A lawn mower can be a pricey investment that’s hard for many consumers to pay for all at once. That’s why some companies, like Sheffield Financial, offer financing options to make a nice lawn mower more affordable.
However, not all companies offer loans for this specific purpose, so if special financing is something you need, a personal loan could help fill in the gaps. You might need the lawn mower quickly, but anytime you take out a loan, there are risks involved. So, is lawn mower financing a good idea?
On this page:
- What are Lawn Mower Loans?
- Lawn Mower Financing Options
- Pros of Lawn Mower Financing
- Cons of Lawn Mower Financing
- Deciding if Lawn Mower Financing is Right for You
What are Lawn Mower Loans?
If you have a lot of property that needs to be mowed, a push mower may not get the job done. And if lawn care is a key part of your business, then investing in a zero-turn riding lawn mower makes sense.
For those who can’t manage to pay for a new zero turn mower upfront and in full, a lawn mower loan could be the right option.
Whenever you apply for a personal loan, the lender will check your credit report. This is called a hard credit pull and can temporarily lower your credit score. In general, a high credit score will help you qualify for a lower interest rate.
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However, if your credit score is on the low side, don’t assume you won’t receive credit approval for financing. There could be other factors that might otherwise make you a good candidate for the loan or perhaps a sub-prime program for consumers like you.
Same-as-cash loans with a local dealer can be good deals because you’ll face no interest so long as you pay off the loan within a certain period of time. However, missing a payment or taking too long to repay the loan could cause you to be charged back interest from the purchase date, which will significantly increase your overall costs. You might find other special financing offers with local dealers, too.
Lawn Mower Financing Options
If you’re interested in taking out a personal installment loan, here are three financing programs you should consider:
SoFi personal loans are amongst the best in the country. It offers personal loans with fixed and variable interest rates. Applicants can be pre-qualified with only a soft credit pull, so you can check your potential interest rate without affecting your credit score.
One benefit of financing a lawn mower with a SoFi personal loan is SoFi’s unemployment protection feature — if you lose your job, your monthly payments can be suspended temporarily.
Marcus by Goldman Sachs
If you have average credit, Marcus by Goldman Sachs may be a good loan company for you to try. Although interest rates may be higher than with other lenders, Marcus loans allow customers to choose their monthly payments and loan amounts. This lender doesn’t charge any late payment or origination fees and even offers an on-time payment reward.
If you have below-average credit, it is possible to receive a personal loan for your riding mower through OneMain Financial. You will have to visit one of their branches to finalize the details of your loan and verify your information, however.
>> Read More: Personal loans for bad credit
Since your credit is on the low side, you can expect to be charged a higher interest rate. But if make your payments on time and the loan is paid in full, it could help you improve your credit score.
Pros of Lawn Mower Financing
Here are a few advantages of lawn mower financing.
- Affordable rates: Personal loans usually come with more affordable interest rates than what you’d find with a credit card.
- Flexible repayment terms: Personal loan lenders usually offer flexible repayment terms with equal monthly payments for easier budgeting. Some companies will work with you if you lose your job or experience financial hardship during the life of your loan.
- No collateral: Top personal loan companies will not require you to put up any sort of collateral, even if you borrow the maximum amount allowed.
- Available even for those with bad credit: It is possible to qualify for a personal loan even if your credit score is low. You will be assigned a higher interest rate, but it’s still a better alternative than predatory payday loans.
Cons of Lawn Mower Financing
Lawn mower financing will not be the right choice for everyone and there are downsides you should consider.
Unlike credit cards, which allow you to take as long as you need to pay back the amount you borrowed — so long as you make minimum monthly payments, of course — personal loans have to be repaid within a set period of time. If you miss your payments or are unable to repay the loan as scheduled, your credit score could suffer.
Some personal loan companies charge origination fees that can cut into your loan proceeds, which may not provide you with enough funds to purchase your lawn mower. You want to make sure you understand the terms of the loan, so you don’t put yourself in a difficult financial situation.
Deciding if Lawn Mower Financing is Right for You
Taking out a personal loan to finance a lawn mower could be the right decision for you. Here are a few questions that can help you determine whether it’s a good move:
- Do I really need the lawn mower now? Is this something you need to purchase now? Or could you push it off for six months to a year while you save the money?
- Can I afford the monthly payments? If your monthly budget is already stretched to the max, then you may not want to finance your lawn mower.
- Have I checked with multiple lenders? Do some comparison shopping among multiple lenders to ensure you’re getting the best deal.
- Do I understand the terms and conditions of the loan? Don’t let yourself get caught off-guard a few months down the road. Make sure you ask questions and know what you’re getting into.
Sometimes necessary expenses come up, even when you are short on funds. In these situations, taking out a personal loan can be a helpful solution. Personal loans can be used for a variety of purchases, including lawn mowers.
Whatever you do, check your monthly budget to ensure you can make the monthly payments and consider all your financing offers before choosing a lender for your lawn mower purchase. You might find it’s a better choice to save the money over time versus adding to your overall debt.
Author: Jamie Johnson
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