Computer Financing – Information For Beginners
Computers are now a part of everyday life, and with computer financing they can be an affordable and useful part of your life as well.
Thanks to increasing demand, as well as competition from wholesalers, which allow consumers to purchase separate components and build customized computers themselves, retail prices for computers have come down significantly over the years, making a computer an affordable investment for virtually anyone who wants one. What was exclusively a tool for businesses or governments only a generation ago can now have a place in every home. However, even the relatively low prices of today’s electronics market are beyond the reach of some. That is where computer financing comes in.
Think of the way we buy our cars, our homes, anything we need which carries a high price tag. With computer financing, you can buy your desktop or laptop computer the same way. A wide variety of programs are available, placing the power of computers – word processing, email, the world wide web, streaming video, and more – within the reach of almost anyone.
Computer or laptop financing works the same as car or home financing: You, the consumer, promise to pay the full price in monthly installments over a period of time agreed upon by both you and the seller. This way, you need not worry about finding money to pay the full price of your computer right away; you need only concern yourself with making the monthly payment, which, depending on how your financing deal is structured, can be as much or a little as you could reasonably afford to pay per month.
In addition, like financing for a home or a car, computer financing can even be secured for those of you with bad credit, or no credit. Many organizations exist which specialize in providing financing for buyers with bad or no credit, though the interest you are asked to pay in addition to the initial cost of the computer may be higher than for someone with better credit, due to the higher risk on the part of the lender.
The internet is filled with websites offering computer financing, and most retailers will also allow you to take home the computer of your choice in exchange for regular monthly payments. Thanks to computer financing, the world of computers, with its opportunities for commerce, communication and creativity, is now open and accessible to virtually anyone!
Shawn loves all things technology. It has a site that helps people learn about computer financing. Check out his website and learn everything you need to know about financing and even buy now pay later programs.
Computer Financing FAQ:
Question: Financing a computer or rent to owning it (in Canada)?
I am looking into getting a new computer but cannot afford the cost all at once. Just wondering if anyone knows what you need, like a credit card or drivers license or what?
Answer: It’s the same as anywhere else. Buying a PC can be only $600 which is great and not too expensive, just save up. Most financers (MDG is a Canadian PC financer) are like “pay 99c a day” but end up costing more than it was worth. Just save up.
Question: I would like to know the easiest place to get financing on a computer?
I live on a fixed income and really have no credit rating.
Answer: It would probably be easier to save up and buy one from a store. I doubt if you could get good financing with no credit.
Question: I have bad credit and need a new computer?
I have terrible credit and I need a new computer. I know I’ll take a beating if I go through a computer finance company but I need a new system NOW! Does anyone have any experience dealing with these type of companies and if so what is the best and most honest one?
Answer: Since your credit is really bad my opinion is for you to find a used hardware shop and pick yourself up a machine cheap ($100 – $200) that will WORK to cover your needs for right now. Then get your credit straightened out and don’t be a bad steward of your finances. Then get a computer that you’ve either saved for or pay low interest for. You NEED to have good credit as having bad credit not only effects you paying more for a computer but more for insurance, cellphones, credit cards, etc.
Question: Where can I get approved no matter what my credit is for a computer?
I heard you can get a dell or gateway computer financed no matter what your credit is. If so where or how do I get one?
Answer: You might be better off saving a few hundred bucks to $500 and buying a very good used one, instead of buying a new one that will only we worth that much in a few years. If that is not an option you might try one of those places like Rent A Center. You can rent to own.
Question: Our family just filed bankruptcy. Would we still be able to get a computer financed through best buy?
It’s a very long story. But we’re not bad off. Its just our credit card bills were taking up a good half of our income. I always see ads in best buy’s paper about 0% interest for 18 months, low payments blah blah blah. Would we still be eligible for that?
Answer: For the time being, do not even apply for any kind of credit. You won’t get it, and your credit application will further keep you from getting credit in the future.
1. Pay cash for everything. If you can’t afford it, then do without it.
2. Open a savings account. Savings accounts can be opened by anybody. Use the savings account to deposit pay checks, etc. Withdraw the money you need for living expenses. Always keep a balance in the account.
3. Stay away from credit card offers you receive in the mail. They charge very high interest which will land you in hot water again.
4. Rebuild your credit by taking out very very small CO-SIGNED loans. Ask a relative or understanding friend to co-sign. Pay back these loans as soon as possible.
Question: Where can I finance an apple computer with out a credit card?
I want to finance an apple computer to boost my credit score but I don’t want to open a credit card.
Answer: Best Buy sells Apple products now, and getting financing from a department store is usually easy for someone who is building credit.
Question: Can I finance a computer at 17 years old if I have an adult co-sign it?
Answer: Probably not. You need to be 18 in order to be legally liable or enter into a contract. Rather than go into debt perhaps you should consider finding a job and save the money so that you can pay cash. It will save a lot of money in interest and you will not need to worry about missing payments. If you work hard and save your money it won’t take long to pay cash.
Question: Financing a computer?
I got a job making on average 2000 a month. I went to HP’s website and custom built a computer and then applied for e-financing. I was denied for having no credit or how they put it: limited account activity or debt. Any ideas how can go about doing this? I cant buy this computer outright.
Answer: There is no way to go about getting financing for this computer. You would be declined anywhere you apply because you have no credit for them to base their decision on. You probably built a pretty expensive computer (that really doesn’t matter though, they would have denied you for a $500 computer)
Only thing you can do is see if someone will cosign for you. And, that would actually not be smart for someone to do for a piece of machinery that depreciates and you aren’t in dire need of.
I would take as much of that $2000 you make a month and put it aside to buy this computer by a certain date.
Don’t go to a rent a center type place for a computer, you will pay through the nose, and they don’t report to the credit bureaus to increase your score, they only report if you don’t pay or take off with the merchandise.