If you have bad credit, but still need to purchase a computer, then you are certainly not alone in this world.
With such an increased demand for computers (computers really are essentials now days for just about everyone), and with so many people hurting from the credit crunch, there are more and more people that find themselves trying to make such a purchase.
So how can you go about getting the computer that you desperately need, and do so without putting up a lot of cash? Here is a short guide that will help you to identify the various options that you have when it comes to bad credit computer financing.
The first option you have to finance the computer is the old fashioned way - the bank.
Community and local banks or credit unions can be great for this if you already have a relationship with them.
Many times a small bank will be able to look past your low credit score as long as you have a job/income and that you are in a stable location.
The rates will be higher than if you had a high credit score, but they won't be as high as some of the other alternatives.
The second option we will look at is obtaining financing directly from the store itself.
Many stores, such as Best Buy, have their own credit program where you can sign up (and hopefully get approved) for credit with.
Usually they will give you a set amount of credit that you can use to purchase goods and merchandises from their store.
The benefits of this type of financing are simple - you get access to the funds right away (it can take as little as 10 minutes to be approved for this), and the terms are fairly easy to understand.
However, the drawback is that the finance rates on the computer will not be as good as if you got the loan from a bank.
Of course, you are probably looking at the in-store financing option because your credit made it difficult to get a good loan from the bank, but just make sure that the interest rate is not too excessive or you could wind up paying over $1000 for a simple $500 computer.
Also, obviously with this loan you are going to want to pay it off as soon as possible, as the rates will be higher than average, thus increasing the total cost of the computer.
With such an increased demand for computers (computers really are essentials now days for just about everyone), and with so many people hurting from the credit crunch, there are more and more people that find themselves trying to make such a purchase.
So how can you go about getting the computer that you desperately need, and do so without putting up a lot of cash? Here is a short guide that will help you to identify the various options that you have when it comes to bad credit computer financing.
The first option you have to finance the computer is the old fashioned way - the bank.
Community and local banks or credit unions can be great for this if you already have a relationship with them.
Many times a small bank will be able to look past your low credit score as long as you have a job/income and that you are in a stable location.
The rates will be higher than if you had a high credit score, but they won't be as high as some of the other alternatives.
The second option we will look at is obtaining financing directly from the store itself.
Many stores, such as Best Buy, have their own credit program where you can sign up (and hopefully get approved) for credit with.
Usually they will give you a set amount of credit that you can use to purchase goods and merchandises from their store.
The benefits of this type of financing are simple - you get access to the funds right away (it can take as little as 10 minutes to be approved for this), and the terms are fairly easy to understand.
However, the drawback is that the finance rates on the computer will not be as good as if you got the loan from a bank.
Of course, you are probably looking at the in-store financing option because your credit made it difficult to get a good loan from the bank, but just make sure that the interest rate is not too excessive or you could wind up paying over $1000 for a simple $500 computer.
Also, obviously with this loan you are going to want to pay it off as soon as possible, as the rates will be higher than average, thus increasing the total cost of the computer.
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