Tractor Finance

Tractor Finance for UK Businesses

Tractor finance offers a practical solution for agricultural businesses looking to invest in essential machinery without the burden of large upfront costs. Whether you're upgrading your equipment or expanding your operations, tailored finance options can help make this vital investment more manageable.

We can arrange agriculture finance for the purchase of a new or used tractor, restructure existing finance agreements and provide you with flexible seasonal payments options to suit both established farms and growing rural enterprises.

Do I qualify for tractor finance?

We’re able to support a wide variety of farming businesses looking to finance a new or used tractor.

Whether you are looking to purchase a tractor for expansion, replacement, or upgrading existing machinery, we can help.

We can arrange tractor finance for:

• Sole Traders and Small-Scale Farmers
• Partnerships and Family-Run Farms
• Limited Agricultural Companies
• Agricultural Service Providers
• Larger Farming Enterprises and Agribusinesses

Whether you're purchasing new or used, we'll work with you to find the right solution for your budget and cash flow.

Benefits of tractor finance

Some benefits of using tractor finance include:

Flexibility of payment terms:  Tractor finance can provide flexible payment options and payment terms that cater to your business. You can choose from various repayment periods, allowing you to spread the cost of the tractor over time.

Access to a wide range of tractors: Financing a tractor allows you to access a wide range of tractors, including new and used models.

Preservation of working capital: Tractor finance allows you to preserve your working capital, as you don’t need to make a large upfront payment. This frees up funds for other essential aspects of your business, such as expanding business operations, investing in new technologies, or hiring additional staff.

Access to the latest technology: Financing enables you to access the latest tractor technology without the price tag. Newer models often come with advanced features that can significantly enhance the efficiency and productivity of your farm. For example, GPS-guided tractors can save time, reduce fuel consumption, and minimize soil compaction.

Tractor finance methods

Here are three tractor finance options available for your business:

Hire Purchase: This allows you to spread the cost of a tractor over an agreed term, with fixed monthly payments. Once the final instalment is made, ownership of the tractor transfers to your business. It’s ideal for those who want to eventually own the asset outright.

Business Loans: This method provides a lump sum of capital that can be used to purchase a tractor outright. This option gives you full ownership from day one and may offer more flexibility in how funds are used, though it often requires a strong credit profile.

Finance Lease: You rent the tractor for a fixed period while retaining most of the usage rights. At the end of the term, you can either return the equipment, extend the lease, or in some cases, purchase the asset. It's a good option for keeping monthly costs lower without committing to ownership upfront.

Different types of tractors

Industrial Tractors: Industrial tractors are powerful machines primarily employed in construction and heavy-duty projects.

Row Crop Tractors: Row crop tractors, also known as agricultural tractors, are the backbone of modern agriculture. Specifically designed to navigate crop rows with precision, they offer adjustable wheel widths to accommodate different row spacing in fields.

Autonomous Tractors: Autonomous tractors represent the future of farming. They integrate advanced technology, GPS systems, and sensors to operate without human intervention, enhancing precision and productivity.

Utility Tractors:  Utility tractors adapt to an array of implements, making them ideal for a wide range of tasks, from tilling soil to powering auxiliary equipment to planting and hauling.

How long does it take to secure tractor finance?

Tractor finance often varies and depends on the business and type of finance required.

It might take a few weeks or may require several months of planning. Applicants for tractor finance should have all their accounts in order and available for inspection, just like with any other type of business funding.

Bank statements, the last three to five years’ worth of certified accounts, business plans, and specifics on assets and liabilities can all be required.

 Can I finance both new and used tractors?

Through MAF Finance Group you will  be able to arrange finance for both brand-new and second-hand tractors, whether purchased from a dealer, at auction, or through a private sale.

Do I need to provide a deposit for tractor finance?

Deposit requirements can vary depending on the lender, your businesses credit profile, and the value of the tractor. Some agreements may require as little as 5–10% upfront as a deposit.

Can I upgrade my tractor before the agreement ends?

Depending on your finance method you will choose to finance your tractor we might be able to help you part-exchange or refinance your current tractor if you want to upgrade before the end of your term.

Applying for tractor finance

MAF Finance Group can compare finance offerings from a wide panel of lenders to find the best option for you.

If you would like to get a quote or need further information, simply fill in the form and we will contact you. If you want to speak to someone directly, you can call us on 0115 958 6872 and a member of our team will be happy to speak to you. Alternatively, email us at [email protected].