loans

[peacemaker]

anyone out there have any experiance in getting finaincing for equipment

[tuckermtn]

I know Farm Credit will loan you $$ but they are reasonibly pricey and usually are looking at $15K+ loan...home equity line of credit might be the cheapest...

[Grade "A"]

If you go to the right dealer that also buys bulk syrup sometimes you can get a loan with them and pay them back with syrup. You may not want to do it but it's a idea.

[WESTVIRGINIAMAPLER]

As mentioned before, home equity is a good way to go and about the lowest interest rate if you don't mind adding a little to your house. Most of the time, the banking companies are flexible with the home equity and don't have a payment schedule other than the minimum which is the monthly interest charge and the interest rates are low. I even have a credit card with mine. I don't keep anything much on it, but nice to buy the syrup supplies on it and pay it off at the end of the month vs a bunch of small check or credit card purchases.

[peacemaker]

my only problem there is i rent my house and sugar bush ...

[brookledge]

Peace maker
Do you own a sugarhouse? Or anything that can be used as collateral? I know that for me I took out a home equity loan and rebuilt my sugarhouse and purchased a new evaporator and I'm able to deduct all of the interest on my taxes, where as a personal loan I would'nt be able to deduct the interest.
I also don't recommend using a home equity to buy something that won't last as long as the term of the loan, but in my case I have a 10 year fixed percent loan and I felt that I still be using the evaporator when my loan is done in 2012
Other wise I'd say the only way to go is a personal loan or if you can find a good rate on a credit card go that route. One thing to remember is if you use a credit card calculate the monthly payments just like it was a loan and pay accordinly Not just the minimun balance due.
Keith

[peacemaker]

well thats a hard answer to give see i sugar at a friends and we are in the process of getting farm status i well be building my sugar house this summer and shouldnt cost me alot to build maybe the tin for the roof .. but the catch is its gonna be leased for all paper work goes ... all the equipment is mine and most the materal in the shack will be mine and no money will cross hands for the lease except on paper .. see my problem ...i may be able to get the land owner get the loan and i pay it ..

[Amber Gold]

What about a small business loan? I'm not sure the terms and conditions, but that may be an option.

[peacemaker]

i was think about tha as well