?
To qualify for an equipment loan, farmers typically need to have a good credit score and a solid financial history. There may also be minimum requirements for the amount of the loan and the type of equipment being financed.
In most cases, farmers will need to provide proof of 3-5 years of Schedule C or F income. Equipment loans are typically secured by the equipment itself, meaning that if the borrower defaults on the loan the lender can repossess the equipment.
What Documentation Is Required to Secure an Equipment Loan?
To secure an equipment loan, farmers will typically need to provide documentation that could include financial statements, tax returns, and proof of insurance. The specific requirements may vary depending on the lender and the type of loan being applied for.
Ready to Apply for an Equipment Loan from FBN Finance?
Ready to Apply for an Equipment Loan from FBN Finance?
If an equipment loan sounds like the right fit for your ag operation, complete the form on this page or call 866-551-3950 to speak directly with a member of our FBN Finance team today.
More Financing Solutions from FBN Finance
We aim to make financing for family farmers simple and affordable. Because every farmer has a unique situation, we provide a variety of options that may be useful in managing or growing your operation. In addition to land loans, FBN Finance also offers:
Operating Lines
Operating lines will help you fund your operation as you see fit. With operating lines up to $5 million with great terms, apply today and get your approval decision instantly. Once you have your loan you can easily use it to pay for FBN inputs in our Direct store.
Crop Marketing
Connect to your grain buyers and stay on top of your crop marketing with personalized, data-driven market advisory and risk management services from our dedicated and experienced team looking to help you maximize the value of your crops.
Flexible Input Loans
We are here to be one-stop-shop for all your ag needs! Apply for input financing to get even more spending power. Get approved in 1 business day with a fixed rate, non-revolving line of $10,000 - $300,000 available with no payments due until January 1, 2024.
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Our Latest FBN Financial Insights
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What Impacts Typical Equipment Financing Rates?
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Which Equipment Ownership Metrics Should You Consider?
Agricultural operations require a significant investment in equipment to operate effectively. Before your next equipment purchase, take time to walk through these 5 metrics to help make sure your business is in an optimal position to take on this decision.