Information technology has revolutionized a lot of things in our lives. From the way we communicate to the way we do our daily activities, modern technology has changed many facets in our lives. As we look into the future, better tech devices are bound to be discovered and will play a major role in the way we do research, do business and so on.
Earlier on, no one imagined that he would access the internet using a portable device such as a smartphone, tablet or laptop. This is because desktops were the order of the day. However, with the proliferation of laptops and other devices, browsing the internet has become easier and more convenient.
In fact, as we speak, we normally use laptops in colleges, universities, workplaces, homes and even in business premises. Although owning a laptop is a good idea, you have to budget for it in order to acquire one. After all, these devices normally come at different prices, depending on it features, brand, among other factors. For some, they might be able to afford to buy a brand new laptop from the shop. However, for others, they might have to dig deeper into their pockets in order to afford one. In fact, for others it might be a nightmare for them as they have bad credit
In most cases, if you are unable to service your loan in good time, chances of having a bad credit score are very high. Individuals with such a problem might have issues whenever they want to get a loan in order to buy a laptop. This is because financial lenders are very hesitant to give loans to people with bad credit.
Fortunately, there is a way you can manage to buy a laptop even if you have bad credit. This article will outline various ways of computer financing with bad credit and other consideration one should make.
Type Of Computer Financing
Since technology is advancing at a breakneck pace, sometimes it might be difficult to pay for a new laptop. In any case, a new laptop might require you to dig deeper into your pocket. This is because some of these models normally come with fantastic features that many mesmerize you. This has actually made it difficult for many people to acquire new models even when they need them badly.
To avert such scenarios, most computer companies now offer financing programs that normally allow different customers to buy new computers and accessories without having to strain their budget. If you can find the best financing program, you will be able to save more money and enjoy a lot of convenience. As you look forward towards looking for the best financing program, all options have to be considered. The following are the types of computer financing that you are likely to come across;
1. Direct financing
If you consider this kind of computer financing, here are the steps that you should follow:
- Decide on the computer model you want to buy in the first place. For most companies, they are ready to offer some sort of in-house financing. However, you have to base your decision on the reason why you need to invest in a laptop. From personal use to artwork or design, there are many reasons why you might choose to buy a laptop. By stating the reason why you want to buy a laptop, your company of choice will be able to offer guaranteed computer financing.
- Research individual companies. You will note that large companies such as Apple and Dell are always ready to offer lines of credit where customers can readily purchase their products. In most cases, these loans are normally offered in conjunction with major lending institutions.
- Once you have completed the step mentioned above, the next step is to decide if a certain line of credit is right for you or not. It is important to note that these are not closed-end loans. This means that you have to repay them in time. In fact, lines of credit are basically credit cards.
- Review your budget and then decide how much you want to spend on a particular laptop. Besides this, you should know how much you can afford to pay monthly. It is important to note that you will need to pay more than the minimum payment in order to pay off the loan quickly.
- Try to apply to two or three different lenders and then review the option that will be presented to you. To your surprise, some companies might actually offer zero-interest financing as long as you are able to repay debt within a specified period. In most instances, it is normally 6 to 12 months.
- Finally, choose the financing that suits your needs.
2. Indirect financing
Besides the above-mentioned financing option, you can still consider using indirect financing and you will still be good to go. Here are the steps that you should follow:
- Pull a copy of your credit report. Here, some companies might be able to provide this at a lower cost. Others might provide this with no cost at all. Review the report for late payments, negative marks, judgments, charge-offs and bankruptcies. All these have to be cleared before you can get the financing you need.
- Look for local lenders within your locality. It is worth noting that there some small, closed-ended loans that are offered by different banks and credit unions. Such types of loans might suit fiscally irresponsible borrowers. In fact, these loans are better than line of credit as you have to pay a certain amount of money on a monthly basis in order to service your loan.
- Review the options given to you and then decide the financial program that will be of utmost benefit to you. You will then use the proceeds of the loans to buy your laptop of choice.
