Garden tractor financing: Compare rates & terms

A garden tractor is a versatile piece of equipment you can use to manage a wide range of lawn and property maintenance tasks. Unfortunately, it’s also an expensive purchase.

Garden tractor financing allows you to spread out the purchase price over a longer period into affordable monthly installments. In this guide, we’ll explore a range of garden and lawn tractor financing options to help you find a loan that suits you.

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How to get easy garden tractor financing

There are multiple options available if you need to finance a garden tractor in Canada. Terms of one to five years are commonly available, and in many cases, a down payment will be required to qualify.

You can apply with:

• Dealerships. It’s quick and convenient to apply for financing when you buy a garden tractor at a dealership. Dealers partner with third-party lenders to offer financing, and you may be able to take advantage of special offers like 0% financing. Just be sure to compare other loan offers before visiting the dealership so you know if you’re getting a good deal.
• Manufacturers. Some garden tractor manufacturers like John Deere also offer their own financing programs. They regularly feature special offers to entice buyers, such as low interest rates or no repayments for a fixed period, but be aware that these offers may only apply to specific garden tractor models.
• Banks and credit unions. Some traditional lenders offer garden tractor financing through dealerships, but you also have the option of taking out a personal loan from your bank or credit union. You’ll get a competitive rate if you have good to excellent credit, with terms of one to seven years offered. But borrowers with bad credit will need to consider other options.
• Alternative lenders. You can also get financing from alternative lenders. They have more lenient eligibility criteria than banks and credit unions, so you may still be able to qualify with bad credit, but higher interest rates typically apply.

What are the interest rates for garden tractor financing?

Garden tractor financing interest rates range from 0% to 35%. The rate you get will depend on factors like your credit score, income, employment situation and loan term.

You’ll need strong credit to qualify for a 0% financing offer, and such offers may only apply to specific garden tractor models. If you have bad credit, your interest rate will likely be towards the higher end of the rate range.

Can you get garden tractor financing with bad credit?

Yes, you can get garden tractor financing if you have bad credit, but not from all lenders. Banks and credit unions typically only work with borrowers who have good to excellent credit, so you’ll need to consider alternative lenders.

Alternative lenders don’t have the same strict eligibility criteria as banks and credit unions, and some are willing to look past your credit score when assessing your application. Instead, they’ll look at your employment situation, your existing debts and whether you have enough income to keep up with your loan repayments.

How to increase your chance of approval

• Pay down existing debt. Paying off any high-interest loans you already have will not only make it easier for you to budget for monthly payments, it’ll also improve your debt-to-income ratio—a key factor lenders consider when assessing loan applications.
• Improve your credit score. Taking steps to rebuild your credit will help boost your chance of getting approved and securing a lower rate.
• Save a bigger down payment. Saving a larger down payment means you’ll only be applying for a smaller loan amount. It also shows the lender that you’re financially responsible.
• Choose an alternative lender. Online lenders tend to have more lenient eligibility criteria than banks and credit unions, so they’re more likely to lend to borrowers with bad credit.
• No NSF transactions. A “clean” bank statement with no NSF transactions in the past 90 days will show the lender that you will be able to make on-time payments.
• Use a loan search platform. Loan search platforms like My Auto Approval let you fill out a single application and then compare loan offers from their lending partners. They work with lenders who provide loans for people with bad credit, and the platforms are free to use.

How much does garden tractor financing cost?

Rory wants to buy a Cub Cadet XT2 LX42 riding lawn mower to keep his lawn and property looking their best. The XT2 LX42 is priced at $4,399, and Rory has saved up a $900 down payment. He decides to get garden tractor financing to cover the remaining $3,499 purchase price.

Rory applies for dealership financing and is approved for a rate of 4.99% over a 48-month loan term. The table below shows how much it will cost Rory to repay the loan.

Types of garden tractors you can finance

Financing is available for a wide range of garden tractors, lawn tractors and mowers. The table below shows the price you can expect to pay for a selection of popular models.

Frequently asked questions

• Can you get garden tractor financing with no credit history?

  It's difficult to qualify for garden tractor financing with no credit, but it's not impossible. Some alternative lenders may be willing to offer you a loan, but you'll need to have sufficient income to show that you can afford to make on-time loan payments. You'll also need to accept a higher interest rate.

• Can you get garden tractor financing with no credit check?

  It'll be difficult to get garden tractor financing with no credit check. Lenders of no credit check loans typically do not offer more than $2,000 unless you're using your paid-off car as collateral.

• Can you finance a riding lawn mower?

  Yes. Lawn mower financing is available from dealerships, manufacturers, banks, credit unions and alternative lenders. Some alternative lenders will also offer bad credit garden tractor financing, but higher interest rates will apply.

To make sure you get accurate and helpful information, this guide has been edited by Leanne Escobal as part of our fact-checking process.

Written by

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio