Lawn Mower Financing: Compare Loan Options

If you’re in need of a new lawn mower, you may not have the cash on hand to purchase one—prices can range from a couple hundred to several thousand dollars depending on the type.

In these cases, lawn mower financing can help you get the mower you want. In addition, making on-time payments on your lawn mower loan can help you build credit. 

There’s a lot to think about—but it doesn’t have to be complicated. Here’s what to keep in mind as you consider lawn mower financing, including the best lenders to consider, fees to know about, and how to get a lawn mower loan. 

Best lawn mower loans

To help you make an informed decision about your lawn mower financing, we’ve analyzed three of the market’s top lenders based on their interest rates, terms, and customer reviews.

Lender	Best for	Rates (APR)
Credible	Marketplace	7.49% – 35.99%
Upgrade	Best for fair credit	8.49% – 35.99%
Upstart	Best for thin credit	7.80% – 35.99%

Credible – Best marketplace 

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LendEDU rating: 5 out of 5

• Online marketplace for personal loans
• Comparison tool to find the best rates
• Simple, fast, and secure application process

Credible is an online marketplace that lets borrowers compare loan offers, making it an excellent resource for individuals looking to finance their lawn mower purchase. 

Credible’s user-friendly platform sets it apart, aggregating loan options from various lenders and allowing customers to find the best rates without visiting multiple sites. You can benefit from a simple application that provides quick access to prequalified rates¹ and terms tailored to your credit profile—without any initial impact on your credit score. 

This transparency and efficiency in finding competitive financing options make Credible an ideal choice for those prioritizing choice and speed in their search for lawn mower loans.

Upgrade – Best for fair credit 

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LendEDU rating: 4.9 out of 5

• Loans available for those with fair credit score 
• Quick funding once approved 
• Transparent rates and fees 

Upgrade is a standout lender for individuals with fair credit scores who might find securing affordable financing options elsewhere challenging. It offers personal loans that can be an excellent fit for financing a lawn mower, even for those whose credit scores are not top-tier. 

Upgrade distinguishes itself with a straightforward application process and quick funding, often as soon as the day after approval. The platform provides clear information on rates and fees upfront, helping borrowers make informed decisions without hidden costs. 

Upgrade offers flexible loan amounts and terms, benefiting individuals looking to finance high-quality lawnmowers or complete landscaping projects. Upgrade’s commitment to serving borrowers with fair credit and transparent lending practices makes it a valuable option for many homeowners.

Upstart – Best for thin (little to no) credit

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LendEDU rating: 4.8 out of 5

• Considers education and job history, not just credit score
• Fast online application 
• No prepayment penalties 

Upstart is an innovative lending platform that goes beyond traditional credit scores to assess loan eligibility, making it an ideal choice for young borrowers or those with limited credit history who are looking to finance a lawn mower. 

By considering factors such as education, area of study, and job history, Upstart broadens the opportunity for loan approval beyond what’s possible with conventional lenders. 

This approach can lead to more favorable loan terms and rates for those who might otherwise be ineligible. The application process is streamlined and can be completed online, with the potential for fast funding upon approval. 

Upstart does not penalize borrowers for paying off their loans early, adding flexibility for those who may wish to clear their debt sooner than expected. This focus on accessibility and consideration of nontraditional credit factors makes Upstart a compelling choice for individuals seeking lawn mower financing without a robust credit history.

How do interest rates and fees affect the overall cost of a lawn mower?

Interest rates and fees are crucial to any loan, and lawn mower financing is no exception. This is the percentage of the loan you will pay to borrow money. The higher the interest rate, the higher your monthly payment will be, and you will also pay more overall.

For example, suppose you finance a $3,000 lawn mower over five years. Compare the impact of a 6% interest rate to a 12% rate:

	6% interest	12% interest
Monthly payment	$58	$67
Total interest paid	$480	$1,004

Now, consider the same $3,000 loan with 6% interest but different repayment terms:

	2-year term	6-year term
Monthly payment	$133	$50
Total interest paid	$191	$580

The 6-year repayment term results in a smaller monthly payment but much more interest paid overall. All else being equal, longer repayment terms usually mean more interest.

Fees

Various fees might be added to your loan, increasing the cost. These can include origination fees, prepayment penalties, and late payment fees. Fees can range from 1% to 10% of the loan amount.

Different loan fees may work differently. For instance, origination fees are typically deducted from the loan amount. Some lenders may also charge prepayment fees if you repay your loan early. These might be a percentage of the loan amount or a flat fee. 

Check with your lender to see if it charges these fees and how much they are.

Tips to minimize costs

Financing a lawn mower can make purchasing the model you want easier, but loans aren’t free. Here are a few ways to minimize the costs of financing:

• Shop around for the lowest rates: Shopping around is usually a good idea, and lawn mower financing is no exception. Check rates with banks, credit unions, and online lenders to see where you can get the lowest rate.

• Compare fees: As easy as it is to accept the first offer that comes your way, some lenders might charge origination fees, application fees, prepayment fees, and many other fees. These fees add up and can make the loan much more expensive. Sometimes, companies could charge no fees but higher interest rates, so it makes sense to look at the total costs of the loan.

• Opt for a shorter repayment: As we saw above, a longer repayment term can result in significantly more interest. Choose a shorter repayment term if possible, meaning less interest overall.

