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How to Get a Laptop with No Credit
Laptops are more than a convenience for many people; they can be a necessity. If you live an active lifestyle that requires a lot of travel or commuting, having a laptop is an easy way to stay connected. Having no credit can make financing anything difficult. But there are options out there even without a solid credit history. Here is a quick look at some of the things you can try to find a laptop with easy terms.
While this option won't help build a credit score, it is the easiest way to get a laptop without credit. You can find specials every week on laptops and computers by looking at the Sunday sales inserts in your local paper. Paying cash for a laptop does have several benefits.
When you pay with cash upfront, you will have some room to negotiate a better price. Since most electronic retailers push their credit plans, having the cash upfront means they won't have to worry about losing merchandise and money if someone defaults. Because of this, many places will offer discounts if you pay cash. It never hurts to ask.
Department Store Cards
Getting a credit card through a department store is generally easier with no credit. Since the credit requirements are more lax, you are more likely to qualify for a store backed card. Find a retailer that offers the laptop you are wanting, and apply for their credit card. You can then make the purchase on the card and simply pay it off monthly. Expect higher than average interest rates for a store card, especially with no previous credit.
If you have an active checking account that has been in good standing for a few years, check to see what options are available with your bank. It's easier to get a credit line with an agency that you have an established history with. Since you won't need a huge loan for a laptop, you can likely qualify for $1000 pretty easily through your bank.
Going through your bank for a small loan has a few advantages. You won't have to deal with huge interest rates. This will save you money in the long run. You can also usually choose to have the loan payments taken right out of your checking account monthly. This can make keeping up with the payments seamless. This route will also help you build a credit history since the bank will report the on time payments to the credit bureaus every month.
Rent to Own
Another option for those who have no credit is utilizing a rent to own retailer. You will pay a lot more for the laptop this way, but if all your other options have failed this is an easy way to get what you need. A rent to own retailer will want to see bank statements for the last few months, paycheck stubs going back several pay periods, and will call to verify references and employment status.
Once this is done you simply choose what you want, agree to their terms, and make weekly, biweekly, or monthly payments on your items. If you fail to pay the rental agency will take possession of the merchandise. If they are unable to get the product back, they will take you to court. Once the laptop is paid in full, ownership is signed over to you.
Even though you can pay as much as twice what the retail price of the laptop is, renting does have some benefit. You are not under obligation to keep the item. If you are able to save up enough money to buy a laptop outright, you can simply return the laptop to the rental retailer.
Since you don't own the laptop until all the payments have been made, if you experience any problems with the laptop while you are making payments you can simply take it to the retail location for service. Some rental retailers will report to credit bureaus, others do not. If you are wanting to build a credit history, be sure to find out if they report or not.
If you own a car or a home, you can take a loan out using
this as collateral. While it's not usually advised for small
loan amounts, it's always an option. If you fail to make
your loan payments, the lender will be able to take
possession of your car or home. Collateral loans are easy to
get, and they will report on your credit report. The
interest rates are also pretty reasonable with these loans.
If you choose to buy a laptop with a collateral loan, be
sure to make the payments on time each month to avoid losing
your property. Making the payments in a timely fashion will
also help you build your credit rating.
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