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 | 4.1/5 Best for Farm equipment financing for bad credit | $250,000 | 575 | with Fundera by NerdWallet |
JR Capital Equipment Financing | 4.1/5 Best for Fast farm equipment loans | $10,000,000 | 620 | with Fundera by NerdWallet |
National Funding - Equipment Financing | 4.2/5 Best for Farm equipment financing for startups | $150,000 | 600 | with Fundera by NerdWallet |
SBA 7(a) loan | 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
Pros
- Low interest rates.
- Can be used for a variety of farming purposes.
- No down payment required.
- Borrowers with credit challenges may still qualify.
Cons
- Must be an established farm; borrower must have relevant farming experience.
- Document-heavy application process.
- Slow to fund.
FSA Direct Operating Loan
Pros
- Low interest rates.
- Can be used for a variety of farming purposes.
- No down payment required.
- Borrowers with credit challenges may still qualify.
Cons
- Must be an established farm; borrower must have relevant farming experience.
- Document-heavy application process.
- Slow to fund.
Qualifications:
- Be an eligible farm enterprise.
- Have an acceptable credit history (thin or no credit doesn’t necessarily disqualify).
- Be unable to obtain sufficient credit elsewhere.
- Have sufficient managerial ability in the farming industry.
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
Pros
- Can finance or lease a wide range of new or used farm equipment.
- Low interest rates.
- Flexible payment schedules available (e.g. annually, semiannually).
- Approvals in as little as three business hours.
Cons
- May require up to 30% down payment.
- Qualification requirements not disclosed online.
AgDirect Farm Equipment Financing
Pros
- Can finance or lease a wide range of new or used farm equipment.
- Low interest rates.
- Flexible payment schedules available (e.g. annually, semiannually).
- Approvals in as little as three business hours.
Cons
- May require up to 30% down payment.
- Qualification requirements not disclosed online.
Qualifications:
- Be an eligible agricultural producer or farm-related service business.
- AgDirect does not disclose specific qualification requirements on its website.
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 580.
Triton Capital - Equipment financing
Pros
- Can fund within one to two business days.
- No prepayment penalty.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
- Charges an origination fee.
Triton Capital - Equipment financing
Pros
- Can fund within one to two business days.
- No prepayment penalty.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
- Charges an origination fee.
Qualifications:
- Minimum credit score: 580.
- Minimum time in business: Two years.
- Minimum annual revenue: $150,000.
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
Pros
- Funding available within 48 hours.
- Competitive rates and repayment terms.
- Flexible payment options available, including deferment options for certain industries.
- No down payment required.
Cons
- Must have good credit to qualify for no prepayment penalties.
- Charges an origination fee.
JR Capital Equipment Financing
Pros
- Funding available within 48 hours.
- Competitive rates and repayment terms.
- Flexible payment options available, including deferment options for certain industries.
- No down payment required.
Cons
- Must have good credit to qualify for no prepayment penalties.
- Charges an origination fee.
Qualifications:
- Minimum credit score: 620.
- Minimum time in business: Typically two years, but can prioritize industry experience in some cases.
- No minimum annual revenue requirement.
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
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing.
National Funding - Equipment Financing
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing.
Qualifications:
- Minimum credit score: 600.
- Minimum time in business: Six months.
- Minimum annual revenue: $250,000.
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
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Personal guarantee is required.
- Collateral is typically required.
- Longer processing times than online lenders.
SBA 7(a) loan
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Personal guarantee is required.
- Collateral is typically required.
- Longer processing times than online lenders.
Qualifications:
- For-profit U.S. business.
- Unable to access credit on reasonable terms from nongovernment sources.
- Financial qualifications determined by individual lender.
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
Pros
- Offers up to 25% in additional financing to cover soft costs, such as installation, taxes and freight.
- No down payment or blanket lien required.
- Option to finance multiple pieces of equipment on one contract.
Cons
- Can only apply online for transactions under $250,000.
- Interest rates and qualification requirements not disclosed online.
U.S. Bank Equipment Financing
Pros
- Offers up to 25% in additional financing to cover soft costs, such as installation, taxes and freight.
- No down payment or blanket lien required.
- Option to finance multiple pieces of equipment on one contract.
Cons
- Can only apply online for transactions under $250,000.
- Interest rates and qualification requirements not disclosed online.
Qualifications:
- Minimum credit score: Undisclosed.
- Minimum time in business: Two years.
- Minimum annual revenue: 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.