A low-interest tractor loan lets you buy all the equipment and machinery you need to take your farm or property to the next level.
Enjoy These Benefits of Tractor and Farm Equipment Loans
No Down Payment Needed
You can jumpstart your property right away.
Keep things simple and affordable with no origination fee and no prepayment penalties.
Wide Range of Equipment
Fund tractors, combines, and other machinery.
Relax knowing you have 72 months to pay off your loan with a competitive, variable rate.
Bowater Tractor and Farm Equipment Loans
If the land on your farm or property needs TLC, a tractor and equipment loan could be just what you need.
Here’s what you need to know:
- The loan is available for new and used tractors, combines, and other machinery.
- There’s no origination fee or other fees.
- You don’t need a downpayment.
- You’re welcome to refinance an existing tractor loan from another lender, or refinance your loan with us for additional funds..
- You are not required to take out GAP insurance or any other add-ons.
- Approval is not based on your credit score.
- Your annual percentage rate (APR) will be based on your credit score and will be variable.
- Applying is easy – get started today!
See Our Quick and Simple Application Process
Gather your documents and let us know how much you want to borrow.
We’ll review your information and, if approved, you can start shopping.
Buy Your Tractor!
Get your dealer to send us the purchase agreement and we’ll close on the deal – you can e-sign or sign in-branch.
“10/10 would definitely recommend as a bank! Great and friendly staff.”
– Chance N.
FAQs About Tractor and Equipment Loans
What equipment can I buy with a Bowater tractor and farm equipment loan?
As well as new and used tractors, you can use your loan to buy combines and many other types of farm equipment and machinery.
Is approval for a tractor and farm equipment loan based on my credit score?
No, approval is not based on your credit score.
When we review your loan application, we review a number of other factors, including:
- Debt-to-income ratio (DTI)
- Existing assets
- Tax returns
- Down payment amount
These documents and this information help us get a comprehensive picture of your financial situation.
What rate will I get for my tractor and equipment loan?
The annual percentage rate (APR) you’re offered will be based on your credit score. Generally speaking, the higher your score, the lower your rate.
As a member-owned not-for-profit, we’re on your side. So if you want to improve your credit score before you apply for your tractor loan, our Share Secured Loans could be a good option.
That way, you borrow against the amount in either your Savings or other deposit account, making either period or lump-sum payments.
How long will I have to pay the money back?
Our tractor and farm equipment loans come with a generous term of 72 months, so your monthly payment is affordable for any budget.
Do I need to be a member of Bowater to take advantage of their tractor and farm equipment loan?
Yes, you do need to be a member to get a loan – but you don’t need to be a member to apply!
We can take care of your membership application during your tractor loan application process. Visit here to find out more about eligibility and joining.
Can I make my loan payments online?
Yes, managing your loan and making payments is easy online.
Bowater offers online Bill Pay through myBRANCH, which lets you schedule automatic payments and view your payment history.
More Ways We Can Help With Your Financing
Maybe you need a new car as well as a new tractor? Borrow up to 130% of the vehicle’s value and choose from a range of terms.
A low-interest personal loan has you covered for everything in life, from repairs to health care bills or even a weekend getaway.
Home Equity Line of Credit
Homeowners can tap into equity and gain a handy source of credit. Only pay interest on what you use!