Massey Ferguson, through its finance partner, AGCO Finance, say they are further supporting the new generation of farmers with the offer of a special finance package.
The new package is open to those agricultural businesses where a member of the young farmers’ clubs of England, Wales, Scotland, Northern Ireland and Ireland plays an integral role. The role could be one of an owner, a partner, a director or a key individual working within that business.
This scheme is offered through AGCO Finance and can be claimed when an agricultural business is purchasing a new or demonstration Massey Ferguson tractor.
The current standard finance scheme is 1+2 annual payments at 0% interest which would require the business to pay a third of the amount financed immediately, followed by a further third in 12 months’ time and the remaining third in month 24.
The new special scheme allows the business a pause of 12 months before paying the first payment of a third. This special scheme is only applicable up to a maximum of 50% of the tractor’s RRP (Recommended Retail Price).
Example – New tractor:
RRP £120,000
Dealer invoice value £90,000
Part Exchange £30,000
Balance to Finance £60,000
Thus, under the special finance scheme the first repayment of £20,000 would fall due in month 12, second payment of £20,000 in month 24 and the final payment of £20,000 is due in month 36.
If annual payments are not suitable, AGCO Finance can adapt the repayments to reflect the cash flow of a customer’s business. This may or may not impact on the amount of interest charged.
“Access to credit is one of the key issues facing all agribusinesses and we are very pleased to be able to offer this extra support in partnership with AGCO Finance to assist their business ambitions,” says Lindsay Haddon, Massey Ferguson Advertising and Sales Promotion Manager UK and Ireland. “We are already major sponsors of the young farmers’ movement across the five nations and this new scheme is a further demonstration of our commitment to the future of young people in agriculture.”
Qualifying young farmers for the scheme are members of one of the following: the National Federation of Young Farmers Clubs (NFYFC), the Wales Federation of Young Farmers Clubs, Scottish Association of Young Farmers Clubs (SAYFC), the Young Farmers Clubs of Ulster and Macra ne Feirme. The young farmers must be involved within the business purchasing the tractor - for example a partner/director, son/daughter, grandchild of the owners or a key individual within the business.
