Commercial Building and Agricultural Program
STANDARD PROGRAM
This program allows annual or semi-annual payments on leases related to farm equipment. Implements less than seven years old are acceptable, as are grain bins, ag buildings, center pivots and other pieces of equipment relating to the farm operation. We cannot lease dairy parlors, stalls, computerized feeding systems, gates or items that would be considered fixtures or those that diminish in resale value rapidly. Application only is available for transactions under $25,000.
All items are subject to review by the credit department. Please call before submitting the application to determine the acceptability of the equipment.
This program will allow a prospective lessee to delay making his/her first annual or semi-annual lease rental for up to six months by making an initial payment of 10% of the equipment cost.
Example: A farmer wants to lease a $50,000 combine, but would rather delay the first annual lease payment until four months later when his bank line is approved and funded. He/she would be required to pay 10% of the equipment cost up front along with the normal filing fee. Upon receipt of this initial payment and all required lease documents,Executive would activate the lease. Four months later, the first payment would become due. Annual rentals will then be due each year on the anniversary date of the first rental payment.
*Subject to cancellation at any time without prior notification.
Note: Due to the many different banking philosophies, each bank’s credit guidelines may result in a different rating for your specific profile and request. This may affect the actual rate you are offered. All quotes of terms and payments are subject to change, based on final credit approval. Upon final credit approval, you will be offered a final commitment transmittal, which will require your signature as acceptance of terms and conditions.
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