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research influence how products appear on a page.
UpdatedMay 09, 2023   |  7 mins read
Written byJamie Johnson
UpdatedMay 09, 2023
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 specialfinancing 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
Compare Lawn Mower Loans
- Fixed rates beginning at7.99% APR
- You can check rates without hurting your credit score
- Quick funding
- Rates are typically between 8.41% and 35.99% APR1
- Funds can be received in as fast as one business day
- A minimum credit score of 600 in most states
If you’re interested in taking out a lawn mower loan, here are someoptionsyou could consider:
7.99% – 35.97%
$1,000 – $35,000
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
8.41% – 35.99%1
$1,000 – $50,0002
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
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 ridinglawn mower makes sense.
For those who can’t manage to pay for a new zero turnmower 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.
>> Read More: Landscaping loans
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 loanswith a local dealer can be good deals because you’ll face nointerest 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 equalmonthly 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.
>> Read More: Alternatives to John Deere financing
Summary of Lawn Mower Loan Options
|Lender||Rates (APR)||Loan Amounts|
|Upgrade||6.99% – 29.99%||$1,000 – $35,000|
|Upstart||8.27% – 35.99%1||$1,000 – $50,0002|
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 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
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.
4Approval numbers compare the 2020 loan approval rate by the Upstart model and a hypothetical traditional credit decision model. The APR calculation compares the two models based on the average APR offered to borrowers up to the same approval rate. The hypothetical traditional model used in Upstart’s analyses was developed in connection with the CFPB No Action Letter access-to-credit testing program, is trained on Upstart platform data, uses logistic regression and considers traditional application and credit file variables.
What credit score is needed to buy a lawn mower? To qualify for lawn mower financing you will most likely need to have a FICO 600 or above. In addition, you should be employed or have proof of income. While credit score is an important part of qualification requirements, most lenders consider a variety of requirements.What credit score is needed for Cub Cadet financing? ›
Cub Cadet Credit Card is a great Credit Card if you have fair credit (or above). Their APR is quite high (above 20%). If you're looking to apply, we recommend at least a 630 credit score. If you're not sure what your Credit Score is, apply for a report, here.What is the minimum credit score for 0 financing? ›
Zero percent financing deals are generally reserved for borrowers with excellent credit — typically classified as a credit score of 800 and above. You'll want to review your credit reports before you start shopping for auto financing.Which credit score is used for financing? ›
FICO® Scores are the most widely used credit scores. An industry standard since they were first introduced over 30 years ago, FICO® Scores are used by 90% of top lenders.What credit score do you need for Lowes project financing? ›
Who qualifies? As with many store credit cards, it's often easier to qualify for a Lowe's Advantage Card than for a major general-use credit card. You're likely to qualify with fair credit, particularly if you have a FICO Score of at least 620. You can apply for the card online or at a store location.What credit do you need for synchrony financial? ›
What's the Synchrony Bank credit card credit score requirement? It depends on the credit card you are interested in. Most credit cards offered by Synchrony Bank are designed for people with fair (640 – 699), good (700 – 749) or excellent (750 – 850) credit.What is the minimum credit score for Bobcat financing? ›
The typical credit score needed to qualify for financing is 640, though this can vary depending on the lender. At Charter Capital, we specialize in helping businesses with all types of credit scores secure the financing they need to purchase Bobcat equipment.Does financing hurt credit? ›
Hard inquiry on your credit: Due to the hard credit check, you will likely see a short-term drop in your credit score when you formally apply for the loan. While this may not be detrimental to your long-term credit score, it could cause some harm to your credit if you apply for multiple loans in a short time.Is zero credit better than bad credit? ›
Generally, having no credit is better than having bad credit, though both can hold you back. People with no credit history may have trouble getting approved for today's best credit cards, for example — while people with bad credit may have trouble applying for credit, renting an apartment and more.How to get credit score from 0 to 700? ›
- Check Your Credit Score Regularly. ...
- Make Payments on Time. ...
- Avoid Closing Old Accounts. ...
- Add Missing Accounts or Utilities to Credit Report. ...
- Increase Your Credit Limit. ...
- Make Small Purchases With Your Credit Cards. ...
- Pay Off Your Maxed-Out Credit Cards.
- Exceptional Credit: 800 to 850.
- Very Good Credit: 740 to 799.
- Good Credit: 670 to 739.
- Fair Credit: 580 to 669.
- Poor Credit: Under 580.
