Equipment Loans
When you need to update, replace or repair machinery, we make it affordable and convenient with financing up to 7 years (in some cases, even 10 years) to purchase the equipment you need or make other capital improvements. You can borrow funds for new or used tractors and equipment, grain bins and facilities, farm and home improvements, farm trucks and vehicles, new buildings of all types, farm improvements (like tiling), livestock facilities and breeding livestock.
Fixed Rates
1-, 2-, 3-, 4-, 5-, 6-, 7-, or 10-year fixed rates with matching terms are available.
- Get the security of a low fixed rate for the entire life of the loan
- Use the longer terms to reduce the size of your payments and improve your operation’s cash flow
1-Year Adjustable Rates
Fixed for 12 months, then it rolls to another 1-year fixed period at the end of the first year.
- You can convert to other products at the end of that first year
- Terms are 1 to 7 years on equipment and up to 10 years on buildings
3-Year Adjustable Rates
Fixed for 36 months and rolls to another 3-year fixed period at its repricing anniversary.
- Greater rate security
- This project may be converted to other products
- Terms are 3 to 7 years on machinery and up to 10 years on buildings
5-Year Adjustable Rates
Fixed for the first 5 years, then rolls to another 5-year fixed period.
- The ultimate in interest rate security
- enables you to virtually lock the rate over most of the life of the loan - for example, you could finance a new combine over 7 years and lock the rate for the first 5 years and afterwards, you might convert to a 2-year fixed period, taking advantage of lower rates for the shorter term
- Terms are 5 to 7 years for equipment and up to 10 years on buildings
Variable Rates
30-day rate that can change monthly, depending on the market.
- Price is based upon the cost of raising capital on the debt markets on Wall Street
- The interest rate changes with inflation.
- Often one of our lowest rate options.
- Offered on terms of 1 to 7 years for equipment and 10 years on buildings
- Can be used for any equipment or building needs
LIBOR Rates
LIBOR (London InterBank Offered Rate) is a global index that is commonly used to price loans around the world and is a commonly recognized index that you can follow in the financial press. Your rate is indexed to LIBOR with a pre-established margin.
- One of the lowest rate options available
- Your rate can move up or down every 30 days, depending on the movement of the LIBOR index
- Terms are 1 to 7 years on equipment and up to 10 years on buildings
Capital Lines of Credit
Similar to an operating line of credit, a capital line of credit can be set up for up to 4 years to purchase items such as equipment or breeding livestock.
- When you purchase an item, funds are drawn and a schedule of payments is set up.
- Freedom to make purchases when the price is right – when you find a piece of needed equipment on sale or a discount offer – then your funds are right at hand to close the deal
To request an Equipment Loan Brochure, please click here.