There are options in computer financing for people with bad credit. Having bad credit affects interest rates and terms you can expect to pay with any type of loan product. That is just a fact due to proven higher risk with bad credit borrowers. However, having bad credit does not deter you from getting computer financing and there are a couple of different options available.

Some companies offer you direct financing on the purchase of your computer. They only sell computers and they have a financing program for people with bad credit. You still must meet certain requirements that are typical of the payday loan industry. You must have income, a bank account and be of adult age. The income requirements may be higher than that of the payday loan industry, for example, $1800 monthly rather than just $1000.

When you agree to their terms they send you a new or refurbished computer or laptop computer after you have made a small down payment. You then will have to make monthly payments, on time, for a period of time that can vary with the company you choose. Some offer 18 months while others run the payments over a longer term.

Other programs are set up like a buying club where you “join” the club with a fee and then you can purchase a computer and use their financing. Payments are as low as $20 or so a month for a long period of time until the computer is paid off. Finding a club or lender that offers low monthly payments is better than a company that wants weekly payments. Most are less than you would be paying if you choose the rent to own route.

All of these companies online are targeting people with bad credit or no credit histories. They claim there is no credit check to interfere with you getting their financing. The best companies will report your payments to the credit bureaus and that may help you improve your rating over time as long as you make on time payments.

At a local store you may be able to get computer financing for people with bad credit at a pawn shop or rent to own store. Banks, if they will work with you, will want collateral like a vehicle or house. Having bad credit makes things cost more but you should be able to get computer financing.

This post is tagged with: bad credit, interest rates, low monthly payments, payday loan, rent to own