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Whether you’re looking to purchase a piece of farming equipment that will help your business grow, or it’s simply time to replace some old machinery, Lendio can match you up with the perfect lender for your farm equipment loan.
Grow your farming business with a business loan tailored to your company’s exact needs. Even better, Lendio currently partners with over 75 lenders offering farm equipment financing, which means you’ll be able to quickly find the best loan for your project and get back to doing what you do best: managing your business.
Lendio is no stranger to funding for farming operations and the type of capital required to grow a profit-driven enterprise. Our network of preferred lenders makes it easy to submit a single application and receive multiple financing options to compare.
Apply in just 15 minutes and get funded in as little as 24 hours
Get personalized support throughout the funding process. Your funding manager will be with you every step of the way to answer your questions and advocate for you.
Compare loan offers from multiple lenders. With over 75+ lenders in our network, your funding manager will work with you to ensure you get the best rates and terms for your business.
Answer just a few questions about your business to see which lending products you qualify for. We’ve partnered with over 75 lenders, allowing us to find the best option or your business.
One of our funding specialists will reach out to you to get to know your business better. Since every business is unique, we want to make sure we find the loan type that’s perfect for your needs.
Compare different offers curated for your business. Select the capital amount and rate that will help take your business to the next level.
We work with lenders that can fund you fast. Once you’re approved, you’ll be able to access your capital in as little as 24 hours.
Take 15 minutes to find out what you qualify for from 75+ lenders.
Revenue-based financing, also known as a business cash advance, allows a business to borrow money based on future revenue. Payments are made directly to the lender as a percentage of each daily sale.
Farm equipment loans can be done with traditional debt products, such as term loans. The money is received in one lump sum and is paid off with set payments until loan maturity.
Like a credit card, a line of credit is a type of revolving account. As balances are paid down, the money once again becomes available to use. However, a business line of credit typically comes with much higher credit limits than most credit cards.
Equipment financing is a unique loan product that is restricted to the purchase of qualified equipment and uses the equipment being purchased as collateral.
Consider these factors when you compare farm equipment financing options:
Farm equipment loans are any type of business loan that enable a farmer/ business owner to purchase necessary farming equipment or cover other business costs. Instead of using cash, the purchase is made possible with a loan product, which is paid off month to month.
To get a farm equipment loan through Lendio, a business must, at minimum, be at least six months old and make $8,000 or more each month. A credit score of at least 600 is also required.
Because a farm equipment loan is a business loan, the money can be used for any business-related expense. Yes, the money can be used to purchase equipment. Equipment financing and leasing can be used only to purchase the agreed-upon equipment.
There are a few perks to an online marketplace. The application process is quick and easy, connecting you with a network of lenders, so you can find the right loan option for your farm equipment needs. A funding manager will work with you and advocate for you and your farming business throughout the process.
While the SBA states that farms are eligible for an SBA-backed loan, many SBA lenders restrict working with farms. The Farm Service Agency offers an alternative government program for farmers seeking funding.
*based on 136 Lendio employees who responded to an internal poll
Applying is free and won’t impact your credit
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