Buying a lawn mower is expensive. In fact, they are one of the most expensive household items you will purchase. However, if you don’t have a credit card or a loan, this can be a major obstacle to overcome. Do you have bad credit? Well, that doesn’t mean you can’t buy a lawn mower!
There are many lenders out there that are willing to finance your purchase in different ways. From traditional loans to cash advances and leasing, there’s something out there for everyone. Here’s how to find the right financing option for your lawn mower purchase today.
The Expense of a Lawn Mower
Lawn mowers are expensive. So, before you decide to buy one, you need to consider just how much you can afford to spend. A gasoline-powered riding lawn mower can range in price from $400 to $700 for the smallest one.
Some larger models may cost more than $1,000, depending on the amount of horsepower the mower has. If you decide to finance it, expect it to take about 3-6 months to be fully paid off.
1. Know The Length of the Loan For a typical homeowner, who does not have a credit history, buying a lawn mower is like buying a home. A good credit score can help you with the loan approval process, but not with the payment. This is why the term of a loan should be at least 90 days.
Credit card companies will offer zero interest balance transfers on your lawn mower purchases. Most cards will allow you to pay off the item in full over a fixed period of time, such as 24 or 36 months. You might even be able to obtain a 0 percent APR deal where you will only be charged interest on the amount you are paying off, as opposed to your entire balance.
Debt consolidation is a good option if you are looking to lower your payment amount. If you find yourself with high balances or a low credit score, then consolidating your debts can help you reduce your interest payments and also start a new round of credit building. A more complex option is to start a personal loan, which will require a steady source of income or a down payment.
Lenders that specialize in financing higher-risk customers are happy to get into the game and make a profit. There are several different types of lending options available. Although banks will often lend a traditional loan to you, you can also get a personal loan to finance your purchase.
Since the lender has no financial tie to you, they will charge a higher interest rate, but they will give you a better interest rate. Another great option is financing from a credit union. A credit union is a cooperative of members who make loans, pay a higher interest rate, and usually use higher safeguards to protect members from overexposure.
This can be a great option for those who need money for big expenses or are willing to provide their loan collateral.
The most common way to finance a lawn mower is to take out a conventional loan. These are usually offered by banks and credit unions, but there are also some pawn shops and auto dealers that offer them as well.
These loans are intended to be used for big purchases like a car or a house, and require a larger down payment to qualify. They also typically require a significant amount of credit history and payment history in the previous six months, as these loans require you to show proof that you have been able to pay your current monthly obligations on time for the past six months.
Traditional loans can be a good way to get the money you need in order to purchase a lawn mower.
If you have excellent credit, you can receive a cash advance on your existing credit card account. You will be able to use the cash advance to pay off the entire cost of your lawn mower and be good to go. However, you will have to make sure that you can pay off the balance before the advance is available for your other bills.
The good news is that if you pay your card off in full on time, you won’t have to pay interest on the advance. However, there will be a fee. Typically, these charges are around 3% per month. You also have to make sure that your credit history is spotless before you apply for this type of loan.
Another option is to get a loan with a low interest rate and even skip a loan payment altogether. This is done through a lease.
When you lease, you usually have a few upfront costs, but over time, the costs go down significantly. In order to finance a lawn mower, you will probably have to pay for it up front, but it will usually be at a lower monthly fee, or you can pay it off over time.
For instance, if you had a $400 lawn mower, you can pay for it up front for a month, and after the first month you would make $40 monthly payments. Or, you can take out a $200-300 loan and put it on a $400 credit card. Then, every month you make a $10 payment.
Either way, you’ll have the lawn mower, and you will be paying less money over time. Balance Transfer Credit Cards As a rule, you should not carry a balance on a credit card. In fact, the best thing you can do to repair your credit is to pay off your balance every month.
How To Get A Lawn Mower With Bad Credit: Tips For Those With Poor Credit
You may not feel like you can do anything about your credit score. The truth is, there are steps that you can take to improve it. Improving your credit score will allow you to get better rates on loans and lower interest rates on credit cards. You’ll also get the best deals when it comes to insurance premiums. Here, are some tips for those who have bad credit or no credit at all in order to get a lawn mower with bad credit.
Get an identity theft protection service
Not only is credit monitoring and identity theft protection services free of charge, they are also easy to use. You don’t need to sign up for anything or answer any questions to get started. Instead, all you need to do is put your last name into one of the protection services and wait for the alerts. Some offer texts, while others simply email you whenever any information is accessed.
Make sure to change your passwords often to keep your information protected. Get a no interest loan Paying the minimum payments on credit cards or loans will not give you any credit. When you need a new lawn mower, you want to get the most bang for your buck. A no interest loan can help you cover the cost of your new lawn mower and get it out of your life.
Get a free credit report
Once you know what to avoid, you will be in a better position to determine what sources of credit you should focus on. A credit report is usually produced each year by the three major credit bureaus (Equifax, Experian, and TransUnion). This free report contains a lot of valuable information, so do not ignore it. You may even be able to find errors that are on your report, and correct them.
Repair credit as soon as you can Applying for a new credit account often gives the credit bureaus access to your credit history. Once they check it, they may lower your credit score, making it harder to apply for new credit in the future. So don’t apply for credit until you have repaired your credit score.
Save money on your credit card
If you want to get a credit card, consider switching to one with a low rate. When you do, avoid using it to pay for recurring monthly expenses. Paying the same thing month after month without switching to another card can help you improve your credit.
You won’t pay interest and will save lots of money. Use your credit card to build a credit history If you have a good credit history, you can do two things: use your credit card to earn cash back or rewards, and pay off your balances each month so you don’t spend money you don’t have.
Both of these options will help improve your credit rating. Use your credit card to earn cash back on everyday purchases. You can also earn 1% back with your rewards card. It is easy and simple. The best part is that you will accumulate rewards.
Consider a secured card
If you don’t have any credit and have a limited income, consider a secured credit card. The interest rate can be low, and it will help you build your credit score. But make sure the card is one that pays off in full each month. It is possible to improve credit without doing much. The steps above are simple to follow and can put a positive effect on your credit score.
Use a debit card for purchases
In many instances, your debit card can be used to help you gain access to a lawn mower that you otherwise would not be able to purchase. If you are looking to buy a lawn mower on the internet, look for one that allows debit card purchases, as it can be used to help you gain a better purchasing power for the mower.
Limit the number of missed payments You should never miss a payment on your credit card or loan. If you don’t pay your bill on time, you will not be able to get a loan to purchase a mower in the future. If you miss a payment, you are still in good standing with the company so the money is still there for you to use. This is a critical time, and you need to make sure you pay what you owe.
Improve your credit score
You don’t have to take on debt in order to build up your credit score. You can pay down all of your existing balances and make your credit cards last longer by lowering the balance. Credit cards with a low interest rate will get you a great start on paying them off. The interest will be paid off in a shorter time, and you can save thousands in finance charges.
Avoid unfavorable deals If you get a deal on something that you want to buy, ask to see a written agreement to know if it includes the terms you agreed to or not. If you aren’t satisfied with the terms, walk away. Get a cosigner If you have a co-signer, make sure that person is responsible for the loan. This can protect your own credit because you have a backup to pick up the payment if you’re unable to do so.
Lawn mowers can be a rather expensive purchase. It can cost you up to $300 on average to purchase a lawn mower. Some people who have bad credit struggle to get this kind of a price. While we all know not all credit scores are created equal, it is worth noting that your credit history and your payment history are what matter most. If you are able to pay your credit card bills on time, there’s no reason you can’t manage a $300 lawn mower loan.