AgChoice & Farm Credit FAQs
Questions about AgChoice? We have answers!
- What are the benefits of AgChoice Farm Credit?
A cooperative, according to the Merriam Webster dictionary, is an "association formed to enable its members to buy or sell to better advantage."
So what's the advantage to you? Doing business with AgChoice means that you are an owner of the business. You select the Board of Directors who lead the organization on your behalf. You have a voice in its plans, goals and operations. The Board of Directors is charged with determining the level of capital needed to maintain a safe and strong Association, and also determining the appropriate level of patronage that can be returned to its customer-owners. Paying patronage to AgChoice customers has been an integral part of AgChoice's way of doing business since it was created in 1999.
AgChoice takes pride in its customer-owners, keeping their best interests in mind at all times. After all, knowing you makes the difference.
- Who is eligible to apply for a loan through AgChoice?
AgChoice Farm Credit serves full and part time farmers, ag-related businesses and rural homeowners in 52 counties in central, western and northern Pennsylvania as well as four counties in West Virginia. Contact your local branch office to discuss your specific financing need with our experienced loan staff.
- Where can I find my interest information so that I can prepare my taxes?
AccountAccess is your tool to get this information at the click of a button. Once you have logged in to your account, go to the "Account Information" tab. In this section, you are able to view your account history including the interest paid year-to-date. You also have access to your annual statement and 1098 and 1099 tax forms. This information is normally available in January for the previous year. You can also receive these figures by calling your local branch office, but they will only be able to give you the amounts - no forms can be created at that time.
- Is there any penalty for prepaying my loan?
This is not a normal occurrence. When you negotiated the terms of your loan, taking a rate that involved a pre-payment penalty could have been an option available to you. You can find out if your rate involves a pre-payment penalty by viewing your loan information online or calling your local branch office.
- Do I have to be within the AgChoice Farm Credit service territory to have a loan with AgChoice?
In general, yes, but certain exceptions may apply. To find out the answer for your individual case, please contact your local AgChoice branch location or call (800) 998-5557.
- How do I apply for a loan?
- How do I change the address on my account?
- Does AgChoice take deposits?
No. Unlike commercial banks, AgChoice does not take deposits. The Farm Credit System is uniquely structured where loanable funds are raised through the sale of system-wide bonds and notes in the nation's capital markets.
- Should I lease or buy?
At AgChoice Farm Credit, we can help customer-owners with either option, leasing or buying. Our on-staff professionals can help you to decide which option is best for your unique situation.
Many people are not aware of the financial and business benefits of leasing. If you are interested in improving your cash flow or gaining potential tax advantages, particularly in the fourth quarter tax planning time, you should consider leasing upcoming equipment purchases. We also offer leases on buildings, trucks, cars and much more!