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5 Lawn Mower Financing Options
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Lawn equipment can be expensive, and coming up with the financial investment upfront isn’t always easy. You can find affordable push lawn mowers starting at around $150, but a riding lawn mower starts at around $1,200 to $1,500, and can easily cost more.
Fortunately, you have options for lawn mower financing, some of which won’t cost you a penny in interest charges.
What to know about lawn mower financing
When it comes to financing a lawn mower, you’re almost always better off paying with cash to avoid interest charges. However, certain riding lawn tractor financing options can make sense, especially if you can avoid interest charges and fees altogether.
You can finance a lawn mower in a number of different ways, from in-store promotional financing to personal loans. For each option, consider the cost of financing and the payoff timeline.
1. In-store special financing
In-store lawn mower financing typically involves opening a store credit card to utilize a special financing offer. With these offers, interest is not charged as long as the balance is paid off by the end of the financing period. Fail to pay your balance in full by then, and your debt will be charged interest back to the date of purchase. This is known as deferred interest.
|Home Depot vs. Lowe’s lawn mower financing|
|Product||The Home Depot Consumer Credit Card||Lowe's Advantage Card|
|Regular purchase APR*||17.99% - 26.99% variable||26.99% variable|
|Special financing||No interest if paid in full within 6 months on purchases of $299+
Up to 24 months financing during special offers
|No interest if paid in full within:
Reduced, fixed-interest financing at 7.99% APR for 84 months on purchases of $2,000+
|Special financing is subject to credit approval. Offers current as of date of publishing.
*Annual percentage rate, or APR, represents your cost of borrowing, including interest charges and other fees.
Low-interest or interest-free financing periods can keep overall costs down and save you money, as long as you can adhere to the financing terms. Keep in mind that credit checks are often required for in-store financing, but store credit cards may be easier to qualify for than a credit card with an introductory APR.
2. Point-of-sale tractor loans
Some lawn equipment retailers partner with buy now, pay later companies like Affirm to offer point-of-sale loans. These are fixed-rate installment loans that can break your lawn equipment purchase into equal monthly payments.
Often, these point-of-sale loans charge interest, which makes them a more expensive way to finance a lawn mower than just paying in cash or taking advantage of a zero-interest credit card financing offer. For example, Affirm offers APRs as low as 0%, but as high as 30%.
See how APR affects the cost of borrowing in the table below:
|Financing a $1,200 lawn mower over 12 months|
|Interest rate||15% APR||20% APR||25% APR|
|Total amount paid||$1,300||$1,334||$1,369|
|Total interest paid||$100||$134||$169|
3. Lawn mower leasing
Some companies also offer tractor leasing. Leasing is popular among consumers because it’s a cheaper alternative to taking out a loan. The monthly payments are usually lower than with a loan, and you don’t have to worry about long-term equipment upkeep. If you just need a mower for a set period of time, it could be a worthwhile agreement.
However, with leasing you never own the lawn care equipment outright. Instead, you make monthly payments for a set period of time, typically a few years, and then return the equipment to the retailer at the end of the lease.
For example, John Deere offers lawn mower leasing, as well as installment loans. Offers change on a rotating basis, but you may qualify for deferred-interest or reduced-interest financing on certain purchases. John Deere also offers used tractor financing, which could present a good opportunity to save on the cost of equipment.
4. Personal loans
It’s possible to finance a lawn mower with a small personal loan, which is a lump-sum loan that’s repaid in fixed monthly installments over a set period of time (typically a few years). Unsecured personal loans don’t require collateral, much like a credit card, so you don’t risk losing an asset if you default on the loan. But because they’re unsecured, lenders will lean on your credit history and debt-to-income ratio to determine your eligibility.
|Personal loan terms|
|Typical APR||6% to 36%|
|Borrowing limit||$1,000 to $50,000+|
|Loan length||24 to 60 months|
Borrowers with a high credit score and a low debt-to-income ratio will qualify for the lowest offered APRs. Meanwhile, personal loans can be an expensive option for borrowers with subprime credit. Those with bad or even fair credit may only qualify for personal loans with sky-high APRs, if they qualify at all.
You’ll also want to consider origination fees, which are 1% to 8% of the total cost of the loan. However, not all lenders charge an origination fee.
Many personal loan lenders let you check your eligibility and estimated APR with a soft credit check, which does not impact your credit score. However, a hard credit check will be performed when you formally apply for the loan.
5. 0% introductory APR credit cards
Some credit card issuers offer introductory 0% APR periods for new customers. These offers can last up to 18 months, which could be plenty of time to pay off your new lawn mower purchase without having to pay any interest at all.
| Avoid interest charges for a select period, allowing you to repay your debt faster.
Can earn rewards with purchases, depending on the card.
Can keep your credit line open for future purchases, if needed.
| Requires strong credit to qualify.
Short repayment timeline if you want to avoid interest.
Card may come with an annual fee, adding to your costs.
If you don’t repay your debt within the introductory period, though, you’ll be charged high interest on the remaining balance. So if you plan to open a new credit card to buy a lawn mower, make sure you have a plan to repay the debt. Consider looking into your budget to allocate a certain amount toward the mower each month so you’re not stuck paying interest on your purchase.
Introductory credit card offers are typically reserved for borrowers with good credit. In addition, the application process will require a hard credit check, which will result in a small, temporary ding on your credit. Before you go applying for credit cards, know where you stand by checking your credit score for free on the LendingTree app: