What credit score do you need to buy an expensive lawn mower?
This is a question many people ask, especially if they are thinking about purchasing a riding lawn mower on credit for their new lawn care business.
Today, you will find information on what credit score is, and what is the magic number you need to be above.
We will also discuss other factors that may affect your ability to purchase an expensive riding mower vs. a more affordable commercial push mower.
What Credit Score Is Needed?
A credit score is a number that represents your creditworthiness. It is used by lenders to determine whether you are a good candidate for a loan. The higher your credit score, the more likely you are to be approved for a loan with favorable terms.
So, what credit score is needed to buy a lawn mower and how much credit/loan money will you be able to get?
- First you should know overall credit range is from about 300 up to 850.
- Anything above 670 is good. Below 580 is bad. Above 800 is excellent.
Lenders will start providing the best loan terms once you have a credit score above 670
- It is important to keep in mind that each lender has its own criteria, so it is always best to check with the lender beforehand.
- Having a higher credit score (above 800) will generally result in a lower interest rate, so it is worth striving for the highest score possible. With a little effort, you can easily get the lawn mower of your dreams – without breaking the bank.
Why is Your Credit Score Important When Buying an Expensive Lawn Mower?
A credit score is a three-digit number that lenders use to decide whether to lend money to a borrower and at what interest rate. It is based on information in a consumer’s credit report, which includes the consumer’s credit history and current financial situation. The higher the credit score, the more likely the consumer is to repay the loan and the less risk the lender takes on.
For this reason, a fair, good or excellent credit score can save a consumer money by making it easier to get a personal loan with a lower interest rate.
What are the different credit score ranges:
- Fair: 580 – 670
- Good: 671 – 740
- Extra Good: 741 – 800
- Best: Above 800
A lawn mower is an important tool for keeping your large lawn looking its best. It may also be a vital component of your lawn care business. So if you need to put your new riding lawn mower on credit be sure to know you have a good credit score before hitting up the lender for loan rates and repayment quotes.
Minimum Credit Score Needed
A lawn mower is a big investment, so you want to make sure you have the financial resources to purchase one. When it comes to credit, the minimum credit score needed to buy a lawn mower varies depending on the lender.
- Some lenders may require a credit score of 700 or higher, while others may be willing to work with a score of 650
In general, the higher your credit score, the more favorable terms you’ll be able to negotiate. That way, you can shop around for the best deal and get the most affordable financing option.
The Different Types Of Credit Scores
There are many different types of credit scores, but the most common are FICO scores. FICO scores range from 300 to 850, and the higher your score, the better. A score of 800 or above is considered excellent, while a score of 700 or above is considered good. A score of 600 or below is considered poor.
There are three major credit reporting agencies in the United States:
Each agency has its own way of calculating your credit score, so your score may differ depending on which agency you’re looking at.
Credit scores can be used for more than just getting a loan. Many landlords use credit scores to screen tenants, and some employers use them to screen job applicants. Insurance companies also use credit scores to determine premiums. So, it’s important to understand what your credit score means and how it can affect your life.
How Can You Improve Your Credit Score If It’s Not In Good Shape?
There are a few things you can do to improve yours:
- One thing you can do is to make sure you pay your bills on time. This includes not only your credit card bills, but also any other bills you have, such as your rent or mortgage.
- Another thing you can do is to keep your credit utilization low. This means that you should use no more than 30% of your available credit limit.
- Finally, you can try to get a mix of different types of credit, such as installment loans and revolving lines of credit.
Other Ways To Get Your Much Needed New Lawn Mower Without A High Credit Score:
- Borrow money from family and buy one outright with cash
- Lease one through an outdoor power equipment company
- Renting is an option as you can pay after your customer has paid you
- Buy a used mower from a private seller
In conclusion, you will likely need a good or excellent credit score to get the best terms on a riding lawn mower loan which may be upwards of $10,000. Other options are leasing or renting one or borrowing money from family.
- When deciding which lawn mower to get your loan for, be sure to know the best lawnmowers available, including the best rear engine, lawn tractor and zero turn mower.
- You’ll also want to know how much each type of mower costs and how much the different riding mowers weigh so you know if you can get them in your trailer setup.
- For some fun further reading once you get your mower check out the how-to section for tips and tricks.