Personal Loans

Lawn Mower Financing for Every Kind of Yard

Lawn care services typically cost around $25 to $50 per week, so it’s no surprise many homeowners prefer to do it themselves. There’s a catch, however: Lawn mowers and other equipment isn’t exactly cheap, and while owning your own will save you money long-term, coming up with the financial investment upfront isn’t always easy.

Fortunately, there are options available for lawn mower financing, including in-store financing, and personal loans. If you aren’t sure which is right for you, keep reading.

Shopping for a lawn mower? Here’s what to consider

Lawn mowers can come in an extremely wide variety of shapes, sizes, and prices. You can find affordable walking lawnmowers starting at around $100 or opt for a riding lawnmower starting at around $1,200 to $1,500 (but easily costing much more).

Costs will depend heavily on the specific mower you choose and the features it offers. When choosing a mower, however, price won’t necessarily be the only thing you want to consider. You’ll also want to take into account factors like ease of use and ongoing cost of maintenance.

Here are the basic options that you have to choose from:

  • Walk-behind push lawn mowers: Walk-behind push lawnmowers require the user to push the mower forward, involving the most manual labor. They typically weigh between 60 to 70 pounds, so these are best suited for small yards. These mowers come in electric and gas-powered options, with electric options requiring less maintenance but having shorter run-times restricted by battery life. Walk-behind push lawn mowers cost around $159 to $300 on average.
  • Walk-behind self-propelled lawn mowers: These mowers have engines that will propel them forward, so all the user needs to do is steer and guide. They’re easier to use, though some strength is needed to keep it going in the right direction. These mowers (which are available in electric and gas-powered models) typically require more upkeep than push mowers because of the extra mechanisms in place to keep it moving on its own, and they cost slightly more. Gas-powered self-propelled mowers average around $250 to $500.
  • Riding mowers. Riding mowers are the most convenient to use, allowing the user to drive around and quickly tackle a large yard at least two to three times faster than their walk-behind counterparts. The ease of use and time saved are valuable, but they require more maintenance, take up more storage space, and cost significantly more. These mowers typically cost between $1,000 to $3,000 and up, with the average cost coming in at $2,000.

4 lawn mower financing options

In-store financing

Plenty of stores offer in-store financing or payment plans of some kind, which is how you can get lawn mower financing at Home Depot if you decide to purchase there.

In many cases, in-store financing often involves opening a store credit card that can be paid down over a set period of time. Home Depot, for example, offers credit cards that allow for up to six months of financing of $299 and more, and 24-month financing during special events. For many cards, interest will not be charged as long as the balance is paid off by the end of the financing period. (Fail to pay your balance in full by then and your debt will be charged high interest and potentially back interest.)

Some stores may use third-party financing as an option for their customers. In these cases, a third party tool like Affirm is used to collect a set number of equal payments once per month until the balance is paid off. If you’re looking for no credit check lawn mower financing, this may be the best option, as many tools require you to sync up a credit card but not undergo a credit check.

Pros

  • Often fast financing, allowing you to apply for financing and leave with the mower in hand same-day.
  • Low-interest or interest-free financing periods can keep overall costs down and save you money.
  • May be easier to qualify for than a credit card with a promotional rate.

Cons

  • Credit checks are often required for in-store financing.
  • May need to spend a certain amount in order to qualify for special financing.
  • Financing terms are predetermined and may not have flexible timelines.

Personal loan

A traditional personal loan is a flexible loan product that doesn’t require collateral. Because they’re unsecured, the application process for a personal loan relies heavily on your financial history and credit score. Those with lower credit scores will see high interest rates, possibly even up to triple-digit rates, if they qualify at all.

That said, for those with strong credit, a personal loan could be an affordable financing option that offers fixed rates and a clear repayment schedule. However, you’ll find personal loans often have minimum borrowing limits of $1,000 or more. So this loan product may only be feasible for shoppers who are buying pricier lawn mowers or who will use the loan funds for other costs.

Pros

  • Fixed interest rates and monthly payments, so you’ll know exactly what your payment obligations are and when you’ll be out of debt.
  • May qualify for no-fee personal loans, meaning you don’t need to worry about hidden costs.
  • No risk of repossession of property if you fall behind on payments.

Cons

  • Likely a poor option for those with lower credit scores due to higher rates and strict qualification requirements.
  • No interest-free periods like with in-store financing or credit options.
  • High minimum borrowing limits.

Zero-interest credit card

In-store financing often offers special financing through store credit cards. But although they may be easy to apply for, they’re not your only credit card option.

Depending on your credit, you may qualify for a credit card with a 0% APR for a promotional period. Many of the best new credit card offers also offer cash back or other rewards for purchases.

But a 0% APR offer is often reserved for new credit lines, and you’ll need to repay your debt within 12, 15 or 18 months. Fail to do so and you’ll face high interest charges on the debt and potentially back interest.

Pros

  • Avoid interest charges for a promotional period, allowing you to repay your debt faster.
  • Can earn rewards with purchases, depending on the card.
  • Can keep your credit line open for future purchases, if needed.

Cons

  • Requires strong credit to qualify.
  • Short repayment timeline if you want to avoid interest.
  • Card may come with an annual fee, adding to your costs.

In all cases, it’s best to pay cash

When it comes to financing a lawnmower, you’d almost always be better off paying with cash to avoid interest charges. Going into debt for lawn equipment may be unnecessary if you’re buying your run-of-the-mill lawnmower for a couple hundred dollars. For larger purchases, financing can make sense.

Consider your financing options before making your purchase. Take your financial situation into account when determining whether or not you can handle a new debt, and calculate your overall cost of borrowing.

 

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