Investing many homeowners, a quality lawn mower is an essential piece of equipment for maintaining a beautiful yard. However, top-of-the-line mowers can come with hefty price tags that put them out of reach for some budgets. That's where lawn mower financing comes in. With the right financing options,, you can get the mower you need now and pay for it over time.
In this comprehensive guide, we'll explore everything you need to know about financing a lawn mower, including:
There are several advantages to utilizing financing for your new lawn mower:
When several financing options to consider when purchasing a new lawn mower:
Many major lawn mower brands like John Deere, Toro, and Cub Cadet offer their own financing programs, often with special promotional rates. These are typically available through authorized dealersment loans arranged through partnered lenders.
Home improvement stores and lawn equipment dealers provide financing options at the point of sale. These may be store credit cards or installment loans.
Unsecured personal loans from banks, credit unions or online lenders can be used to finance lawn mowers Terms typically range from 2-7 years.
For less expensive mowers, a credit card may be a viable option, especially if you can take advantage of a 0% APR introductory offer.
.If you have significant home equity, tapping into it via a loan or line of credit can provide low-interest financing for lawn equipment.
Eligibility requirements vary by lender and general you'll need:
Some lenders may have minimum purchase amounts to qualify for financing, often around $1,500-$2,000.
Here's an overview of some of the best lawn mower financing programs available:
| Lender | APR Range | Loan Amounts | Terms |
|---|---|---|---|
| John Deere Financial | 0% - 5.9% | $500 - $50,000 | 24-72 months |
| Home Depot Project Loan | 7.99% | $2,500 - $55,000 | Up to 84 months |
| LightStream | 4.99% - 16.99% | $5,000 - $100,000 | 24-144 months |
| Toro0% - 29.99% | $500 - $4000 | 6-48 months |
As one of the top lawn mower manufacturers, John Deere offers competitive financing on their equipment. They frequently run 0% APR promotions for 24-48 months on qualifying purchases. Standard rates range from 0.9% to 5.9% APR.
John Deere financing is available for purchases of $500 or more, with terms up to 72 months. You'll need a credit score of at least 640 to qualify for their best rates.
For those looking to finance lawn equipment along with other home improvement purchases, the Home Depot Project Loan is worth considering. It offers a 7.99% APR for up to 84 months on purchases of $2,from $2,500 to $55,000.
This can be a good option if you're doing a larger landscaping overhaul and need to finance multiple items beyond just a mower. The longer terms available can help keep monthly payments lower.
Online lender LightStream offers some of the most competitive rates for excellent credit borrowers, with lawn at just 4.99% for lawn and garden equipment loans.
Loan amounts range from $5,000 to $100,000 with terms from 24 to 144 months. To qualify for the best rates, you'll need a credit score of 660+ and several years of credit history.
Toro partners with TD Bank to offer a credit card that can be used to finance their lawn mowers and other equipment. They frequently run 0% APR promotions for 6-18 months on qualifying purchases.
Standard APRs range from 15.99% to 29.99% based on creditworthiness. The card has no annual fee and offers special financing on purchases of $500 or more.
Follow these tips to ensure you get the most favorable financing terms on your lawn mower purchase:
By doing your homework and comparing options, you can save hundreds of dollars in interest costs over the life of the loan.
Making a new lawn mower purchase is an investment in maintaining your property. By exploring financing options, you can afford the best equipment for your needs and keep monthly payments affordable.
Whether you go with manufacturer financing or use a personal loan, make sure to shop around for competitive rates and terms. With careful planning, you'll be able to get that perfect mower without breaking the bank!
The key is being prepared - know your budget, credit score, and what equipment will suit your lawn's needs best.