If you have a new account but are having problems posting or verifying your account, please email us on [email protected] for help. Thanks :)
Private profiles - please note that profiles marked as private will soon be public. This will facilitate moderation so mods can view users' warning histories. All of your posts across the site will appear on your profile page (including PI, RI). Groups posts will remain private except to users who have access to the same Groups as you. Thread here
Some important site news, please read here. Thanks!

Agri loans....Best rates

  • 04-01-2022 1:24pm
    Registered Users Posts: 1,693 ✭✭✭ lalababa

    I was just looking at some material about average Credit union agri loan rates. And found it interesting that agri loans rates were (according to this particular literature) quite higher than car or even holiday loans. 12% as opposed to 8.5 and 10 respectively.

    And it got me thinking, what kind of rates and from what institutions are ye all getting?

    And are there different rates for say machinery over stock etc. How much are business loan rates versus agri loans?


  • Registered Users Posts: 817 ✭✭✭ duffysfarm

    Will follow this thread with interest. Interesting to see what institutions are charging when they are offering next to nothing. 12% rate is scandalous

  • Registered Users Posts: 4,284 ✭✭✭ alps

    Thought the Credit Unions have an Agri Product at 6%...advertising that around Cork..

  • Registered Users Posts: 8,120 ✭✭✭ Mooooo

    Haven't looked at anything new but 3.5 to 6.5 roughly. 12% is ridiculous. Never went to a credit union for money but at those rates do many?

  • Registered Users Posts: 4,284 ✭✭✭ alps

  • Registered Users Posts: 7,433 ✭✭✭ 893bet

    Those rates seem extortionate considering how cheap money is for the bank.

  • Advertisement
  • Registered Users Posts: 21,864 ✭✭✭✭ mickdw

    I can never figure out how credit unions operate. Who is borrowing from them. The rates are nuts and when you consider that they want to also sit on 25 percent of the loan amount in savings, the rate looks even worse. They are basically forcing people to borrow more than they need and charging the extortionate rates on the entire borrowing while giving nothing on the savings.

    My few quid in credit union goes down by a few euro every year for some reason.

  • Registered Users Posts: 4,284 ✭✭✭ alps

    The Cultivate loans at 6.5% may not be bad value in some instances. They are particularly beneficial where security is an issue, and also dont acrue the security costs that the bank loans will...this could be worth a couple of grand, and on a short term low value loan...thats very worthwhile.

    There loans would be a nice little runner for a calf shed, slurry storage, needed in a hurry...The 3% extra charged on a 50k loan is small when simplicity is taken into account..

  • Registered Users Posts: 3,184 ✭✭✭ GrasstoMilk

    SBCI loan 2.5%

  • Registered Users Posts: 3,821 ✭✭✭ stanflt

    Good man gg I didn’t want to post as lads would have said I’m full of crap- scandalous if your paying over 3.5%

    it pays to shop around

  • Registered Users Posts: 3,821 ✭✭✭ stanflt

    Credit union loan vs a scbi loan

  • Advertisement
  • Registered Users Posts: 3,184 ✭✭✭ GrasstoMilk

    Done alot of our major farm development from SBCI that you’d usually end up giving security for

    we have a land loan too at similar rate, only thing costing us more is a some machinery bought 2nd hand

    2 newer purchases at 0%

  • Registered Users Posts: 3,304 ✭✭✭ Hard Knocks

    Had you any issues getting the SCBI loan, we were approved but when we then approached the banks all their allocation was gone but could off a loan @ 4%

  • Registered Users Posts: 3,184 ✭✭✭ GrasstoMilk

    No none really tbh, just the usual hoops to jump through and be confident in what you were using it for was going to pay and your figures are accurate and real

    we were in early both times it was available

  • Registered Users Posts: 3,304 ✭✭✭ Hard Knocks

    You’re lucky, we were too early and then too late

  • Registered Users Posts: 1,693 ✭✭✭ lalababa

    Yeah the 12% I saw must be wrong. So between 2.5 to 6.5 % rate. 2.5% is alright to be honest but of course there are land assets to back that up in case of non payment.

    Yeah the credit union loan rates are a bit high across the board...but I suppose they will give you a loan when all others have turned you down (not necessarily talking about agri loans).

  • Registered Users Posts: 15,157 ✭✭✭✭ Donald Trump

    When did you get the land loan? I enquired about a possible loan a year or so ago and if my memory serves me correctly, I was quoted 5.5% anywhere I asked.

    (That would only have been for about 75% of the value)