As we’ve already said, AgDirect offers just one type of business loan: equipment financing. That means you can’t use its loans for just anything―they have to be used to purchase (or lease or refinance) equipment for your business.
And while some lenders let you use equipment financing for anything from copiers to computer chairs, AgDirect only offers loans for agricultural equipment. Think combines, tractors, and irrigation systems.
In other words, if you plan to buy or lease a grain combine, AgDirect can help. If you want to renovate an office building, you should look at other lenders instead.
So what counts as agricultural? In a conversation with an AgDirect rep, they mentioned three industries:
If you’re in one of those industries, you may be able to get loans that have very, very competitive interest rates.
Unfortunately, we can’t promise you’ll qualify. AgDirect’s website doesn’t offer any details about borrower requirements.
We do know, thanks to an AgDirect rep, that there’s no minimum credit score requirement. (Most equipment financing companies look for at least a fair personal credit score, though, and we suspect AgDirect does too.) But aside from that? We can’t say.
Yes, we wish AgDirect was more upfront about its borrower requirements―but we suggest you go ahead and apply if you’re interested. Because based on what we know about AgDirect equipment financing, it’s worth the effort.