4 Ways Of Computer Financing With Bad Credit
Earlier on, it was difficult to own a laptop with bad credit. However, the good news is that you can now own one even if you have a bad credit score. In fact, if you are able to make low payments and make them in good time, chances are that you will improve your credit score in the long run.
If you cannot buy a computer in cash, you can consider taking other options such as taking a personal loan or even leasing one. Better still, you can choose to work with rent-to-own companies or even use credit from retailers who specialize in selling laptops. Here are 4 ways of computer financing you should consider if you have bad credit:
1. Personal Loan For Computer Financing With Bad Credit
If you cannot finance a computer on your own, you can consider taking a personal loan in order to own one. The good news is that some lenders can readily lend you some money and thereby enable you to own a computer or laptop of your dreams. Some of these lenders include:
This lender normally offers cash advances to all its clients through its online marketplace. Here, you will start by filling out a simple form in about 5 minutes. After that, MoneyMutual, will send it to lenders so that you can get the much-needed financial assistance.
Once this done, you will be able to receive an approval decision in a few minutes and thereafter, money will be deposited in your account in less than 24 hours.
- Allows you to take short term loans of up to $2500
- The funds are available in less than 24 hours
- Simple online form which only takes less than 5 minutes
- Very credible as more than 2000000 customers trust it
- Not available in NY and CT
The lender mentioned above helps you to get a personal loan of up to $10000.Since a computer might not cost this much, you will have an opportunity to utilize these funds in other meaningful ways.
Interest rates from its network of lenders normally range from 5.99% to 35.99%.Here,the loan terms normally vary from 90 days to 72 months. For instance, if you borrow $1500 for two years at a 7.9% APR, you will have to pay a total amount of $1626.54.
- Allows you to get loans from $500 to $10000.
- All credit types are acceptable
- You will receive a loan decision in just a few minutes
- Gives you the liberty to use the loan for other purposes.
- Interest rates might be high
This lender normally specializes in helping people with low credit to find loans ranging from $250 to $5000.Such a loan allows you to buy a good computer and do other things.
It is important to note that making monthly payments on time on a personal loan can actually improve your credit score. Here, you will not need to use a credit card or even increase your credit utilization rate. Instead, the loan will diversify a credit mix.
- Allows you to get loans ranging from $250 to $5000.
- You will get the money as soon as tomorrow
- Bad credit does not hinder you from getting a loan
- Very credible as it has more than 750000 customers since 1998.
- Interest rates might be high
Lease-to-own One Computer Financing With Bad Credit
Sometimes, you might opt not to get a loan and consider working directly with retailers that sell computer and offer bad credit financing options. These dealers normally rent their products to different customers as far as they pay for these devices in good time. By making weekly or monthly payments for one to three years, you will be able to use a laptop while paying it off. Some of the lease-to-own one service includes:
This company normally offers lease agreements for many computers it sells. Here, you will be able to make weekly payments and so on. This makes the process of owning a laptop easier and more affordable.
Besides this, the lease term can actually be ended after 7 to 29 days. However, this depends on the state you live in. Better still, you can continue to make payments until it is paid for, and thereafter you will be able to own the computer.
It is also important to note that an early purchase option is still available. This company offers several devices such as computers, laptops, tablets and many more
- It is possible to make weekly payments.
- Presence of many devices such as tablets, computers and laptops.
- Early purchase option is possible.
- Sometimes the lease term can be short
2. Best buy progressive leasing
To start with, Best Buy normally offers a progressive leasing program that gives customers an opportunity to rent or buy technology such as computers and laptops. Here, you will be able to lease a computer for 12 months and make low monthly payments.
Apart from that, there are other options where you can buy the laptop after 90 days of lease payments. Better still, you can still choose to make an early buyout and enjoy a significant discount thereafter.
- Progressive leasing program
- Presence of many leasing programs.
- Allows you to enjoy a significant discount once you make an early buyout.
- Sometimes, the leasing costs can be high.
