Ultimate Guide to Lawn Mower Financing

You’re proud of your yard and will do what it takes to keep it looking good. But what do you do when your trusty old lawn mower kicks the bucket, and you don’t have the cash to buy a new one? Is your only option to let weeds take over until you save enough to buy a mower?

Not necessarily. You may be able to get financing to purchase the mower you need or even a fancy upgrade. Options for lawn mower financing include in-store financing, leasing, credit cards, and personal loans. Here’s what you need to know to get a new mower without having to come up with the full purchase price in cash.

Key Points

• Finance options for a lawn mower include personal loans, leasing, credit cards, farm loans, and in-store financing.

• Many credit cards and in-store financing options include an introductory 0.00% annual percentage rate (APR) offer that can help buyers avoid paying any interest if they can pay off the purchase before the offer period ends.

• Your debt-to-income (DTI) ratio, credit score, and monthly income will affect your personal loan interest rate.

• Financing a lawn mower instead of paying cash could free up that money for other expenses.

• When considering a financing option, it is important to read the fine print to be aware of any fees that could affect the total cost of the purchase.

Lawn Mower Financing Explained

Lawn mowers can be pricey. In fact, ride-on mowers can easily run well into the thousands. Fortunately, it’s possible to get financing for a large purchase like a lawn mower. This may be available directly from the seller, or you may be able to get a personal loan to finance a lawn mower. 

Personal loans can typically be used for any purpose, and they work like other types of loans: You borrow a lump sum of money, then pay it back (plus interest) in monthly installments over a fixed period, which could be a year or more. Personal loans for lawn mowers are available through many banks, credit unions, and online lenders.

Lawn Mower Financing Requirements

All types of lawn mower financing will come with personal loan qualifications. Lenders and creditors typically want to see a certain minimum credit score and monthly income. They will likely also consider your DTI. This is represented as a percentage and shows how much of your gross monthly income currently goes toward monthly debt. Lenders typically like to see a DTI of less than 36%. If you’re applying for a secured personal loan, you may also need to show proof of collateral (an asset) that you can use to secure the loan.

5 Lawn Mower Financing Options

Here are five options to consider when it comes to financing your lawn mower purchase.

1. Credit Cards

If you’re buying a mower that costs a few hundred dollars, you might consider charging it to a credit card. Just keep in mind that credit cards typically come with high interest rates, which could make this a costly form of financing if you can’t pay off the balance quickly.

Some credit card issuers offer introductory 0.00% APR periods for new customers with good credit. These promotional periods can last a few months or more than 18 months, which might allow you to pay for the mower in full without paying any interest on your financing.

2. Leasing

Leasing is more applicable to a riding lawn mower or tractor. Rather than buy the mower outright, you may be able to lease it for several years. The benefit is that your monthly payment may be lower than it would be if you financed it through a loan. What’s more, you won’t have to worry about maintenance, and at the end of the lease period, you can turn the mower in and get a new one or buy it outright.

3. Tractor Loans

If you operate a legitimate agricultural business or farm and need a riding mower or tractor, the federal Farm Loan Program has specialized financing options  for this purpose. USDA Farm Service Agency (FSA) loans have competitive interest rates, a flexible use of funds, and repayment terms designed to align with agricultural operations.

4. In-Store Financing

Another option for push mower or riding mower financing is to work with the seller. Store financing typically involves opening a store credit card and using a special financing offer, such as zero interest for a certain period of time. If you fail to fully pay off the mower in that time frame, however, you may be charged interest for the full time period (dating back to the date of purchase). If you’re considering this route, make sure you fully understand the terms of the financing and what interest rate you could potentially be charged.

5. Personal Loan

It is possible to get a personal loan to finance a lawn mower. Rates are typically lower than credit cards, and the funds could also cover other landscaping expenses, such as fertilizer, mulch, plants, or any other equipment you need.

Borrowers with excellent credit and a low DTI ratio may qualify for the lowest rates. If you have fair or poor credit, however, a personal loan could be an expensive option for financing a mower. Fortunately, many lenders and lending platforms will let you check your eligibility and estimated APR with a soft credit check (which does not impact your credit score). Once you decide to apply for the loan, they will do a hard credit check, which could temporarily affect your scores. Here’s an illustration of what you might pay each month if you were to get a loan with 8.99% APR for a riding mower that costs $2,000.

Pros and Cons of Financing Your Lawn Mower

Financing a lawn mower has benefits as well as drawbacks. Here’s how they stack up.

Pros

If you don’t have to pull several hundred (or thousand) dollars out of your checking or savings account to cover the cost of a mower, you’ll be able to conserve that money and use it for other expenses.

Financing a mower may also allow you to buy a better mower than you might otherwise be able to buy if you were paying with cash. A better mower could mean less time mowing and fewer repairs. It might also last longer than a cheaper model, making it a worthwhile investment. 

Finally, if you have good credit, you may qualify for the lowest interest rates on a lawn mower loan.

Cons

Financing typically comes with costs. Even getting a low-interest loan means you’re still paying more than the mower costs in the long run. The longer you finance the loan, the more you pay in interest over time.

Some lenders also charge fees, such as origination fees and/or late fees, that could add to the total cost of your loan.

Also, keep in mind that if you aren’t able to pay off the loan, the mower or tractor (or other collateral you put up) could be taken from you, and you may see a dip in your credit scores as well as a derogatory mark for defaulting on a loan.

The Takeaway

If you’re interested in getting financing for a lawn mower purchase, the first step is to shop around and find out what rates and terms you may be able to qualify for.