Easy Online Quote
Loan Monkey is not a direct lender. Instead, we give you access to an entire network of lenders. The benefit to this is that you ay be able to receive an offer, even if you have bad credit.
Direct Lender Or Network
Direct lenders like you would find at an outdoor power or home improvement store can be harder to get approved with. They have one set of credit criteria and if you do not fit into their little mod, you get denied. Nobody likes to be denied credit. It is frustrating and if you really need that mower, it is time consuming.
Networks work very differently. When you submit your quote to the loan network, it will go from lender to lender until one is found that wants to make you an offer. This all happens securely and very quickly. You will typically have your answer in just a few minutes.
Once you have your offer, you are free to take it or leave it. There is no obligation in just getting an offer for a riding lawn mower.
If you have decided to get your quote on the riding lawn mower that you need, you will find that the process is very easy and best of all, short.
First, take a look at the quote form at the top of the page. Pretty simple right? You just need to enter in some basic information like your name, address, phone and information about your income. Your bank info is also requested because this is how a lender would get you your money.
Enter in your information and then hit submit. It will then be sent to the network to find a lender that wants to make you an offer. If you get an offer, you will get the details of the loan. You might be sent the details or you might be simply directed to the lenders website.
Be sure to thoroughly read the details of your mower loan. Make sure that the terms are agreeable. The key figures are the total cost of your loan and the installment payment. Make sure that the total cost, which is everything you would pay on the loan, is worth it. You do not want to pay three tomes the value of your loan in fees. Also, make sure that the payment amount fits into your budget.
If, after careful consideration, you like the details of your riding lawn mower financing, you can accept it. Your lender will then go about wrapping everything up and getting you your money. You could have your money in your account as soon as the next business day.
Buying Your Mower
Once you have your money in hand, you need to decide what exactly to buy. Your first consideration is new or used. Then, you need to decide on the size of mower that you need.
This is the option that most people will take but it might not be for you. Riding mowers start at about 1000 dollars today. This is for a base model that might even be manual shift. They go up considerably with more options wider widths and bigger engines.
The good thing about a new mower is that you will know that it is in perfect shape and it will be under warranty. If something happens to it in the first year, you will know that it is covered. You also know that it has not been neglected or abused because you would be the first one to actually use it.
The bad about a new riding mower is that you would have to take the full depreciation. It will be full price and worth about 30 percent less as soon as you pull out of the store parking lot.
Since your financing will give you cash, you are free to also consider the used mower market.
Depending on the age of the mower, expect to pay about 40 to 60 percent of the retail cost of a machine.
The good thing about buying used is, of course, the price savings. You can save a considerable amount of money. Since your loan comes in the form of cash, you can use the rest for other lawn equipment needs or possibly pay off a portion of the loan.
The bad thing about used garden tractors is that you are really rolling the dice. Machines on the market are usually fairly old. People don’t typically buy these things and sell them after a few months, it is usually years. During that time, who know how they are maintained. If you decide to go with used, be careful and ask about whether service has been performed. Also, examine the mower carefully for signs of abuse, rust, leaking fluids, etc. When you start it, make sure that it fires up quickly and doesn’t struggle.
Once you have determined whether to buy new or used, it is time to look at the size of the mower. The width of the cutting path will make a huge impact on your mowing life. Go too small and you can add hours to your monthly cutting time. Go too large and you can make it tough to maneuver in tight spaces.
Generally speaking, a 42″ deck is best for lawns up to one acre. If you have up to 2 acres, upgrade to a 46″ deck. If you have up to 3 acres, a 54″ deck may be more suitable. Larger than that and you are getting into zero turn mower territory.
Acreage over three acres is not well suited for a standard garden tractor. Your garden tractor would be short lived and it would take you a considerable time to get the job done.