Build the all-in annual cost
Payment amount is only one line. Add insurance, storage, repairs, fuel or energy, labour, software, property costs and the opportunity cost of cash or trade equity. Then subtract any credible savings or additional contribution margin.
For shared or contracted work, compare availability and timeliness as well as price. The cheapest option on paper can be expensive if it misses a critical field window.
Stress the utilization assumption
Capacity is valuable only when it is used. Test the decision at expected acres or throughput, then again at a lower level. If the project works only at perfect utilization, the financing structure has little room for weather, breakdowns or market changes.
Match debt to useful life
The amortization should be considered alongside the period the asset is expected to generate value. A long term may improve annual cash flow but increase total interest and the risk of owing money on obsolete or worn equipment.