Lawn Care Equipment Financing Options
Whether you’re a business owner or homeowner, lawn care equipment can be an essential investment for you. However, it’s not always possible to purchase something outright if you don’t have a significant amount of cash on hand. Do you know your financing options? Our team at J5 Tractors, located throughout Texas, has put together this brief guide to help you navigate the buying process.
Personal Loans
One of the most tried and true options for purchasing equipment is to take out a personal loan. The benefit of this option is that your credit score will help determine your interest rate and the amount you qualify for. Let’s say you need to purchase several new lawn care tools, you can bundle your loan into a single amount that will cover several different purchases.
Dealer Financing Options
If a personal loan isn't ideal for you, many dealerships will offer in-house financing plans. Sometimes you can even take advantage of promotions, like zero interest for a set period of time.
Utilizing dealer financing can help you build rapport with that dealership and can provide really great benefits if you’re interested in purchasing a specific brand of equipment.
Online Payment Plans
Another option that is becoming more and more available is the utilization of online no-interest, no-credit repayment plans such as Affirm. While this option might limit your selection, it can be very useful in a pinch!
For some, this option is helpful because it won’t affect your credit score, but others might find this to be a downfall because it won’t help build your credit.
What to Consider When You Finance
No matter what option fits your situation best, there are several things to consider if you choose to finance your equipment.
Realistic Payment Amount
The first thing you need to be wary of is the monthly payment you’ll be expected to make. It is very crucial that you understand what amount you can afford to budget into your expenses! This applies to both individuals and businesses.
Understand the Terms
Whatever lender you use will have a set of expectations and terms that coincide with your loan. Make sure to have a thorough understanding of these policies!
If you’re taking advantage of an available promotion, ask about the specific timing of the promotion, especially if it involves no interest payments until after a set amount of time. Also pay attention to any terms that can cause the promotion to be voided, such as late or missed payments.
There are many situations that require investment or purchase of new lawn care equipment, and luckily there are many options to choose from if you can’t make a purchase outright. We hope this breakdown of available financing options will help you determine the best plan for you! We proudly serve the Conroe, Navasota, Buna, and Normangee, TX, areas!