Making Outdoor Adventures Affordable: Five Tips for Power Equipment Financing | Mossy Oak Gamekeeper
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Making Outdoor Adventures Affordable: Five Tips for Power Equipment Financing

By: Mossy Oak GameKeeper

Exploring the great outdoors is an adventure filled with important decisions — and financing new equipment is no exception. Whether you’re dreaming of conquering rugged terrain on an ATV or side-by-side, managing your land with a powerful tractor, or keeping your lawn pristine with a zero-turn lawn mower, finding the right power equipment financing can help turn your outdoor dreams into reality. In this article, Sheffield Financial, a division of Truist Bank, will explore essential tips for financing your next piece of power equipment.

Consider Manufacturer Financing Promotions

tractor-equipmentWhen shopping for outdoor power equipment, be sure to explore financing promotions that may be extended by the manufacturer. These promotions often offer a lower annual percentage rate (APR), helping you save on interest costs. By factoring in promotional financing rates, you can make a more informed decision about which equipment offers the best overall value for your purchase. Sheffield Financial partners with over 240 equipment manufacturers, so you have access to a wide range of promotional financing options, ensuring you find the best deal for your needs.

Installment Financing Has Some Advantages

Understanding the differences between fixed-rate installment financing and other types of financing is important when funding your outdoor equipment. Fixed-rate installment financing typically involves borrowing a set amount and repaying it over the life of the loan with a fixed monthly payment amount and a fixed interest rate. This provides predictability and stability, making budgeting easier. In contrast, credit card financing may be variable, with fluctuating interest rates that can vary your monthly payment amounts and possibly result in you paying more interest during the course of your repayment. For most consumers, fixed-rate installment financing will normally provide the best benefits with consistent monthly payment amounts, fixed interest rates, and no prepayment penalty.

Consider Financing Additional Products with Your Initial Purchase

When shopping for outdoor equipment, don’t forget to explore financing options for additional products, such as, extended warranties, accessories, and gear. These extras can greatly enhance your ownership experience by providing added protection and convenience that’s easy to pay off rather than in one lump sum. Many fixed-rate installment loans allow you to finance extended warranties and accessories along with your initial equipment purchase, enabling you to bundle everything into one convenient payment.

Select a Loan Term That Fits Your Budget

When choosing a financing option, it’s important to select the number of years you want to repay your loan, otherwise known as a “loan term,” that achieves an affordable monthly payment to fit your budget and lifestyle. Consider factors such as the total loan amount, interest rate, and loan term to determine the monthly payment that works best for you. Opting for a longer loan term can help achieve a lower monthly payment, but it will result in you paying more interest over the life of the loan. Alternatively, shorter loan terms generally result in less interest being paid over the life of the loan, but they require larger monthly payments. Online payment estimators can be helpful tools, allowing you to adjust variables and calculate various payment options. Additionally, loans without prepayment penalties provide you with the flexibility to pay off your loan early without incurring extra fees.

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Prequalify Online and Save Time

Save time and simplify your dealership visit by getting prequalified for financing online before visiting a local dealer. Sheffield Financial offers an online prequalification process that allows you to see if you qualify for financing without impacting your credit score.

About Sheffield Financial

Sheffield Financial, a division of Truist Bank, Member FDIC, is a trusted leader in providing simple, easy and fast installment financing to the powersports, marine, compact tractor, outdoor power equipment, and trailer industries. Founded over 30 years ago, Sheffield Financial has grown into a powerhouse serving hundreds of leading brands and financing millions of customers across the USA. Backed by Truist Bank, one of the largest financial service holding companies in the USA, Sheffield Financial offers innovative financial options, and friendly service. Learn more at

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