The interest rate on her operating note doubled this year and will be higher in 2023.
Now, his interest rate is 7.35%, and he expects it could reach 8% by year’s end – a 142% increase in eight months.
"It's easier to get financing when interest rates are cheap because [banks] are willing to take more risk," said a CNH Industrial dealer representative, who declined to be named.
In separate statements, Deere and AGCO said interest rates they offer depend on loan terms, borrower creditworthiness and equipment type.
CNH Industrial said interest rates for larger equipment are lower than rates for smaller machinery.