Borrowing basics – 3 ways to prepare for your next loan

Borrowing basics – 3 ways to prepare for your next loan

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Perhaps you’re a young farmer borrowing money for the first time. Or, maybe it’s been a while since you’ve applied for a loan and need a refresher. No matter what stage you’re at, there’s always something new to learn.

In this article, we’re reviewing some borrowing basics – what you need to apply for a loan, how much you need for a down payment and tips for choosing the right loan length, interest rate and amortization.

Applying for a loan

Before you meet your lender, you’ll need to collect your financial information. Give yourself time to gather and review all required documents.