Financing A Computer With a Poor Credit History
It is hard to see everyone's situation, but in general computer financing for people with bad credit is yet another brick in a wall of doom. Regular credit usually isn't possible for one in this position for a reason.
Bad credit ratings protect you as much as they protect businesses that might lend to you. If they decide due to your credit rating to turn you down, then they have actually done you a favour by not letting you dig yourself a bigger pit of debt. Going beyond their recommendations and getting a bad credit loan might not be the answer, it might only get you in trouble. It is often a better idea to save the money up and buy for cash.
If you have decided to go ahead and get computer financing for people with bad credit, then you really need to be on top of things. It is easy to sign up for a revolving debt loan that you will never be rid of!
The interest rate will be really high if you have bad credit. While this is fair since they are taking extra risk by dealing with you, some loans are excessively expensive. With an interest rate of more than twenty-eight percent, if you accept the wrong terms you will be paying for that outdated laptop when your grand children are getting married!
A big down payment will shorten the loan or lower your monthly payments, so you should always put as much down as you can up front. Zero down is a fancy way of saying, "be our slave" as you pay for your poor credit rating. with that large down-payment your monthly payments can be lower, or your loan length can be shorter, or both.
Take this loan over as short a term as you possibly can. Six months would be great, one year not bad, and two or three years a horrible idea. Imagine buying a machine for $1000 and then paying $3000 for it over three years! Talk about being taken to the cleaners.
These are a few of the issues you should think about while looking for computer financing for people with bad credit. Once you have gone over the pros and cons you may decide to save up instead, or at the very least get a cheaper computer for several hundred dollars less. Either way, good luck and take care of your financial health.
Bad credit ratings protect you as much as they protect businesses that might lend to you. If they decide due to your credit rating to turn you down, then they have actually done you a favour by not letting you dig yourself a bigger pit of debt. Going beyond their recommendations and getting a bad credit loan might not be the answer, it might only get you in trouble. It is often a better idea to save the money up and buy for cash.
If you have decided to go ahead and get computer financing for people with bad credit, then you really need to be on top of things. It is easy to sign up for a revolving debt loan that you will never be rid of!
The interest rate will be really high if you have bad credit. While this is fair since they are taking extra risk by dealing with you, some loans are excessively expensive. With an interest rate of more than twenty-eight percent, if you accept the wrong terms you will be paying for that outdated laptop when your grand children are getting married!
A big down payment will shorten the loan or lower your monthly payments, so you should always put as much down as you can up front. Zero down is a fancy way of saying, "be our slave" as you pay for your poor credit rating. with that large down-payment your monthly payments can be lower, or your loan length can be shorter, or both.
Take this loan over as short a term as you possibly can. Six months would be great, one year not bad, and two or three years a horrible idea. Imagine buying a machine for $1000 and then paying $3000 for it over three years! Talk about being taken to the cleaners.
These are a few of the issues you should think about while looking for computer financing for people with bad credit. Once you have gone over the pros and cons you may decide to save up instead, or at the very least get a cheaper computer for several hundred dollars less. Either way, good luck and take care of your financial health.
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Computer financing can be hard to get in current markets. For this reason consumers turn to Computer financing for people with bad credit.
posted by Credit Counseling at
12:02 AM
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