Loans, easy or hard?

[Desi]

Right now in this economy, is it easier or harder to get a loan? We passed up on one last year but we could use one now (to buy a large piece of farm equipment). I hope it's still available and that the economy hasn't crumbled too much.

 

[greg]

I'd say that despite the shaky economy, banks are willing to advance loans to farmers. Get hold of a bank representative and discuss the various financing options. If you opt for an asset finance loan, the farm machinery may become the loan's security.

 

[TammiT]

I would think that banks might be more apt to loan money too. I would say you definitely need collateral, hopefully you have that. We just took out a loan to buy a new/used tractor.

 

[Roo4]

I honestly would think that banks might dig in a bit more right now because of the crappy and uncertain economy. I don't know for sure though because I'm not in the market for a loan.

 

[Charli1]

Did anything change with your financial status? If not, I would reach out to your local bank to see. I would think that you would be approved if you were last year. I don't see things changing that much in the banking world.

 

[baloyi]

I honestly would think that banks might dig in a bit more right now because of the crappy and uncertain economy. I don't know for sure though because I'm not in the market for a loan.

Yes, banks are willing to give loans, but with more stringent terms and conditions. The trend will continue until when there'll be less economic uncertainty. If you have sufficient collateral, it should be easy for you to secure a loan.