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Hey folks, wondering what really affects the loan conditions when you're trying to finance big farm gear like a new tractor? Last season, my old one finally gave up the ghost right in the middle of harvest – total nightmare, had to borrow the neighbor's and felt like I was back in the stone age. Stuff like your credit score, how long you've been running the operation, the age of the equipment, or even if you've got some deposit ready – does that make a big difference on rates and repayment lengths? Anyone got insights from their own deals?
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A ton depends on your overall financial setup and the specifics of what you're buying. Things like how solid your credit looks, the business's cash flow history, whether the tractor's brand new or second-hand, and even putting down a chunk upfront can shift the interest rates and how long you get to pay it back – usually anywhere from a couple years up to seven or so. I ended up going through a broker who shopped around a bunch of lenders for options on machinery and ag stuff, including low-doc setups if you've been going a while or own property. Check out something like https://beaujohnsonfinance.com.au/equipment/ if you're hunting for flexible deals without heaps of paperwork – worked out decent for me last time, kept things moving quick.