Store-Specific Credit and Payment Plans Computer Financing
In most cases, these can be from any sort of retailer. You will note that they normally come with different offers that can mesmerize you. One of these offers is that no interest will be charged for a few months whenever you spend more than a certain amount of money. The good news is that these retailers normally have a credit card that can help you a great deal. Some of these retailers who offer these plans include:
- Office Depot
As you consider these options, you should know that they are more ideal if you have a fair to good credit. If you have a good credit you can trust that your loan application will be approved quite fast. Despite these challenges, your loan application can still be approved even if you have a bad credit. This will actually go a long way in improving your credit score.
Short-term Personal Loans Computer Financing With Bad Credit
Sometimes, you might need a short time to repay the cost of your new machine. Some of the lenders who are always ready to offer short-term loans include:
Alternative Ways Computer Financing With Bad Credit
Besides getting a laptop using the above-mentioned ways, there are other alternative ways that can help you own one with fewer struggles. Some laptop users might opt to acquire a decent laptop and be okay with it. However, there are others that might consider higher-end models. If this is the case, you should brace yourself to dig deeper into your pocket.
Fortunately, many retailers are now offering financing plans in response to buyers’ needs. This has actually made it possible for different people to own high-end laptops as long as they pay them in time. Some of the laptop financing services that you should consider includes:
This company normally provides 6-12 months financing for shoppers who make purchases with an Amazon.com Store Card. It is important to note that laptops that are over $149 are subject to 6-month financing without interest.
However, laptops that are higher than $599 are eligible to not interest. This is usually the case if you pay them off within the year. For optimal results, you should choose Amazon-sold items that are eligible for 24 months financing. Here, an interest of $1.50 will be applied to your account from the purchase date.
However, this applies if the promotional balance is not paid within the time frame selected. It is important to note that monthly payments have to be met in order to receive these promotions. Besides this, non-promotional purchases and voided promotions under Amazon.com Store Card are subject to a variable 26.99% APR.
Besides Amazon, Apple offers financing plans to all its clients who want to buy MacBook devices or iPhone. It is important to note that special perks will be included with each financing program. Here, a two-year device will refresh with AppleCare support for different businesses. Besides this, customers will be able to enjoy flexible cost-sharing that provides upgrades and 3rd party products for institutions.
It is worth noting that Apple normally offers zero-interest repayment for consumers, ranging from 6 to 24 months through the Barclay Apple Rewards Card. An interest of 14.99% to 27.99% APR will be charged to the account from the date of purchase if the balance is not settled by the end of the promotional period. Apart from this, Apple Financial Services will offer customizable financing options for your budget and tech goals. This includes trade-ins, delayed payment structures and recycling services.
Apart from Apple and Amazon, Dell also offers a wide range of financing options for its many laptop brands and series, including Inspiron, XPS and Alienware. Here, the financing periods normally range from 6 to 12 months for purchases over $599 and $899, respectively. Besides this, all promotional offers are available for no interest if at all they are paid in full before the end date.
In case the balance is not settled before the expiry of the promotion, an interest will be charged to your account from the transaction posting date at variable 19.99 to 29.99% APR. Apart from this, Dell also offers Preferred Account financing through WebBank for people living in the U.S.Here they are normally charged 3% of the new balance. Other times, they can be charged $20 on a monthly billing statement.
4. Best Buy
The company mentioned above normally offers storewide 6 and 12 months financing that can be applied to the laptop of your choice. However, this applies if at all its price is over $199 or 339, respectively. For these promotions, interest is normally deferred until the promotional period is over.
If the balance is paid in full at the end of the financing terms, no interest will be charged. However, if you fail to do so, the accumulated interest will be charged to your account with a 9 to 28.99% APR depending on your credit score.
It is important to note that the minimum monthly payments have to be met. However, you might have to exceed the minimum listed on your statement to pay the laptop off completely without interest.
This company provides laptop financing through WebBank and Swedish payment servicer Klarna, which offers 12 months, zero-interest payment plans for purchases between $299 and $799 and 9.99% APR on purchases that are over $799.
