Farming equipment is an essential part of your agricultural operations. When it comes time to buy new equipment,

you might wonder what options are best for you and what trends are rising. Here are three trends to know about in the farming equipment industry.

Auction and Private Party Sales Continue to Increase

Supply chain issues have caused a decrease in the availability of new farm equipment overall. More and more farmers are heading to auctions or scouring Craigslist and Facebook Marketplace to find pre-owned farm machinery that meets their needs. The good news is that ag equipment loans from First Independent Bank are available to you regardless if you buy new or used farm equipment!

Increase in Food Production Means Higher Equipment Demand

The ever-increasing global population means that more food production is needed from farmers. Many farms are growing, requiring ag businesses to purchase additional equipment. As the demand for equipment increases, so will prices and availability. But at First Independent Bank, we are committed to getting you the best rates we can offer so that you can focus on your farming business.

Rise of Alternative Farming Technology

Many new technologies are emerging in the agriculture industry, including vertical farms, farm automation, and water management technology. The good news is new technology increases the range of available equipment to help you manage your farm better and improve your production. Our team at First Independent Bank is here to help you navigate your financial needs as you seek these innovative technologies.


At First Independent Bank, we partner with farm and agricultural operations across Minnesota and South Dakota. We provide the financing you need to purchase new or used farming equipment. As your local Southern Minnesota bank, we have loan financing to meet your needs. Through April 15th, we’re offering fixed loan rates on equipment purchases so that you can keep your focus on what’s important. Contact a business banker today to see how we can help you.