It appears that Im one of the minority here. Almost everything I have for sale I'll take payments on. In fact, thats whats paying a lot of my bills right now, some real estate I sold back in 04-06 at prime +4.
When I sell a tractor or something of that value that doesnt have a hard title for me to 'collect' I get a contract spelled out in writing everything. Its worth what a lawyer costs to get it done. To me, selling you a tractor would be no different that me selling you 5000 worth of hay. We sign a contract stating interest rates (right now my interest rate is the state legal rate, 18 percent) interest accurues from day one though in many cases if all payments are made on time and its a year or less I waive interest. Title if its a soft title like a tractor or hay doesnt transfer until payments are completed though the purchaser has use of the item with his down payment. I maintain the insurance to protect my interest.
But, and heres the big but in the situation. Im one of the few sellers around here that carries a lot of paper. That gives me market share, lets me justify higher prices, etc. If more farmers were willing to extend credit I'd have a lot harder time selling stuff.
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Today's Featured Article - Tractor Profile: Farmall M - by Staff. H so that mountable implements were interchaneable. The Farmall M was most popular with large-acreage row-crop farmers. It was powered by either a high-compression gas engine or a distillate version with lower compression. Options included the Lift-All hydraulic system, a belt pulley, PTO, rubber tires, starter, lights and a swinging drawbar. It could be ordered in the high-crop, wide-front or tricycle configurations. The high-crop version was called a Model MV.
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