Without pictures showing what is bent it's impossible to give good advice. That said, I've fixed a good many loaders over the years. First thing you need to decide is how good do you want it when done. Fixing a loader well is usually a significant job, but certainly doable. If all you want is for the bucket to be flat on the floor again then either of your plans should work fine. If you want to get it back to factory specs then it will take more in most times.
One basic to remember is that the best way to straighten something is to reverse the force that bent it. If your loader had been bent digging dirt then either of your plans would be ok to start with. But since it was likely bent from hitting something while moving, then the propper way to straighten it will be to pull it in reverse of the impact direction. I have chained the loader yo a tree and pulled back to accomplish this before.
Now if you really want to get it right you will need to do some carefull measuring to see just where it's bent. You will likely find a good many parts that are not quite right and will need to be put back in place.
There are many ways to apply the force needed to get things straight, but without a good idea what is bent any suggestions in that reguard would be nothing more than guesses.
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Today's Featured Article - The Nuts and Bolts of Fasteners - Part 2 - by Curtis Von Fange. In our previous article we discussed capscrews, bolts, and nuts along with their relative hardness and thread sizes. In this segment we will finish up on our fasteners and then work with ways to keep them from loosening up in the field. Capscrews, bolts and nuts are not the only means of holding two parts together. When dealing with thinner metals like sheet tin, a long bolt and
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