tractor loan

PMU

Today I was offered a tractor loan at 9% from BOI. anyone get a better rate for a tractor or short term loan lately? P

delaval

Finance costs around €20/1000

Eg. €20k. Over 5 years €400/ mth

dar31

Some one talk him down

New tractor eh

epfff

dar31 wrote: »

Some one talk him down

New tractor eh

Class finance
Couldn't touch banks for secondhand with their rates

PMU

dar31 wrote: »

Some one talk him down

New tractor eh

not new, about 4-5 years old . E20,000 with a trade in. BOI finance wont cover a tractor over 5 years old

PMU

delaval wrote: »

Finance costs around €20/1000

Eg. €20k. Over 5 years €400/ mth

yea, 413 monthly for 5 years

epfff

PMU wrote: »

not new, about 4-5 years old . E20,000 with a trade in. BOI finance wont cover a tractor over 5 years old

I am not in the rabbit of repeating myself
Class finance
For the same repayments as a 5 yr old dear or massy that some guy has the **** drove out of

tismesoitis

epfff wrote: »

I am not in the rabbit of repeating myself
Class finance
For the same repayments as a 5 yr old dear or massy that some guy has the **** drove out of

do u mean CLAAS finance??

PMU

not in the rabbit either

rs8

yea but a class will be worth nothing in 4 or 5 years

reilig

When I was buying the NH in 2009 I got a price for finance from the dealer and from BOI as I bank with them. Over the 5 years, the finance from BOI was going to cost me €1700 more than the finance from the dealer. BOI were annoyed that I didn't go with them, heard words like "loyalty" mentioned. I said what about loyalty to me by offering me competitive deals.

Sam Kade

reilig wrote: »

When I was buying the NH in 2009 I got a price for finance from the dealer and from BOI as I bank with them. Over the 5 years, the finance from BOI was going to cost me €1700 more than the finance from the dealer. BOI were annoyed that I didn't go with them, heard words like "loyalty" mentioned. I said what about loyalty to me by offering me competitive deals.

A bank hinting about loyalty didn't even think they know what the word means :mad:

whitebriar

reilig wrote: »

When I was buying the NH in 2009 I got a price for finance from the dealer and from BOI as I bank with them. Over the 5 years, the finance from BOI was going to cost me €1700 more than the finance from the dealer. BOI were annoyed that I didn't go with them, heard words like "loyalty" mentioned. I said what about loyalty to me by offering me competitive deals.

That's strange,because isn't NH finance an arm of BOI ?

who the fug

whitebriar wrote: »

That's strange,because isn't NH finance an arm of BOI ?

Yeah but the Sales Commissions go to different peeps

towzer2010

whitebriar wrote: »

That's strange,because isn't NH finance an arm of BOI ?

It might be but they are trying to sell you a tractor whereas BOI are just trying to fleece you.

reilig

whitebriar wrote: »

That's strange,because isn't NH finance an arm of BOI ?

It wasn't in 2009!

bogman_bass

PMU wrote: »

not new, about 4-5 years old . E20,000 with a trade in. BOI finance wont cover a tractor over 5 years old

ah here! thats a load of me balls!

just do it

PMU wrote: »

Today I was offered a tractor loan at 9% from BOI. anyone get a better rate for a tractor or short term loan lately? P

6.5% AIB

lakill Farm

try De Lang Landen in Dublin. Found them best for clients lately.

They have reps on the road in each county and cover new and secondhand tractors and machinery

I better be on a cut of the deal

td5man

Sam Kade wrote: »

A bank hinting about loyalty didn't even think they know what the word means :mad:

Sounds like someone saying "you can trust me" .

td5man

lakill Farm wrote: »

try De Lang Landen in Dublin. Found them best for clients lately.

They have reps on the road in each county and cover new and secondhand tractors and machinery

I better be on a cut of the deal

You can go and polish the new tractor.

td5man

Been with all the finance companies over the years.
My preference would have been ge capital/woodchester.
Dealt once with boi .

reilig

td5man wrote: »

Been with all the finance companies over the years.
My preference would have been ge capital/woodchester

That's who we got the nh with. Heard some horror stories about reposessions with them and a lot of other finance companies but I have always met the payments and I have had no contact with them since I bought the tractor.

kevthegaff

jes between interest and depreciation its a very costly affair, id only buy one if i had the money upfront

reilig

kevthegaff wrote: »

jes between interest and depreciation its a very costly affair, id only buy one if i had the money upfront

40k tractor costs 6k per year over 7 years. If you are a paye worker on the high tax rate then you will be putting this 6k against your tax every year. That's 6k that you don't pay tax on. That's 3k saving and in real terms the 40k tractor only costs you 21k over 7 years. So if you have the work for it and you can meet the repayments then it isn'ts costly as you would think.

kevthegaff

Whats the best tractor on the market?:)

Viewtodiefor

kevthegaff wrote: »

Whats the best tractor on the market?:)

A one that costs you nothing, starts every morning, runs on d smell of diesel and holds its value. There are plenty out there :-).

epfff

kevthegaff wrote: »

Whats the best tractor on the market?:)

Best
Most usefully
Value for money
And suit your own budget
Are usually 4 different tractors

Dampintheattic

epfff wrote: »

Best
Most usefully
Value for money
And suit your own budget
Are usually 4 different tractors

Belarus.

