Lawn equipment financing is something that might appeal to homeowners. If you own a home and you’re responsible for the upkeep of your lawn, you know you should do that. Having a well-maintained lawn will keep your property’s value high. You can enjoy your well-groomed lawn for as long as you live there. If you ever decide to move, the yard can be a significant selling point.
However, lawn mowers can be expensive, particularly high-end ones. You may not have the money to pay for the whole thing at one time.
In those instances, lawn mower financing might emerge as a viable option. Let’s talk about what that looks like in 2023.
Looking for a Lawn Mower Loan
If you need money for a lawn mower, and you feel comfortable asking a lending entity like a credit union or bank for help with that, they might be willing to lend you the cash. They will look at your credit score to see if you’re a suitable loan candidate.
If you have at least a decent score, the bank or credit union will probably offer you a loan. Your credit score will range from 300 to 850, according to the FICO scoring system the lending entity will likely use. If you’ve got a score of at least 670, that is usually considered good. Anything higher than that is even better.
How Much Does a Lawn Mower Cost?
You can usually get low-cost reel-style mowers for as little as $115. If you get one on sale, it might be even cheaper. These days, companies like Ryobi offer battery-operated lawn mowers. You can get one at Home Depot.
You charge the battery using the charger that comes with it, then insert it into the mower’s housing. You then walk behind it while holding down the handle. If you’ve got a small or medium-sized lawn, this option will probably be sufficient.
More powerful walk-behind mowers can cost as much as $300 or even $400. If you want a riding mower because you have a larger property, though, that’s going to be considerably more expensive. Most riding mowers cost somewhere around $3,000, depending on the size, power, and brand.
What Should You Look for in a Lawn Mower Loan?
When looking at potential lawn mower loans, you should look at the length of time you have to pay them back. Usually, you will have 12 months to pay back the loan, though you can also look for ones with a longer or shorter time frame.
You’ll want to look at the interest rate the lending entity is offering you as well. You can usually find a short-term loan with an interest rate of anywhere between 8% and 13%. The lower the interest rate the lending entity offers, the better it is for you.
Financing a Lawn Mower Might Make Sense for You
If you don’t have a chunk of cash to pay for a mower all at once this year, setting up financing for one might make sense. You can ask a credit union or bank for a short-term loan. They will check your credit score and make an offer. Look at the length of time you have to pay back the money and try to accept the loan with the lowest interest rate.
Getting multiple loan offers is a smart move. Then, you can choose which one has the most favorable rates. Getting a walk-behind mower will be cheaper, and that’s suitable for small or medium-sized lawns. Buying a riding mower will cost considerably more, but you may need that for a bigger yard.
Once you have your mower, you can keep your yard looking pristine. In time, you can pay it off and own it outright. You should get many years of use out of it.
Name: Keyonda Goosby
Job Title: Consultant