Finance your next big farming equipment purchase with Magnifi Financial.
Whether you're looking for a new combine or need help financing repairs, we can help define
the terms of your loan to help you reach your Ag and financial goals. Our Ag Banking Officers will
visit with you to help you find the right solution for your financing needs.
Additionally, Magnifi Financial partners with various agencies to obtain ideal financing and
low-cost solutions for your agribusiness' needs. Participation in these agencies helps
provide cost-effective solutions for your farm. Some of the Magnifi Financial agency partnerships
Farm Services Agency (FSA) - Magnifi Financial is a preferred lender with FSA
MN Dept of Ag (Rural Finance Authority)
MN Dept of Ag (Ag Best Management Practices (BMP) program)
Small Business Administration (SBA) - Magnifi Financial is a preferred lender with SBA
U.S. Department of Agriculture (USDA)
As the largest Ag-lending credit union in Minnesota, we are able
to provide our Agribusiness members with low loan rates. Our Ag Banking Officers review all
your ag loan options to find the best fit.
Low Closing Costs
Magnifi Financial has very competitive terms for farmers which
include low fees and no monthly service charges. We make sure you're comfortable with all
of the terms of your loan.
Our local Ag Banking Officers work directly with you to build a
relationship and help determine the right solutions for your agribusiness. No matter your
budget size, we're here to find the right solution.
Equipment loans can be the right solution
for your farm
Our Ag Banking Officers
will help you finance ag loans for any situation. No matter if your farm is small or large, our
agribusiness lenders offer guidance throughout the entire process to get you on track to meet your
Fill out our online form with some information about
your agribusiness and the products or services of interest. Your local Ag Banking Officer will be
in touch within 1-2 business days.
Additional Products and Services for Agribusinesses
Check out all of your other options you can utilize with Magnifi Financial's suite of
business products and services! Our Ag team will work with you individually to ensure you're
on track to reaching your agribusiness goals.
Store, save and spend your hard-earned cash with checking accounts, Money Markets. and
Sometimes, sometimes not. If you have already found your vehicle to purchase, we can set up financing right away and you won't need a pre-qualification letter. However, if you get pre-qualified and then shop around for vehicles, we'll send you a pre-qualification letter to bring to dealerships. Some dealerships may also contact us to confirm financing as a business practice.
Your pre-qualification offer is typically valid for 90 days with Magnifi. If we have not heard from you about purchasing a vehicle within those 90 days, then your loan application will be closed and you will need to reapply if you decide to obtain financing after the expiration date.
That's great! Go ahead and fill out an application and we'll help you get the financing together as quickly as possible. If you are working with a dealership, we'll just need the Purchase Agreement and Insurance Card. Our lending staff will help walk through everything with you to get you on the road faster.
We have several methods for you to make your loan payments:
• Magnifi Digital Banking or Mobile App: You can transfer funds from your Magnifi or external checking/savings account into your loan account.
• Online: Use our online loan payment system to set up a single or recurring payment with your debit/credit card or routing/account number.
• Mail: Send a check to: PO Box 232, Glenwood, MN 56334. Please include your Account Number and Loan ID. You will not receive a payment receipt by mail but you can verify the transaction within Digital Banking.
• Branch: Visit any Magnifi location to make a payment.
You can avoid paying as much interest if you make larger or additional payments on your vehicle loan. This will pay down the principal of the loan which means you pay less interest and you could pay off your loan quicker. However, this does not advance your due dates... Meaning, if you make twice the payment amount one month, you will still need to make a payment on the same due date the following month.
Frequently Asked Questions
We have several methods for you to make your loan payments: Magnifi Financial
Internet Banking: You can transfer funds from your Magnifi Financial
checking/savings account into your loan account. Learn more here. Magnifi Financial Mobile
App: You can transfer funds from your Magnifi Financial checking/savings
account into your loan account. Learn more
here. Phone: (888) 330-8482 Pay over the phone with a debit card
or Magnifi Financial account transfer. Mail: PO Box 190, St. Joseph,
MN 56374. Please include your Account Number and Loan ID. You will not receive a payment
receipt by mail but you can verify the transaction within Internet
Banking. Branch: Visit any Magnifi Financial location to make a
Great question! Our members can qualify for membership very easily. You will just need to
work, worship, go to school, or volunteer in one of the 18 counties of our field of
membership. So, when you open your account with us, you will open a one-time $5.00 “Share”
account which makes you a member of Magnifi Financial and an equal owner of our credit
union. And if you ever decide to close your account, you will receive your $5 deposit
back. You can learn more here.
Yes, Magnifi Financial offers additional protection for members to add on to their loans in the event that something unexpected occurs.
Work with your assigned Magnifi Financial team member to discuss the right options for you.