PMU

I`m looking at new Holland and case at the moment.

td5man

PMU wrote: »

I`m looking at new Holland and case at the moment.

I've all case tractors here never had much trouble wirh them.
Dont know what the new ones are like.

sandbag1

reilig wrote: »

40k tractor costs 6k per year over 7 years. If you are a paye worker on the high tax rate then you will be putting this 6k against your tax every year. That's 6k that you don't pay tax on. That's 3k saving and in real terms the 40k tractor only costs you 21k over 7 years. So if you have the work for it and you can meet the repayments then it isn'ts costly as you would think.

Hi relig could you explain/expand on this point alittle more I am a paye worker part time farming do you have to be a nice bit into higher tax band I took a loan out for stocking up accountant never mentioned offsetting against my own job tax bill?

I said

sandbag1 wrote: »

Hi relig could you explain/expand on this point alittle more I am a paye worker part time farming do you have to be a nice bit into higher tax band I took a loan out for stocking up accountant never mentioned offsetting against my own job tax bill?

That's a closed account your asking there

TGJD

PMU wrote: »

I`m looking at new Holland and case at the moment.

Buy the case. Same tractor just different colour and badge. Except cases cost less for the same model.

Cow Porter

TGJD wrote: »

Buy the case. Same tractor just different colour and badge. Except cases cost less for the same model.

And trade in for less in x amount of years time around here anyway, even though everything that is painted black is tgh same as the nh.

De lage landen doing good rates on case and new holland , AIB are close too.

_Brian

I said wrote: »

That's a closed account your asking there

Maybe someone else could answer that though.

My understanding is that te 6k could only be offset if it were part of an overall loss rather than profit. And then it's only at your tax rate. So your 6k loss might get you €1200 releif at the 20% rate.

I know some full time lads think part time lads happily run a loss as it will be written off against their PAYE. But the truth is the releif for most is minimal. For every €1000 PAYE releif you'd have to run a €5000 loss which is a fair loss.

Farmer Pudsey

sandbag1 wrote: »

Hi relig could you explain/expand on this point alittle more I am a paye worker part time farming do you have to be a nice bit into higher tax band I took a loan out for stocking up accountant never mentioned offsetting against my own job tax bill?

Some accountants seem to be unaware or unwilling to offset too much farm lasses against income. Again it is not straight forwards and general losses can only be offset for three years. if after that you are losing money you cannot offset losses as revenue consider farm unviable. You may in exceptional cases offset a 4th year if you bought land or maybe put up a shed. However if you have a profit in year 4 or 5 the cycle starts again.

You need enough tax at that rate to make it viable however it is only income tax that is set against PRSI and USC are still payable on your outside income. as far as I know.

By the way it is not just a tractor it is general farm losses, so using it as a reason to buy a tractor is misleading you can factor it in to building cost of sheds, purchase of small machinery, land reclaimation etc which may make farm more profitable rather than buying a fancy tractor

lakill Farm

your talking to the wrong accountant :rolleyes:

Farmer Pudsey wrote: »

Some accountants seem to be unaware or unwilling to offset too much farm lasses against income. Again it is not straight forwards and general losses can only be offset for three years. if after that you are losing money you cannot offset losses as revenue consider farm unviable. You may in exceptional cases offset a 4th year if you bought land or maybe put up a shed. However if you have a profit in year 4 or 5 the cycle starts again.

You need enough tax at that rate to make it viable however it is only income tax that is set against PRSI and USC are still payable on your outside income. as far as I know.

By the way it is not just a tractor it is general farm losses, so using it as a reason to buy a tractor is misleading you can factor it in to building cost of sheds, purchase of small machinery, land reclaimation etc which may make farm more profitable rather than buying a fancy tractor

dzer2

Farmer Pudsey wrote: »

Some accountants seem to be unaware or unwilling to offset too much farm lasses against income. Again it is not straight forwards and general losses can only be offset for three years. if after that you are losing money you cannot offset losses as revenue consider farm unviable. You may in exceptional cases offset a 4th year if you bought land or maybe put up a shed. However if you have a profit in year 4 or 5 the cycle starts again.

You need enough tax at that rate to make it viable however it is only income tax that is set against PRSI and USC are still payable on your outside income. as far as I know.

By the way it is not just a tractor it is general farm losses, so using it as a reason to buy a tractor is misleading you can factor it in to building cost of sheds, purchase of small machinery, land reclaimation etc which may make farm more profitable rather than buying a fancy tractor

Have never made a profit:D:D:D here.

Just need a bit better advice Dont know if that refers to you or me:(