I recently sold my caterpillar 277 and now am looking for a used caterpillar machine. I plan on putting 1/3 down and financing the rest. The problem I'm running into is that it seems nobody wants to loan for a used skid steer unless you're a business. I'm just a private individual with excellent credit, but no business. Any other non business owners on here that received a loan? I found maybe 2 online, but the apr% was outrageous.
You don't need a business to get a loan. If you have excellent credit buying money should not be an issue. If you go, new try CAT financial for a low interest loan,...or any bank ....you have a big down payment and excellent credit....should be easy for you...
Check your local credit union.
Credit union is a great place as well. First rule on buying money is don't do it from guy with a vowel as the last letter in his name...bad, very very bad...
I used Cat financial for a used backhoe, they were very easy. I applied as an individual and they approved me right away with a down payment similar to yours.
I got a very good rate at the credit union, so now the hunt for a replacement has begun.
Congrats on the replacement, how long was the process with credit union?
Congrats on the New iron. You picked the right color again......pictures of the new beast ?
If I remember correctly, it was no more than 48 hours before the credit union had everything and they told me to start searching. I purchased the 279c, used it for a month and then sold it. I may end up regretting this.....
Hope you made more on it selling it than your loan was for...
Well I paid $30,300 for it, and sold for $34,000 to the first person that looked at it.
Rates on financing a used skid steer run all over the board, depending on your credit, time in business, and a few other factors. but in general, the average user a skid steer we finance costs about $20,000 and is financed for 4 years.