Types of Lawn Mower Financing Available

When several financing options to consider when purchasing a new lawn mower:

1. Manufacturer Financing

Many major lawn mower brands like John Deere, Toro, and Cub Cadet offer their own financing programs, often with special promotional rates. These are typically available through authorized dealersment loans arranged through partnered lenders.

2. Retailer Financing

Home improvement stores and lawn equipment dealers provide financing options at the point of sale. These may be store credit cards or installment loans.

3. Personal Loans

Unsecured personal loans from banks, credit unions or online lenders can be used to finance lawn mowers Terms typically range from 2-7 years.

4. Credit Cards

For less expensive mowers, a credit card may be a viable option, especially if you can take advantage of a 0% APR introductory offer.

5. Home Equity Loans/Lines of Credit

If you have significant home equity, tapping into it via a loan or line of credit can provide low-interest financing for lawn equipment.

How to Qualify for Lawn Mower Financing

Eligibility requirements vary by lender and general you’ll need:

• A credit score of 640 or higher (700(higher scores qualify for better rates)
• Proof of income and employment
• A debt-to-income ratio under 45%
• To be at least 18 years old
• U.S. citizenship or permanent residency

Some lenders may have minimum purchase amounts to qualify for financing, often around $1,500-$2,000.

Top Lawn Mower Financing Options

Here’s an overview of some of the best lawn mower financing programs available:

John Deere Financial

As one of the top lawn mower manufacturers, John Deere offers competitive financing on their equipment. They frequently run 0% APR promotions for 24-48 months on qualifying purchases. Standard rates range from 0.9% to 5.9% APR.

John Deere financing is available for purchases of $500 or more, with terms up to 72 months. You’ll need a credit score of at least 640 to qualify for their best rates.

Home Depot Project Loan

For those looking to finance lawn equipment along with other home improvement purchases, the Home Depot Project Loan is worth considering. It offers a 7.99% APR for up to 84 months on purchases of $2,from $2,500 to $55,000.

This can be a good option if you’re doing a larger landscaping overhaul and need to finance multiple items beyond just a mower. The longer terms available can help keep monthly payments lower.

LightStream

Online lender LightStream offers some of the most competitive rates for excellent credit borrowers, with lawn at just 4.99% for lawn and garden equipment loans.

Loan amounts range from $5,000 to $100,000 with terms from 24 to 144 months. To qualify for the best rates, you’ll need a credit score of 660+ and several years of credit history.

Toro Credit Card

Toro partners with TD Bank to offer a credit card that can be used to finance their lawn mowers and other equipment. They frequently run 0% APR promotions for 6-18 months on qualifying purchases.

Standard APRs range from 15.99% to 29.99% based on creditworthiness. The card has no annual fee and offers special financing on purchases of $500 or more.

Tips for Getting the Best Lawn Mower Financing Deal

Follow these tips to ensure you get the most favorable financing terms on your lawn mower purchase:

• Check your credit report and for any errors that them before applying
• Compare multiple offers – get quotes from at least 3 lenders to find the best rate
• Look for 0% APR promotions – these can save retailers offer no-interest periods
• Consider the total cost – factor in interest and fees, not just monthly payment
• Make a down payment if possible to reduce the financed amount
• Opt for a shorter loan term if you can afford higher payments
• Read all the fine print before agreeing to any financing terms