As of January 1, 2023, the interest rate for new Feeder Finance contracts is 9.25%; 0% financing remains available for qualified applicants on Creep, Mineral, Tubs, and ArrivalMax®.
What this change means:
- New Feeder Finance contract applications completed prior to January 1st, 2023 may continue to use the current rate of 8.00%.
- New Feeder Finance contract applications completed on or after January 1st, 2023 must use the Feeder Finance interest rate effective on the date that the applicant signs the new Feeder Finance contract application.
- The interest rate will not change during the life of the Feeder Finance contract.
The new rate is composed by the U.S. Federal Reserve’s Prime Rate + 175 basis points. The updated rate will be published through KNG’s Dealer communication channels, which includes the Dealer Update.
Please contact Horacio Lee, Credit Analyst with any questions at 563.264.4537, or [email protected]