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New Farmer Banking

  • 28-08-2017 4:05pm
    #1
    noworries2004
    Registered Users, Registered Users 2 Posts: 159 ✭✭


    HI, 
    I (under 40)will be taking over the family farm soon and i am looking for the best  bank to bank with for rates etc. 
    I was in with AIB today and they dont offer much for new farmers with a business loan rate of 6.5%.
    Does anyone have any better rates or banks around for new young farmers?

    Thanks


Comments

  • #2
    Timmaay
    Registered Users, Registered Users 2 Posts: 11,396 ✭✭✭✭Timmaay


    noworries2004 wrote: »
    HI, 
    I (under 40)will be taking over the family farm soon and i am looking for the best  bank to bank with for rates etc. 
    I was in with AIB today and they dont offer much for new farmers with a business loan rate of 6.5%.
    Does anyone have any better rates or banks around for new young farmers?

    Thanks

    Your not going to get much better bar your willing to give them security, however you'll need to pay the legal fees for this, so for smaller amounts (30/40k) it doesn't make sense.


  • #3
    lakill Farm
    Registered Users, Registered Users 2 Posts: 4,735 ✭✭✭lakill Farm


    Timmaay wrote: »
    Your not going to get much better bar your willing to give them security, however you'll need to pay the legal fees for this, so for smaller amounts (30/40k) it doesn't make sense.

    Depending on purpose of loan you may get down to 4.5% on certain loans but as Timmaay said above you wount be long hitting secured loan thresholds

    The AIB farmer credit facility is worth looking at.
    BOI hit and miss. Ulster charging 1% Loan fee

    It depends mostly who your dealing with but banks aren't really into 1 to 1 meets now as much as a few years back. They prefer no relationships to be formed


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