CAT Financing

Discussion in 'Heavy Equipment & Pavement' started by Longhorn Diesel Inc, Feb 23, 2007.

  1. Longhorn Diesel Inc

    Longhorn Diesel Inc LawnSite Member
    from Indiana
    Posts: 17

    I am thinking about buying a used 262 from the local CAT dealer. I have not talked financing with them yet. Does anyone know the current terms and rates for used equipment through CAT? Also, do I have to provide all kinds of bank ststements and jump through hoops to get approved?
    I am just trying to figure out what paperwork to take if I decide to buy.

    Thanks!
     
  2. Scag48

    Scag48 LawnSite Fanatic
    Posts: 6,067

    I do not know all the details as to what you need to get approved, by I imagine it's about as hefty as going through a bank. We used Cat's financing with our 312 and 277B. My old man has immaculate credit so they didn't even think twice approving him, but it does take some time. I don't believe there are any crazy finance deals with buying used, they might not offer any financing on used equipment at all, they'd rather sucker you into something new with a better finance rate.
     
  3. ksss

    ksss LawnSite Fanatic
    Posts: 7,129

    I would hear CAT out and see what they can offer you. I will tell you that rates have gone up in a big way. Even with flawless credit, the best I could get on a my new TK was 7.5 The standard rate was 8.5. You may want to be prepared to go to CITI or Pinnacle and see what they will give you. Of course don't overlook your local bank. Sometimes they will surprise you. Unless they (dealer) are running a promo to move used machines, the rates are never that good.
     
  4. SinjonAssociates

    SinjonAssociates LawnSite Member
    Posts: 115

    I know when I bought my NH185.b last year and used CNH to finance. All I had to do was to give the salesman my personal info, the amount that I had in the bank and their phone #. Your credit # will determine if any more paperwork is needed. The salesman/owner wasn't happy when they gave me 4% loan on a used skid. I found out later that was because the dealer gets a cut.
    George
     
  5. ksss

    ksss LawnSite Fanatic
    Posts: 7,129

    I have had very good luck CNH capital ie CASE credit over the years. You know you buy too much stuff when the CNH rep. comes to the dealership and takes you to lunch.
     
  6. necatman

    necatman LawnSite Member
    Posts: 4

    I know that at our dealeship, it's just a one page credit app. It's just business info, personal info and bank info. I also have 2.9% for 36 months on 2 years old or newer and less that a 1000 hours for used Cat ssl and mtl
     
  7. Longhorn Diesel Inc

    Longhorn Diesel Inc LawnSite Member
    from Indiana
    Posts: 17

    I have the app and its just one page and not bad at all. I just hope everything goes through ok. We just started a year ago and our debt ratios are not the best in the world due to everything we have had to buy. But we have not had trouble with anything so far.....
     
  8. Fieldman12

    Fieldman12 LawnSite Bronze Member
    Posts: 1,504

    Case New Holland Credit is good to deal with. I bought a new tractor through them years ago at 1.9% for four years.
     
  9. Fieldman12

    Fieldman12 LawnSite Bronze Member
    Posts: 1,504

    Well, I just heard again yesterday on the radio that Bobcat Enterprises is offering 0% for I think it was 3.5 years. I know Deere had 0 percent late last fall along with New Holland. The interest rate is always a serious factor for me. I bet Cat will have it soon.
     
  10. Longhorn Diesel Inc

    Longhorn Diesel Inc LawnSite Member
    from Indiana
    Posts: 17

    They told me that used was around 8.5%. I don't think we can justify a new machine to get the real good interest. They have a nice S250 at Bobcat that was in their rental fleet for 10k more that I want to spend. They have 6.9% for four years because of it being a rental. I really like the S250 better than the CAT 262 but I like the 20k price verses the 30k price....
     

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