Ask the expert

Chloe Moore

CFP®

Taking out a new loan and having lots of outstanding debt can affect your credit score and ability to borrow additional money when needed. Also, multiple inquiries on your credit report in a short period can lower your credit score. Before taking out a loan for a lawn mower, consider your need to make additional purchases that require debt in the future and plan accordingly.

Can I get no-credit-check lawn mower financing?

A good credit score can make it cheaper and easier to finance nearly any purchase, including lawn mowers. A good credit score will likely allow you to qualify for loans with lower rates and better repayment terms.

However, you may still want to finance a lawn mower even if your credit isn’t the best. One way to get around this is to finance a lawn mower without a credit check. This can be possible, but your options are usually limited, and the costs can be high.

Here are a few ways you might be able to finance a lawn mower without a credit check:

• Rent-to-own: Some stores might let you purchase a mower through a rent-to-own program. With this option, you make regular payments on the mower and eventually own it outright.

• Dealer financing: Some dealerships might let you finance a lawn mower with no credit check. However, the interest rates and fees can be high.

• Buy now, pay later (BNPL) services: Platforms like Klarna and Affirm might partner with some dealers to offer interest-free payments without a credit check. However, there might be interest or fees if you miss a payment.

While it might be possible to finance a lawn mower without a credit check, you might have limited options, and the fees can be high.

If your credit history is less than perfect, consider lenders like Upgrade and Upstart. These lenders often accept borrowers with lower credit scores. In addition, they might use factors like your education or job history to gauge creditworthiness rather than using a credit score.

How to get a personal loan for a lawn mower

If you want to get a personal loan for a lawn mower, you’ll need to follow the right steps:

1. Determine how much you need: The first step is determining how much you need to borrow. Don’t forget about taxes and fees. Time: 10-30 minutes.

2. Shop lenders: Look into personal loans from various lenders, comparing rates, fees, and terms. Time: 1-2 hours.

3. Pre-qualify: Some lenders let you pre-qualify, allowing you to receive quotes without impacting your credit score. Time: Around 5-10 minutes per lender.

4. Apply: Determine which quote is best and fill out an application. You may need to verify your income and identity when applying. Time: 5-15 minutes.

5. Receive your funds: If your application is approved, the money will be deposited into your account. Time: 1-3 business days.

If you have some extra time, you could complete the first four steps on the same day. Often, the longest part is waiting for approval and to receive the money.

Alternative options for riding lawn mower financing

Personal and landscaping loans provide a quick and easy way to spruce up your home’s exterior without waiting. But if you struggle to get approved or don’t want to pay interest and fees, consider using these alternatives to pay for your purchase.

Savings

One of the simplest ways to pay for a lawn mower purchase without a personal loan is by using your personal savings. This means paying cash upfront, so you’ll avoid the interest and fees you might pay on a personal loan. However, this will also mean having less cash on hand to use for other opportunities.

0% APR credit cards

Many credit cards have 0% purchase APR for an introductory period, which can last for nearly two years in some cases. This can be a great way to pay for a lawn mower with no interest or fees as you would typically have on a personal loan. Plus, you won’t need to pay the full amount upfront.

However, these offers won’t be available to everyone. You typically need to have good to excellent credit to be approved. The other problem is that a late payment can hurt your credit, and you might lose the 0% APR.

Layaway plans

With a layaway plan, you put down a deposit to reserve the item. You can make additional payments over time until the balance is repaid. Once the balance is paid, you can pick up the item.

This works similarly to a personal loan, except you don’t get the item until it is paid off. This waiting period is the biggest downside of layaway plans. However, unlike personal loans, these plans won’t hurt your credit score if you make a late payment.

Dealer financing

Some dealers might finance lawn mowers directly. Instead of taking out a separate personal loan, the dealer is the lender. If your credit score isn’t the best, this option can be easier to qualify for than an unsecured personal loan.

There are some critical differences in how dealer financing works compared to a personal loan. For instance, you don’t own the item with dealer financing until it’s paid off. This means the dealer can repossess the item if you fall behind on payments, which won’t happen with a personal loan. However, missing a payment can hurt your credit in either case.

You can consider alternatives to dealer financing if you aren’t satisfied with the quote you receive.

FAQ

What credit score do I need for lawn mower financing?

A credit score in the “good” range (670 to 739) is required for most lawn mower financing options. But the specific requirement may vary depending on the lender. Some lenders may offer financing to individuals with lower credit scores, often at higher interest rates.

Can I finance a lawn mower with bad credit?

Yes, it is possible to finance a lawn mower with lousy credit. Some lenders specialize in bad credit loans. These can come with higher interest rates and stricter terms than loans available to those with good credit.

Is a down payment required for lawn mower financing?

The need for a down payment when financing a lawn mower depends on the specific lender. Some lenders may require you to make a down payment, but others may finance the full purchase amount. If you take out a personal loan to finance your lawn mower, it shouldn’t require a down payment.

Can I pay off my lawn mower loan early without penalties?

Most lenders don’t charge a prepayment penalty for paying off your lawn mower loan early, but this isn’t a universal policy. Before committing, it’s crucial to read the fine print of your loan agreement.

How do I choose the best lawn mower financing option?

Choosing the best lawn mower financing option depends on your budget, credit score, and the repayment term you prefer. Start by comparing interest rates, loan terms, and eligibility requirements.

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¹ Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.