How much does it cost to get a forestry equipment loan?

You may not have to put anything down to get a forestry equipment loan. However, you’ll need to repay the funds you borrow with interest. So, if you take out a loan for $100,000 to purchase a backhoe with 5% interest over ten years, you’ll end up paying $27,278.62 in interest. 

What’s the difference between buying and leasing forestry equipment?

When you buy a piece of equipment, the monthly payments you make build equity in the machinery. At the end of the loan term, you’ll own a piece of equipment outright. In contrast, leasing a piece of equipment doesn’t come with ownership at the end of the lease term. 

Can you get grants for forestry equipment?

It’s possible to get grants for forestry equipment. However, you’ll need to use the equipment for specific purposes when accepting a grant.

Are there prepayment penalties on forestry equipment loans?

Prepayment penalties vary based on the lender. Before finalizing a loan agree, confirm with the lender about any prepayment fees. 

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Sarah Sharkey

Sarah Sharkey

Personal Finance Writer

Sarah Sharkey is a personal finance writer who enjoys helping people make better financial decisions.

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