How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Here are 7 farm equipment financing options
Lender | NerdWallet Rating▼ | Max loan amount▼ | Min. credit score▼ | Next steps |
---|---|---|---|---|
FSA Direct Operating Loan | Best for Low-interest farm equipment loans | $400,000 | Undisclosed | |
AgDirect Farm Equipment Financing | Best for Flexible farm equipment financing | Undisclosed | Undisclosed | |
Triton Capital - Equipment financing with Fundera by NerdWallet | 4.0/5 Best for Farm equipment financing for bad credit | $250,000 | 575 | with Fundera by NerdWallet |
JR Capital Equipment Financing with Fundera by NerdWallet | 4.0/5 Best for Fast farm equipment loans | $10,000,000 | 620 | with Fundera by NerdWallet |
National Funding - Equipment Financing with Fundera by NerdWallet | 4.5/5 Best for Farm equipment financing for startups | $150,000 | 600 | with Fundera by NerdWallet |
SBA 7(a) loan with Fundera by NerdWallet | Best for Large farm equipment loans | $5,000,000 | 650 | with Fundera by NerdWallet |
U.S. Bank Equipment Financing | Best for Established farms | $1,000,000 | Undisclosed | |
Here are 7 farm equipment financing options
Best for Low-interest farm equipment loans
Max Amount
$400,000
Min. Credit Score
Undisclosed
Best for Flexible farm equipment financing
Max Amount
Undisclosed
Min. Credit Score
Undisclosed
Best for Farm equipment financing for bad credit
Best for Fast farm equipment loans
Best for Farm equipment financing for startups
Best for Large farm equipment loans
Best for Established farms
Max Amount
$1,000,000
Min. Credit Score
Undisclosed
I'M INTERESTED IN:
Our pick for
Low-interest farm equipment loans
These Farm Service Agency loans offer low interest rates and repayment terms up to seven years.
FSA Direct Operating Loan
Max loan
$400,000
Min. Credit score
Undisclosed
Apr range
5.25-5.25%
Our pick for
Flexible farm equipment financing
AgDirect specializes in equipment financing for farms and other agricultural businesses. You can buy or lease farm equipment from a dealership, as well as buy or refinance equipment from an auction or private party.
AgDirect Farm Equipment Financing
Max loan
Undisclosed
Min. Credit score
Undisclosed
Apr range
6.95-8.75%
Our pick for
Farm equipment financing for bad credit
You may be able to qualify for a farm equipment loan from Triton Capital with a minimum credit score of 575.
Triton Capital - Equipment financing
with Fundera by NerdWallet
Max loan
$250,000
Min. Credit score
575
Apr range
5.99-34.99%
with Fundera by NerdWallet
Our pick for
Fast farm equipment loans
JR Capital can finance a range of new and used farm equipment — with approvals in as little as two hours and funding as fast as two days.
JR Capital Equipment Financing
with Fundera by NerdWallet
Max loan
$10,000,000
Min. Credit score
620
Apr range
6.99-18.00%
with Fundera by NerdWallet
Our pick for
Farm equipment financing for startups
New farmers and agricultural businesses may qualify for equipment financing from National Funding with just six months in operation.
National Funding - Equipment Financing
Max loan
$150,000
Min. Credit score
600
Our pick for
Large farm equipment loans
SBA 7(a) loans can provide up to $5 million in farm equipment financing. These loans have competitive interest rates and long repayment terms.
SBA 7(a) loan
Max loan
$5,000,000
Min. Credit score
650
Apr range
11.50-15.00%
Our pick for
Established farms
U.S. Bank can offer up to 125% in farm equipment financing — including soft costs, such as freight, warranties and taxes. You’ll need at least two years in business to qualify.
U.S. Bank Equipment Financing
Max loan
$1,000,000
Min. Credit score
Undisclosed
What is a farm equipment loan?
How does farm equipment financing work?
Where to get farm equipment financing
Farm Service Agency
SBA lenders
Online equipment lenders
Specialty farm equipment lenders
How to get a loan for farm equipment
- Evaluate your financing needs. Consider what type of equipment you’re looking to purchase and how much it costs. Some lenders may specialize in heavy equipment financing, for example, while others may not fund used equipment purchases. Understanding your specific needs can help you effectively direct your funding search.
- Check your qualifications. Most lenders will use your personal credit score, time in business and annual revenue to underwrite your loan application. Reviewing these metrics ahead of time will give you a sense of where your business stands before applying.
- Consider your down payment. Some lenders will require you to provide a down payment for your farm equipment financing — potentially up to 30%. If you can’t afford a down payment, you’ll want to look for lenders that offer zero-down financing. Alternatively, providing a down payment (especially when it’s not required) may help newer businesses or borrowers with bad credit qualify.
- Get an equipment quote. Most lenders will want you to provide an equipment quote as part of your loan application. You should compare prices for the equipment you want to purchase to determine where you can get the best deal.
- Compare farm equipment financing options. If you can qualify, opting for an FSA, SBA or bank loan may offer you the most competitive interest rates and terms. Online lenders may be a suitable choice, however, if you need fast funding or can’t qualify for more traditional options. In any case, you should research and compare multiple lenders to find the right fit for your needs.
- Organize and prepare for your application. Most lenders will require you to provide basic information about you and your business, business financial documents and tax returns, among other paperwork. It can be useful to pull this information ahead of time to expedite the application process. You should also read the application instructions carefully — answering questions as intended and providing accurate and up-to-date documentation will help you get approved faster.
Frequently asked questions
- You are legally liable for the debt.
- You and the lender intend that the debt be repaid.
- You and the lender have a true debtor-creditor relationship.
Methodology
Wondering if you qualify?
It’s possible to get a business loan even if you have bad credit. Bad-credit business loans are available from alternative sources, like online or nonprofit lenders.