It is important to note that late and returned payment fees are up to $35.However, this depends on the impending balance and tardiness. Business customers are also eligible for promotional pricing, but non-promotional purchases are subject to a standard 19.99% APR. Besides this, Klarna normally allows automatic credit-line increases for those who qualify.
Besides Lenovo, Microsoft has partnered with Klarna to roll out the new Surface Plus program. Here, shoppers are normally provided with a 24-month financing on all Surface products for 0% APR. You will note that 19.99% interest is normally charged for late payments and an additional $35 fee.
Through Surface Plus, consumers can now get their hands on a Surface device, where they have to pay $34 per month. Besides this, they will enjoy personalized support and 18-month upgrades. It is important to note that they are quite pricier and enhanced Surface Plus for business program, financed by LiftForward, provides 18,24 or 30-month payment cycles with upgrades available after 12 and 18 months. It is also important to note that Microsoft has a flexible Surface as a Service leasing plan and other financing programs with 3rd party providers.
What Is The Difference Between ‘Buy Now Pay Later’ And ‘Rent To Own’
When it comes to owning a laptop, there are many options you can consider. Here, you can consider the ‘buy now pay later’ option or the ‘rent to own’ option.
Buy now, Pay later
If you choose the ‘buy now pay later’ service, you will have an opportunity to buy the product but you will not make all the necessary payments promptly. In this case, you can pay off the purchase after a few weeks. However, if the purchase is of a high value, you might take a longer period to pay it off completely.
Since you will not pay interest on the purchase, you will be charged a certain fee. It is important to note that it can add up quickly over time. Some buy now pay later arrangements are normally offered through credit card networks such as MasterCard and Visa.
If you consider this program, you will have the option to buy the laptop at some point in the future. Until that moment, the company or the retailer who sells the laptop remains the true owner of the laptop. Most people normally prefer this kind of arrangement, since no down payment is needed. In fact, you can readily manage to possess a laptop of your dreams even if you have a bad credit score.
In most instances, the fees charged per week or monthly are very affordable, and therefore this can guarantee you that you will be able to get the laptop you need at a relatively lower price. If you can make all the payments, you will successfully own the laptop at the end of the contract. A typical contract is normally 12,18 or 24 months. If the contract is long, you will end up paying more money.
What is Lease-to-Own/Rent-to-Own?
This is a deal in which you commit to rent a property for a specific period with the option of buying it before the lease runs out. At the end of the lease period, you will be able to own the property, as long as you were able to make timely payments as agreed.
Can you get approved for affirmation with bad credit?
Fortunately, you can readily get approved by Affirm, as long as your credit score is 640 or above. Since they conduct a soft inquiry, you can trust that applying for a loan with Affirm won’t hurt your credit score.
Does Afterpay build credit?
Since there is no credit check, positive use of after pay will not officially help you build a good credit history. Therefore, if you always meet your payments in time, after pay’s credit rating will be neutral.
What is instant computer financing?
In a nutshell, instant computer financing normally refers to the short-term loans that you normally apply to acquire a laptop. However, these loans do not need a credit check. In this case, you will get these loans almost instantly.
What is guaranteed computer financing?
Guaranteed computer financing with bad credit basically refers to loans that people apply without necessarily having to out down some money as a down payment. Basically, with such loans, you do not have to worry about your credit score. All you need to do is to fill in an application and get your computer loans approved almost on the go.
Where can I get a laptop with no credit check?
If you want to get a laptop without a credit check, you should consider choosing companies such as Apple, Dell, Lenovo and HP. These companies are known to provide laptop payment plans with no credit check.
Owning a laptop with bad credit should no longer be a nightmare for you. Most people have now acquired laptops of their dreams, even when they had a bad credit score in the past. With guaranteed computer financing with bad credit, you can trust that you will get a laptop and use it for your own purpose.
There are many options you can consider if you want to own a laptop with bad credit. From applying for a loan to leasing, there are many options at your disposal. Consider the ideas mentioned above, and you will be able to acquire the laptop you have always desired. These ideas are truly incredible.