A NEW buy now, pay later scheme to fund machinery purchases on larger farms has been launched by NFU Mutual Finance.
Farmers opening a Vision account can draw funds up to an agreed credit limit, using an account chequebook to pay suppliers direct. This, says director Scott Campbell, restores farmers cash bargaining power.
Purchases can then be transferred to fixed term hire purchase. Repayment periods are available for up to 10 years. Interest is likely to be 0.25-0.5% cheaper than the current market, says Mr Campbell. Cost of borrowing on the cheque account is 1.99% over bank base.n