IH 340 - Common problems? Looking to buy

I'm looking at purchasing an IH 340. I don't know
the year off hand. It's gas and equipped with an
IH 2000 loader. (I know it's a little big for the
tractor.) I've done a bit of part time farming
and operated or worked on more than one tractor,
but I've never owned one or really needed to know
much more than basic mechanics about one. Now
that I'm looking at buying one, I'm hoping some
one with experience can help me figure out whether
this is a normal, run of the mill 340 that needs a
little work, or if it's a basket case I should
walk away from.

That said, the main issue with this tractor, (I
apologize I don't know the correct term) the
steering box, that sits under the cowl directly in
front of the operator, is loose. When you turn
the steering wheel, it will jog around (in an
opposite direction it's attempting to drive the
tie rod/drag link) until it appears that the bolts
holding it down run out of room, then the front
wheels will turn. I believe that the bolts
holding this box down had been tightened up a year
ago, but after a little use, it's loosened up
again (It's loose enough that with the engine off,
and no power steering, you can move it around by
manipulating the steering wheel.)

Is this a common problem? Should there be dowel
pins of some kind that maybe sheared off over the
years? Is this a detrimental defect or something
I could get fixed by a competent farm mechanic?

I'm a machinist by trade, and my common sense
tells me even if castings are cracked and blind
pins are broken, I could repair something like
this - given time. But I need a working tractor
and I don't have the time to tear one down right
now, at least not until I finish a couple other
projects, so the best case for me would be to buy
this tractor rather cheaply, and have a mechanic
make the repairs needed to put it to work.

It is the ideal tractor for my use, which is
general hobby farm utility stuff, moving snow,
moving a little dirt, pulling logs out of the
woods, knocking down weeds etc. It's coming with
some actual Quick Hitch implements which are in
great shape, a brush hog, back blade, sickle bar,
and the loader and hydraulics appear in excellent
condition (no or very little leaking, strong
positive movements).

There are some more minor issues that I don't mind
fixing over time, like the seat being pretty much
destroyed, brake pads (or shoes?), and it's still
6 volt. But I think I can get it for a song, if
it would take $1,000 or $1500 for a mechanic to
really fix the steering issue and tune it up a bit
(runs and starts very well, but the throttle tends
to run away, think there's a governor issue?) it
would be worth it in my opinion.

Thanks.

I have a 340 Utility with a 2000 loader. The loader was actually designed for this size tractor. Mine uses the tractor's hydraulic valves and is a real clean installation (my 340 has the levers on the right side of the dash).

The steering is a common issue. I had to remove mine completely and helicoil all of the holes. I used grade 8 studs with locking nuts and haven't had any more trouble.

That's what I was thinking. Thank you very much for
the first hand knowledge. I assumed the loader was
large for the tractor, there's a 706 in the same
shed as the 340 I want to buy with the same loader
on it. The owner told me that the loader's capacity
was higher than the tractor's spindles could handle,
and I don't know enough about them to contradict
that.

One other question, could you (or anyone) approximate the cost of having this repair done? Or the amount of time/labor I would expect to pay for? I can predict how much time it takes to place thread inserts, but I have no idea how much disassembly/reassembly there is involved to get at the threaded holes in question.

removing the box and heli coiling the holes and reinstalling the box would be about a 4 hour job at roughly 75 bucks and hour plus the cost of heli coils.
you should do it youself, not really a major deal...

I'd love to. I really would. I'm a full time student. I work full time Friday through Sunday, and I'm salary so 6 to 6 is often 5am to 9pm. I generally try to do my own maintenance and repairs, today I'm replacing ball joints on my truck. I just don't have the time. And paying someone much more familiar with implements than I am might mean getting a couple more issues fixed that I can't even recognize without something failing in the field.

i hear that, seems like time is a thing of the past...