Equipment Loans
Most agricultural operations require some amount of investment in equipment to be successful. At First National Bank, we understand that, and as Southern Oklahoma’s premier agricultural lender, we are prepared to be there when farm and ranch equipment purchases are necessary. We understand ranching like no other lender in this part of Oklahoma, and have the experienced lending staff to back that claim! Whether it’s financing for a tractor, bulldozer, hay-bailer, spray-rig or any other variety of farm and ranch implement, we can provide the capital to make that purchase happen. Agricultural lending has been the bedrock upon which First National Bank was founded going all the way back to 1889! Let us help you grow!
Competitive rates that are usually floated at a margin over “WALL STREET JOURNAL PRIME RATE AS PUBLISHED IN THE MONEY MARKET SECTION OF THE WALL STREET JOURNAL.”
Loan terms vary.
Collateral for this type of loan is usually the equipment being purchased, limited to a percentage of the purchase price. Apply now!
In addition to completing a loan application, it is generally recommended that you bring along the following additional financial information to expedite your loan request:
- A business financial statement (if you are incorporated), and copies of business tax returns covering a 3-year period if possible.
- A personal financial statement and copies of 3 years of personal tax returns if possible.
- A business plan indicating the economics of the cattle/agricultural operation. Feed costs, holding periods and anticipated weight gain, death loss and profits based on the cattle market are typical discussion points. The repayment of the equipment loan needs to be factored into the cash flow of the operations.
- An invoice describing the equipment and indicating the serial number(s) of the equipment is helpful.
