IFA: shop around for best farm loans

THE 48,000 farmers planning to borrow over €1 billion to do farm development work in the next two years have been advised to shop around to get the best lending deal.

IFA Farm Business committee chairman Eddie Downey said he had seen differences of up to 5% on the interest charged on bank loans to farmers.

This can translate into €20,000 extra interest repayment on a €50,000 loan over a 12-year period.