Capital One appears to pull from any of three major credit bureaus: Experian, Equifax and TransUnion. Though all evidence is limited to anecdotal data, Capital One does seem to rely on specific bureaus in some states, though this is not a guarantee.Which credit score is more important Equifax or TransUnion? ›
No credit score from any one of the credit bureaus is more valuable or more accurate than another. It's possible that a lender may gravitate toward one score over another, but that doesn't necessarily mean that score is better.Can you get a Lowes card with a 600 credit score? ›
What credit score do I need for a Lowe's card? You'll likely need a fair, good, or excellent credit score to qualify for the Lowe's credit card. Fair credit scores typically start around 600. Good scores start around the high 600s, and excellent scores start around 800.What credit score do you need for a Walmart card? ›
You need a credit score of 640 or higher to qualify for a Capital One Walmart Rewards® Mastercard®. This implies that those with average to exceptional credit are more likely to get approved for the Walmart Credit Card.What credit score is needed for Amazon credit card? ›
Typically, you can qualify for Synchrony's Amazon store cards with a fair credit score (580 to 669). On the other hand, you'll likely need at least a good credit score (670 to 739) to qualify for one of the Amazon Visa cards from Chase.Is it hard to get approved by Synchrony Bank? ›
While Synchrony does not have a “Shopping Cart Trick” like Comenity Bank credit cards to make approvals much easier, they are still considered a bank that is more likely to approve applicants. To give yourself the best chance of approval, make sure you take care of your credit score.What is the easiest Synchrony card to get? ›
Easiest Synchrony Cards To Get
If you have bad credit you might be better off either using the SCT or getting a secured card such as the Discover it secured.
Getting approved for a Synchrony Bank account is generally easy—unless you've had a troubled banking history. Getting approved for a Synchrony credit card may not be as hard as other cards.What credit score do you need for 1st Franklin Financial? ›
The 1st Franklin Financial personal loan credit score requirement is at least 500, according to a customer service representative. This means that customers toward the upper end of the bad credit range have a shot at approval.
Credit Rating: 575 is considered a bad credit score. Borrowing Options: Most borrowing options are available, but the terms are unlikely to be attractive. For example, you could borrow a small amount with certain unsecured credit cards or a personal loan for damaged credit, but the interest rate is likely to be high.Can you finance with a 550 credit score? ›
Though it may be more challenging to find a lender that's willing to work with you, it is indeed possible to obtain a loan with a credit score of 550. Most lenders require a minimum credit score of between 600 and 650, but some lenders specialize in personal loans for those with lower scores.Do you need good credit for Bilt? ›
The Bilt Mastercard requires a good or excellent credit score (670 to 850).Does Bilt have a credit limit? ›
Bilt Reddit Thread
$2,500 limit with a 787 credit score and an $85,000 annual income.
Many lenders require a credit score above 650 to get a standard car loan. However, if you have a credit score of 550, 480 or even lower, and the bank or dealership denies your application, it is still possible to get a car loan. In fact, there is no score that is officially too low to get a car loan.What credit score is needed for Sheffield Financial? ›
Sheffield offers powerful financing for powerful equipment. Wherever your outdoor adventure takes you, we can help you get there. To apply with Sheffield Financing, click the link below and fill out the application online. Please note, Sheffield approval relies on a 680+ credit score.
Bilt World Elite Mastercard® Credit Card Terms and Conditions. Issued and administered by Wells Fargo Bank, N.A., pursuant to a license from Mastercard International.Is it easy to get credit at tractor Supply? ›
Keep in mind that the Tractor Supply Company® Credit Card requires at least fair credit for approval. If you don't know where you stand, you can check your credit score for free on WalletHub. Ultimately, you can also use WalletHub's CardAdvisor tool to help find the right credit card for you.Does tractor Supply do a hard credit pull? ›
Yes, the Tractor Supply Company® Credit Card does a hard pull. Keep in mind that this card requires at least excellent credit for approval. A hard pull usually causes an applicant's credit score to drop by 5-10 points.What is Lowes maximum credit limit? ›
Credit limits for the Lowe's Advantage Card can range from $300 to $5,000 or more depending on creditworthiness. Where can I use a Lowe's Advantage Card? You can use the Lowe's Advantage Card at Lowe's stores and online at Lowes.com.
Total Credit Limit: It is the maximum credit limit you can avail on you credit card. Available Credit Limit : It is the credit amount available for purchases as on date.What is the available credit limit? ›
Your credit limit is the maximum amount you can charge on your credit card, and your available credit is what's left for you to use after factoring in your current balance. You can figure out your available credit by subtracting your current balance from your credit limit.Can I get approved for a car with a 520 credit score? ›
There is no set credit score you need to get an auto loan. If you have a credit score above 660, you will likely qualify for an auto loan at a rate below 10% APR. If you have bad credit or no credit, you could still qualify for a car loan, but you should expect to pay more.How fast will a car loan raise my credit score? ›
There's no set time frame for how long it takes a car loan to improve your credit score. After buying a car, you can expect to see your score improve after making monthly payments on time and paying down your loan balance.What credit score is needed to buy a car at CarMax? ›
There's no disclosed minimum credit score for a CarMax auto loan. This lender accommodates borrowers with a range of credit profiles, including first-time buyers. As with all lenders, the higher your credit score, the more likely you are to qualify for special deals, promotional offers and lower APRs.What credit score will get you approved for anything? ›
Good credit score = 680 – 739: Credit scores around 700 are considered the threshold to “good” credit. Lenders are comfortable with this FICO score range, and the decision to extend credit is much easier. Borrowers in this range will almost always be approved for a loan and will be offered lower interest rates.What credit score gets you approved for everything? ›
A perfect score of 850 will give you bragging rights, but any score of 800 or up is considered exceptional and will usually give you access to the best rates on credit cards, auto loans, and any other loans.What is the minimum credit score for most lenders? ›
The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable rate mortgages (ARMs).