By: Manny Jonsworth
Laptops have become an important part of society. Being mobile, they allow for surfing the web, typing of documents, and even playing games from high in the air to on a desk in an office. While laptops used to be very expensive, their prices have come down since their initial introduction, the cheapest laptops, the “netbook” which have a 10” or smaller screen, can go for as low as $250. However, the average laptop, especially if someone wants it to run “well” will cost anywhere between $500 to over $1000. This is where financing comes in. Many people don’t have the money lying around to simply buy a laptop outright, but instead need to find and use a financing plan to make weekly or monthly payments over time to make it more affordable for the average budget.
As a kicker, many people have bad credit which makes finding a monthly payment plan even more difficult. Whether their credit is “bad” because of missed payments, late payments, or bankruptcy or simply bad because it isn’t established yet, it can be rough finding a company that will let you borrow. However, while getting financing is harder to get with less than perfect credit, it is certainly not impossible. The best options for financing with bad credit are credit cards. They offer flexible payment terms and are easy to get with poor credit.
Secured Credit Cards
Secured credit cards are one of the easiest financing options for people with bad credit. Being “secured” means that these credit cards require some sort of deposit or down payment to get started. Unlike most credit cards (which are described as unsecured), secured credit cards help banks trust you more and the deposit is used as an insurance in case you miss payments or default. There are a few companies that offer these cards but my recommended choice is Capital One, who has fair policies and is a reasonable company to work with.
Their secured credit card is from MasterCard and has a $29 annual fee and requires a minimum security deposit starting at $49 and going up to $200 depending on your credit rating. It has a minimum limit of $200 and to increase your limit you will need to deposit more money. This credit card is great for people who have bad credit and can be a great choice for people who are unsure how they can finance a laptop computer. It’s not the fastest option however and does require a down payment to get started (the cost of the laptop if you are planning on completely paying for it with the card). However, it will help rebuild your credit and open up financing options in the future.
Unsecured Credit Cards
Depending on how bad your credit rating is, you might be able to qualify for a high APR unsecured credit card. As was talked about before, this type of credit card doesn’t require any type of deposit to get started. However, the interest rate and fees will be exceptionally higher than what is found with secured credit cards with annual fees that can be $50 or more. Of course, the advantage is you don’t have to lock up your cash with the card but instead can get started right away. Look for average credit options from Capital One, Chase, etc and apply.
Credit cards are the easiest and best way to get started when looking to finance a laptop—especially when you have bad credit. They have flexible payment options and used wisely, can rebuild your credit over time. If you have exceptionally bad credit check out the Capital One secured MasterCard, otherwise look for unsecured credit cards from your local or online bank.
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