getting a loan

[johnmclennan]

Hi i am 15 and i have two cows, and i am wanting to get some more can I get a loan being that I am only 15? I am only wanting to get about 10 more.

 

[kenny thomas]

Check with your local Farm Service Agency. There is a program for young begining farmers to get loans at a very good interest.

 

[Howdyjabo]

Ditto on Farm Service also check into joining FFA they also have a program.

 

[bigbull338]

FHA used to have a program that would loan you like $6250 if you was a member of FFA an was approved for the loan.

 

[TexasBred]

Hi i am 15 and i have two cows, and i am wanting to get some more can I get a loan being that I am only 15? I am only wanting to get about 10 more.

Find someone to co-sign the note with you. Otherwise I don't think the bank, FSA or anybody else can legally loan you the money but I could be wrong. Course if dad is going to have to guarantee the loan he might as well loan you the money himself.

 

[oscar p]

There is a program with FSA. They will loan a young person, 10yrs old to 18yrs old $5000, at 2.5 % interest. (that was the interest rate last year)You will have a yearly payment. They prefer you to buy pairs, that way you can make a payment or two, when you sell the calves.

 

[jedstivers]

FHA now FSA had a new farmer loan for up to 500,000. Several people got loans then had high death loses (read selling a few off at at time) then defaulted on the loan an walked away. One even did it twice. Not saying it's right an I don't like people doing it but just telling what happened.

 

[tripleBfarms]

Hi i am 15 and i have two cows, and i am wanting to get some more can I get a loan being that I am only 15? I am only wanting to get about 10 more.

I would assume that you have access to a bull already? If I were you, I would buy more cows with my calf money each year. If you want to get there quicker, get a part time job and save your paychecks to buy more cows. Either way, don't borrow money at 15. You've got the rest of your life to be in debt.

 

[oscar p]

As long as you buy pairs, You cant really loose, unless the cows die. Just pay as much as you can back, when you sell your calves. Most young people, will pay the loan back in 2 years. Then you can do it again. Their isn"t a bank around that will give you an interest rate like 2.5%. Had a young person pay back $3000 of his loan,Jan.3,his calves brought 1.65 a pound. He made out like a bandit.

 

[tripleBfarms]

As long as you buy pairs, You cant really loose, unless the cows die. Just pay as much as you can back, when you sell your calves. Most young people, will pay the loan back in 2 years. Then you can do it again. Their isn"t a bank around that will give you an interest rate like 2.5%. Had a young person pay back $3000 of his loan,Jan.3,his calves brought 1.65 a pound. He made out like a bandit.

You can always lose, believe me...I'll find a way. :cry2:

 

[cowboy43]

Buy high==sell low==drought==all equal loss,

 

[Thinbluelinetx]

I would pay cash if I was you. Eliminates the risk factor.

 

[TexasBred]

I would pay cash if I was you. Eliminates the risk factor.

I figure would too if he had the money....but I doubt he does or he probably wouldn't have asked the question. I couldn't when I was only 15...or 18...or 20...

 

[Thinbluelinetx]

I realize he doesn't have the cash right now, but he could save up. It might take awhile, but it's better than being in debt several thousand dollars at age 15 if something catastrophic happens.