Last Updated on May 12, 2023 by Angela
Lawn tractors are essential for a landscape business, and they can also be used for your front yard. But whatever the reason, tractors are an expensive item to purchase. And when you go with a credit or even debit, it’ll directly affect your all-over credits. So what are the alternatives to financing a lawn tractor? There are several ways to do that. And some of the companies will offer a short-term loan.
Whether you buy a brand-new lawn tractor or finance upgrades, everything will cost a lot. So the sellers and different companies came up with their plans, and you can choose any depending on your preference. You just have to put down a fraction of the cost of the tractor and then use the other financing options to pay for it. Well, why not go with cash? A lawn tractor can cost thousands of dollars at once. And with different financing options, you get to choose a convenient plan.
Here we are including some ways that you might be able to finance your lawn tractor for business or personal reasons.
Short-term Loans
When you want to buy a personal item, short-term loans are a great solution. These loans don’t take much time to get approved. And you don’t even need a good credit score. You’ll get the amount in 24 hours or less. You have different possibilities to get a short-term loan in Canada according to the lender you choose. Most of the time, this type of financing is a great solution when you need cash almost instantly.
Lease
One of the most common ways to purchase a lawn tractor is through a lease. You can lease the equipment for several years or even for a year. The best part about leasing is that the monthly payments are way less than all the other options. And with leasing, maintenance will not be your headache. After a certain period, you can just return the tractor and get a brand-new one instead.
Lawn Tractor Loan
Well, this term might be new to you, but you can get a tractor loan with very low interest. Such loans are counted as personal loans, and you get two to three years to repay the loan. However, you must be aware of the interest and the repayment terms before applying.
Store Financing
Another way of purchasing a lawn tractor would be through in-store plans. Most of the stores will offer an EMI on credit with 0% interest. Though the monthly payments might be on the higher side, you won’t have to pay any extra. With store financing, you get to choose between a yearly or monthly plan.
Credit Card
This might be the most common way to finance a lawn tractor, and also the easiest. But with credit cards, the problems lie with the interest. A credit card’s interest rate is higher, and you must pay the debt annually.
The best way to finance your lawn tractor depends on your needs and your ability to pay/repay. We’ve seen some options above that can give you an idea of the different ways to buy your equipment.
