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Two Ag Companies Work Together to Offer New Finance Option

Two Ag Companies Work Together to Offer New Finance Option
Equipment maker opens ag finance division through cooperation with another company.

Equipment Technologies is well known for making Apache Sprayers. These mechanical drive sprayers are made at Mooresville, Ind. Two years ago, Equipment Technologies opened a parts warehouse and training facility on a separate but nearby property to their manufacturing plant. The goal was better and faster parts service to dealers and farmers.

Now, Steve Leer, communications specialist for Equipment Technologies, says the company is going another step further by helping make financing of sprayer purchases more convenient for farmers. The company announced last week that it is forming ET Ag Finance.

New finance option: Training dealers to provide the best service possible has always been important for Equipment Technologies, Steve Leer says. Now a new ET Ag Finance division will also allow farmers to finance the purchase of a new sprayer.

In order to form this arm of Equipment Technologies, the company is working with Wells Fargo Equipment Finance, Leer says. Wells Fargo Equipment Finance is itself a division of Wells Fargo bank.

The goal is to offer fast credit at competitive interest rates to customers who buy new sprayers, Leer says. Matt Hays, CEO of the company, understands crop prices are falling and some farmers may consider delaying trading up to a new sprayer. He believes offering them a financing option through the company that also can sell them the sprayer will make things more efficient for everyone.

Related: Equipment Technologies Makes Huge Investment in The Future

"We're doing all we can to help farmers acquire the new sprayer and precision technology they need despite these challenging economic conditions, Hays says. "We'll work with individual growers to find the financing package that works for them."

Farmers can use financing through ET Ag Finance to purchase or lease a new Apache sprayer over a term of two to six years. Financing plans are offered on remaining 2014 models, and on all new 2015 models, Leer reports.

The parts warehouse opened a couple years ago is also a training facility for dealers and customers. During the next several weeks, Equipment Technologies will bring Apache dealers from all over the U.S. and beyond in for training on repair and maintenance of new models. The sessions also better acquaint dealers and their technicians with the latest in precision technology, and how to keep it running smoothly.

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