I'm not saying to get a loan for the $250,000 machine and buy a $25,000 machine. What I'm saying is that if the people in charge knew their head from a hole in the ground when it came to many of the items they were asked to loan on they would have to change their whole way of thinking. Look at it this way, what would you rather have on your books in the way of a defaulted loan, a portion of $25,000 or an even larger portion of $250,000. Granted equipment tends to hold it's value, but just like a new car, a $250,000 machine is going to lose alarge porton of it's value within the first year while a $25,000 machine is going to retain it's value. How do you think guys buy a machine to clear their land and then resell it for exactly what they bought it for? heck if a major repair like an engine or transmission rebuild was done you can often get at least a portion of that cost back, over and above the origional purchase price, if you find the right buyer.
What it comes down to is like I said, anybody with a grain of sense about equipment knows a deal when they see it, they don't have to look at a book to know what they are looking at. On the other hand the people in charge of giving the loan, to help those guys get the deal, only know how to read a book, and as such do not have a clue, and are nothing but what my Great Grandma used to call an 'educated idiot'...........
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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