Not everyone has spotless credit. When the economy takes a downturn, many people find themselves struggling and can often wind up with blemishes on their credit. These blemishes can turn into outright negative situations that make it difficult to obtain financing on homes, cars and even computers. In today's technologically advanced world, it is almost a necessity to have a computer in the home, especially if there you have school-aged children. The question becomes how to finance a computer if your credit is bad?
Assess your current credit score by obtaining your credit report from any one of the major credit scoring companies. Experian and TransUnion are two of the major credit reporting companies. Your score will be somewhere between 300 and 800. Poor credit is typically below 700. Read over your credit report carefully and verify the information is correct. If there are errors, your report will tell you how to dispute and correct those errors. This information will help you in your quest to obtain a computer with bad credit. (See Resource links)
Layaway a computer and make payments on it. Layaway used to be the way people of modest means made large purchases. The premise is that you select your item and make regularly scheduled payments on it until it is paid for in whole. The retailer places your selected item on hold, guaranteeing that it is available and yours once it is paid for. This practice has recently come back into play and can also be found online. Sites like Blue Hippo and eLayaway are in the business of layaway for consumers with poor credit who still want the ability to purchase higher priced items and are willing to pay for them over time. Blue Hippo offers the option of receiving the item after a certain number of payments are made, a sort of show of good faith on their part. Not only does this allow the consumer to get the computer it helps them to rebuild their credit. (See Resource links)
Pay higher interest rates than average consumers. If you are willing to pay higher interest rates than consumers with better credit there are online loan companies who will grant you a loan for merchandise. In essence these loan companies are making the loan using the merchandise as collateral. Cheapest Service and other sites are available that offer these types of loan. You have to be willing to pay a higher interest rate and must make sure you make your payments or they will repossess the computer. These loans are similar to rent-to-own companies. The computer is yours as long as you make the payments.