Fall 2021

Northwest Farm Credit: Rural, Real Estate, Operating Loans; Farm Loans; Country Home Loans; Lot Loans; Equipment Financing; Young and Beginning Producers; Crop Insurance; Business Management Education; Property Appraisals

Issue link: https://digital.nexsitepublishing.com/i/1435305

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Page 11 of 19

11 Northwest FCS customer education Machinery purchases are a major capital commitment and one of the biggest financial decision you can make for your operation year to year. The right equipment investment can improve processes, productivity and ultimately increase your bottom line. Choosing the right equipment involves weighing lots of options including where to buy, what to buy and how much to spend. Questions to Ask Before Your Next Equipment Purchase That's why we created the following checklists to help guide you in your decision making. Here are some key questions and considerations to think about as you plan for your next equipment purchase. Assess current equipment If you're thinking about making an equipment upgrade, completing an audit of your existing equipment is a good place to start. Ask yourself these fundamental questions about your machinery costs and performance to help you justify your next purchase and identify your short- and long-term goals. • Does your current machinery perform reliably under a variety of field conditions? • Are you spending valuable time and money on unscheduled maintenance or repairs? • Are you looking to increase productivity or capacity? • Can you cut costs by downsizing? • Does your equipment meet the requirements – like horsepower or towing capacity – of the jobs you need to complete? • Will different equipment be needed in the future to accommodate additional acres or crop types? • Is newer technology available to help you operate more safely or efficiently?

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