Lawn Mower Financing: Compare Loan Options

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 offer financing options to make a nice lawn mower more affordable.

However, not all companies offer financing options specifically for lawn mowers, so if special financing is something you need, you can use a personal loan to fill in the gap.

On this page:

• Lawn Mower Loans
• What to Know About Lawn Mower Loans
• Pros of Lawn Mower Financing
• Cons of Lawn Mower Financing
• What Else to Consider

Lawn Mower Loans

If you’re interested in taking out a lawn mower loan, here are three options you could consider:

LightStream

LightStream offers loans that can be used to finance lawn mower purchases to borrowers with good to excellent credit. A Rate Beat Program is available for eligible borrowers. This, along with low rates and no fees, cements LightStream as a great option for those with good to excellent credit.

• Credit score category: Excellent, good
• Soft credit pull to check rates: Not available
• Deposit time: As soon as the same day
• Origination fee: 0%
• Late fee: None
• Discounts: 0.50% interest rate reduction for enrolling in autopay
• Repayment terms: 24 – 84 months*

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Upgrade

Upgrade offers loans as small as $1,000, making them a great choice for financing a lawn mower. The company lends to borrowers with bad or fair credit scores and allows you to check your rates without affecting your credit score.

• Credit score category: Fair, bad
• Soft credit pull to check rates: Yes
• Deposit time: As soon as the next day
• Origination fee: 2.9% – 8%
• Late fee: $10
• Repayment terms: 36 or 60 months

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Upstart

Upstart is an online lending platform that partners with banks to provide personal loans that can be used for almost anything. Upstart’s lending model considers education, employment, and many other variables when determining eligibility.³ This model leads to 27% more approvals and 16% lower rates than traditional models.⁴

• Credit score category: Fair, bad
• Soft credit pull to check rates: Yes
• Deposit time: As fast as one business day
• Origination fee: 0% – 8%
• Late fee: $15 or 5% of payment
• Repayment terms: 36 or 60 months

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What to Know About 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.

Just keep in mind that the total cost of the loan will be more than what you initially take out since you will be charged interest. Also, be sure that you can meet the required monthly payments, or else your credit score could be dramatically impacted.

How Your Credit Score Factors In

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.

However, if your credit score is on the low side, don’t assume you won’t receive credit approval for financing. There are a number of lenders that offer bad credit loans that you may qualify for.

Are Dealership Loans a Good Idea?

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.

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.

• Monthly payments required. Unlike credit cards, which allow you to take as long as you need to pay back the amount you borrowed, you have to make fixed payments on your personal loan each month for a set period of time.
• Some lenders charge fees. Some personal loan companies charge origination fees and/or late fees that could add to the total cost of your loan.

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.

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Summary of Lawn Mower Loan Options

Lender	Rates (APR)	Loan Amounts
LightStream	4.99% – 16.99%* with AutoPay	$5,000 – $100,000
Upgrade	6.99% – 29.99%	$1,000 – $35,000
Upstart	8.27% – 35.99%1	$1,000 – $50,0002

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*Payment example: Monthly payments for a $10,000 loan at 9.34% APR with a term of 3 years would result in 36 monthly payments of $319.58. LightStream disclosures here.

¹The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

²Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.

³Although educational information is collected as part of Upstart’s rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.

⁴As reported by the Consumer Financial Protection Bureau, based on an internal Upstart study which compares outcomes from Upstart’s underwriting and pricing model against outcomes from a hypothetical model that uses traditional application and credit file variables and does not employ machine learning (traditional lending model).