Is money tight at the moment?
You’re far from alone.
In fact, 55 million Americans currently live with no savings for a rainy day. For many, life is a matter of living pay cheque to pay cheque.
But life doesn’t stop when finances run low. You’ve got food, bills, rent and everything else to pay for. Oh, and then you’ve got the lovely unexpected expenses that crop up every now and again.
Buying a new computer may be one such example.
Computers break, slow down, and need upgrading. Hell, you might just want to treat yourself! And why not?!
What happens if you need a new computer, but can’t afford one at the moment? Likewise, what happens if you have poor credit history and can’t get out a loan?
Thankfully, there are lots of ways you can get the money together.
Keep reading to discover 9 ways to buy a computer with bad credit.
7 Ways to Buy a Computer with Bad Credit
Poor credit history getting in the way of you and your new computer? Here are some great ways to get the money together.
1. Check with Your Employer
Are you currently employed?
If you are, then speak to your employer about the possibility of getting a new laptop through work. Indeed, a new computer may be an employee perk that you were unaware of. Likewise, they may be able to offer you an older, unused model they have lying around.
This is where it pays to have a good relationship with your boss! Sure, it might not be possible. But there’s no harm in asking.
Some jobs offer computers as standard to their employees. However, these may be restricted to work-related use. Every so often though, there may be a company-wide upgrade, and new laptops will be distributed.
Why not ask your employer about the potential to keep the old one as a personal computer?
2. Ask In-Store
Some stores may be able to offer credit to purchase the computer.
Be wary though. They’ll allow you to buy the computer with credit (even with a poor credit score). However, they’ll whack a hefty interest rate on top. Obviously, you’ll end up pay far more for the item this way.
A better option may be to look for layaway plan opportunities. Essentially, some shops will let you pay for an item over time. Here’s how it works: you find the computer you want and pay a deposit on it. The store sets it aside. You pay it off over time. Easy.
The beauty is that you don’t need the entire sum of money upfront. Instead, pay the balance as and when you get the money available.
3. Keep Your Options Open
A computer may not cost as much as you think.
These days, you can find a reasonable computer for a couple of hundred bucks. Remember, you might not necessarily need the latest Mac that’ll set you back a few thousand dollars. A $150 Chromebook may be ideal for your purposes.
Think about what you need. Sure, if you’re a musician, videographer, gamer, graphic designer, and so on, you might require a computer with more power. And that’s going to cost you.
But if all you want to do is surf the web, or take notes with a word processor, then you might not need as much money as you think.
Similarly, keep an eye out for refurbished computers too. Like anything second-hand, they’re far cheaper. You can find some top brands and models for a fraction of their retail value.
4. Ask Friends and Family
Your friends and/or family don’t care about your credit score.
Need a new laptop? Think about asking for a favor! Check with your nearest and dearest about the potential to borrow the money. The primary benefit of doing so is the absence of interest rates. You get the money quickly, and only pay back the sum you borrow.
Likewise, someone may even have a spare computer lying around anyway. You might get one for free!
5. Pawn Possessions
Pawning possessions is a quick way to get your hands on cash.
However, you obviously trade in something of value to get the money. Be sure the computer is worth the exchange! You could end up trading in a family heirloom of true sentimental value. Would the computer really replace that? Equally, you’ll never get the true financial value of the item you trade-in.
Use pawning as a last resort where possible. But with all other options out of the question, it might be a worthy backup plan.
6. Bad Credit Loans
Poor credit? Traditional bank loans may not be possible.
However, that doesn’t mean all loans are off-limits. In fact, some lenders will be more than happy to provide you with the finances you need. Personal loans are a viable option. Indeed, more and more people are relying on them to help with their finances.
In fact, personal loan debt has grown 11.9% in the last few years.
Again, expect higher interest rates than usual. Bad credit personal loans typically have a higher APR than regular personal loans or installment loans. And be sure you’ll be able to afford the repayments. There’s absolutely the money there though if you truly need it now.
7. Trade-In Your Old Computer
Do you already have a computer?
Well, think twice before getting rid of it in exchange for a new one! Your old laptop or PC may have more value than you think. You might be able to trade it into a computer dealer, shop, or repair store.
The computer might not even need to be in working order. Indeed, many of these stores are always on the hunt for spare parts. Likewise, they may be able to fix it up and sell it on for a profit anyway.
You get rid of something you no longer need and get some money in the process.
Time to Wrap Up
There you have it: 7 easy ways to buy a computer with bad credit.
Millions of people in the US are currently struggling with their finances. It’s an era of hand to mouth living, making it increasingly difficult to cover unplanned expenses. Add poor credit history into the mix, and it’s a recipe for a rainy day.
A computer is essential to many parts of life now. If yours breaks, then you’ll want to replace it. But that can seem impossible without the money in your account.
Hopefully, the suggestions above have given you some ideas on how to get the cash together.
Here are some other articles you may enjoy:
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The Do’s and Don’ts of Carrying a Balance on a Credit Card
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How to Find the Best alternative to No Credit Check Loans