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AGRICULTURE

Tractor Zoom Launches Pre-Approval Process for Farm Equipment Financing

Author

Tina Kendall

March 14, 2022

Tractor Zoom announced today the launch of a new pre-approval process that facilitates farm equipment financing with some of the industry’s leading farm equipment lenders. Farmers interested in financing farm equipment will be taken through a pre-approval application process that, end-to-end, is three steps and takes less than 20 seconds to complete. Based on their inputs and financing needs, farmers will receive customized quotes to compare rates almost instantaneously and be able to finalize their applications directly with the selected lender.

“We’re extremely excited to provide Tractor Zoom users the ability to get pre-approved, and ultimately finance with, some of the top lenders in the industry,” said Kyle McMahon, Founder and CEO of Tractor Zoom. “We find that most of the visitors to our site, whether looking to buy a compact utility tractor or a combine, are actively in-market, so this helps remove additional barriers for them to make a purchase. In essence, we’ve created the first-ever, interest rate comparison tool for the farm equipment industry, which puts more control in the hands of the farmer and enables them to secure the equipment they need to run their business.”

Tractor Zoom features over 23,000 farm equipment listings on its website in a given week, most of which are available for financing, but farmers can also get pre-approved for financing on equipment that is secured directly through a dealer, auctioneer, or third-party sale. And, while the new pre-approval feature marks the first entry into facilitating farm equipment financing for its customers, Tractor Zoom is still in active conversations with other industry-leading lenders, with plans to continue to add additional lenders as agreements are secured.

“We want to help leaders in agriculture make confident buying decisions about farm equipment,” said T.J. Masker, Senior Product Manager for Tractor Zoom. “In our research, we found that interest rates are the most important variable in financing equipment but 74% of farmers also indicate that the application process to secure this rate is too cumbersome. We set out to build a pre-approval process that is not only fast and user-friendly but gives farmers access to multiple quotes so they’re able to make the best financing decision for their operation.”

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