How To Buy A Laptop With Bad Credit | Poor Credit Laptop Financing | No Credit Check Computer Financing
How To Buy A Laptop With Bad Credit | Poor Credit Laptop Financing | No Credit Check Computer Financing
Are you in the market to purchase a new laptop but don’t have a good credit score? The problem with bad credit is that it hurts your purchasing power. So if you don’t have the cash ready, your best bet is to find out how to buy a laptop with bad credit. Contrary to what many people think, several options are available for laptop customers who have poor credit or even no credit at all and they include financing without a credit check. You just have to learn what those options are so that you are well informed when comparison shopping.
Related: How to buy a car with bad credit
We wouldn’t feel right if we didn’t disclose that there are drawbacks when you opt for this type of financing. People might tell you that the biggest downside is that the amount of financing will be limited, but that’s really not the case. The biggest downside is that bad credit financing is very expensive. It is not uncommon for people to end up paying twice or three times the retail value of the purchased item. This is why you have to do this with a clear picture of what you should expect.
- Check with your current employer to see if they have any options to help you buy a laptop. They might have deals in place with their current supplier that would let you buy a laptop almost at cost. If not, maybe they can set up some type of payment plan where they automatically withhold a preset amount to pay for your purchase. This would be the closest thing you’d get to “normal” financing, since in many cases you might not even be charged interest.
- Check out in-store credit card options. Talk with the store or company that you are looking to buy the laptop from: even if you have bad credit, there are quite a few merchants that will give you a credit card to help you buy the laptop. Most of these types of businesses have in-house financing to help people purchase their laptops. If you don’t want to go with a retailer like Best Buy, you can also get a secured credit card from a variety of credit unions and banks. There are also several other stores and places that do this including Wal-Mart, Dell, Toshiba, Lenovo, HP, as well as Apple. Keep in mind that these stores don’t exactly offer the best financing terms and will charge you a high interest rate. The credit issued will not be an internationally accepted credit card, but rather a credit for purchases in the retail store. The approval rate is higher, but the interest rate for this credit is substantially higher.
- Rent-to-own retailers offer merchandise to customers with bad credit. You will need to go into one of the rent-to-own retailers and see what type of laptops they offer. Once you decide which laptop you want to bring home, you will need to fill out an application and show proof of your income. Make the required down payment and take your new laptop home.
- Personal Loans from credit unions or banks. Bad credit doesn’t stop you from going to you local credit union and getting a small personal loan. Many financial institutions offer loans to people seeking a new laptop computer. You must show that you’re able to pay back the loan. Even with a bad credit rating, you might be approved for a small loan if you can prove that you’re more than able to make the payments every month. They will look at your credit score and credit history, and then compare your payments to your current income. If your debt payments (rent included) is under a certain percentage of your total income, you might qualify for the loan.
- Laptop Layaway. You do have an option to get a laptop with a layaway program too. While definitely not a fast solution, it’s definitely a smart option if you have poor money management skills. How a layaway program would work for you is a retailer sets aside the product that you’re interested in while you’re making payments on it. Until you’re done paying, you cannot take or use the laptop, but once the the item is paid for, it’s yours to do as you please. This is not financial decision since you avoid paying interest on your purchase.
- Buy a laptop through a computer club. Search the Internet for computer clubs. You can find several of these computer clubs that have a good reputation online and finance laptops and computers to those with bad credit. Many computer clubs do not check your credit, but you will be required to have some type of income or job in order to be approved for financing. Have your paycheck stub available for faster approval. Compare the clubs and choose the computer club that meets your needs.
If you’re in a hurry to get a new laptop and you have terrible credit, you may feel like your options are limited but they’re not: there are many different types of payment plans you can choose from to get a new computer, but unfortunately, in most cases the cost of the financing is pretty high. It thus becomes very important that you compare financing terms and other terms of service and shop around for at least a week before going with any offer.