If you’re borrowing, you’d better shop around, says IFA

INTEREST rates between 4.75% and 5.75% have been secured by farmers who shopped around for the best deal when borrowing for farm development work, says IFA.

Change banks if necessary, advised farm business chairman Eddie Downey, as 48,000 farmers move to borrow more than €1 billion for farm projects in the next two years.

He said “I have seen differences of up to five percentage points on the interest charged on bank loans to farmers, which can translate into over €20,000 extra interest repayment on a €50,000 loan over a twelve year period”.