There are plenty of reasons why people want to buy a new laptop and several options available to help with finance if cash is not available for the full payment up front.
Paying cash for a laptop is the cheapest way to finance it, although not always the most convenient way. Whatever payment option used, you should ensure the laptop you purchase is future proof and can be upgraded easily if required, otherwise by the time the laptop officially becomes your property, it will need to be replaced.
In order to finance a laptop purchase you need to work out the maximum budget available, even if it isn't very much and you're looking for a budget laptop. This helps to find the most suitable finance plan and prevents you from entering into a credit agreement you will not be able to sustain.
Alternatively, you can find the ideal laptop and then investigate the different methods of financing the purchase. There are several alternative methods of financing available and the most common methods are outlined below.
Paying cash for a laptop is the cheapest way to finance it, although not always the most convenient way. Whatever payment option used, you should ensure the laptop you purchase is future proof and can be upgraded easily if required, otherwise by the time the laptop officially becomes your property, it will need to be replaced.
In order to finance a laptop purchase you need to work out the maximum budget available, even if it isn't very much and you're looking for a budget laptop. This helps to find the most suitable finance plan and prevents you from entering into a credit agreement you will not be able to sustain.
Alternatively, you can find the ideal laptop and then investigate the different methods of financing the purchase. There are several alternative methods of financing available and the most common methods are outlined below.
1. Leasing Agreement or Hire Purchase
Most leasing agreements or hire purchase arrangements will let you take the laptop home after an initial deposit is paid and an agreement signed to clear the remaining balance. Interest rates will vary depending on the company offering the agreement. You should read the small print and ensure you can afford all payments until the balance is cleared, otherwise your laptop could be at risk.It is best to look for a leasing agreement with a locally based retailer rather than searching the internet hoping for a better deal. A leasing agreement could involve a credit check and frequent credit checks can impact on your overall credit status, so it is best to ask around locally and find a retailer offering a good deal as you will be able to find the leasing agreement details without needing to undergo a credit check.
2. Buying the laptop on a credit card
This is similar to paying for the laptop on a leasing agreement except interest rates and terms of repayment are dictated by your credit card company. You are required to meet the minimum payment each month to avoid additional charges, although it is recommended you aim to pay the balance as soon as possible to reduce your overall liability. Failure to make a payment on the credit card will not result in the laptop being taken back, but it will impact on your long-term credit status for a period of up to 6 years or more in some States.
In the UK and many other countries you have some card providers who offer limited time 0% rates. These are worth investigating and can be found by searching in Google for 0% credit cards. Some offer interest free credit for up to 12 whole months.
In the UK and many other countries you have some card providers who offer limited time 0% rates. These are worth investigating and can be found by searching in Google for 0% credit cards. Some offer interest free credit for up to 12 whole months.
3. Arrange an overdraft
Technically it can be classified the same as paying money up front, with the main difference being you pay interest on the overdraft balance and may incur charges if the limit is exceeded. It will continue to cost money each month if any part of the overdraft is used, but will be fully paid off as soon as there is enough money in the bank account to bring the balance into a positive state. 4. Government Grants
It is worthwhile checking to see what grants are available in your state from the government. Any grant will have strict eligibility criteria associated with it, but it is worthwhile checking if you qualify for any awards at here
5. University Grants
Most Universities offer grants to students and some of these may assist with the cost of buying a laptop. You should check with your University for any grant or program able to assist with some of the cost of financing a laptop. If you need the laptop as part of your studies, it is advised to check out your eligibility for aid through this site.
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6. Family Members
You can arrange to borrow money from family members to avoid the potential problems of borrowing and getting into debt with a bank, credit card company or loan company. However, the agreement would not be a one-way agreement where the money is not paid back. Instead, you would agree to repay some of the money each month until the outstanding balance is reduced to zero.
The repayment terms can be much more flexible than through any lending establishment but can also have other drawbacks if you do not keep up with your agreement. An easy way to help keep to the agreement is a part-time job in the evenings or online. Lending money from family members is not something to enter into lightly as it can have a long lasting impact on the whole family.
The repayment terms can be much more flexible than through any lending establishment but can also have other drawbacks if you do not keep up with your agreement. An easy way to help keep to the agreement is a part-time job in the evenings or online. Lending money from family members is not something to enter into lightly as it can have a long lasting impact on the whole family.
7. Short term loan
A short term loan can be used to buy a laptop, but make sure all terms and conditions of payment for the loan are examined carefully in order to obtain good value. In general, the shorter the term of the loan, the higher the associated interest rates and penalties for failure to meet payments.
If you think the payment will be difficult to make then a short term loan arrangement is definitely something you should avoid at all costs. The interest rates charged for short term loans are normally in excess of overdraft or credit card interest charges and should really only be considered as a last resort.
If you think the payment will be difficult to make then a short term loan arrangement is definitely something you should avoid at all costs. The interest rates charged for short term loans are normally in excess of overdraft or credit card interest charges and should really only be considered as a last resort.
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8. Manufacturer Websites
If you find a laptop you really want in a local high street store, you can also check the manufacturer website to see if the same model or a better model is available at a discounted price. A laptop may be listed at a discounted price on the manufacturer's website as it may have some minor defects such as a noisy fan or it may be scratched.
In general, all laptops sold at a discounted price on a manufacturer's site will be fully operational and often come with a limited warranty where you would be able to return the product within a certain timeframe if not satisfied. In addition, it will normally come with the manuals and any other documentation relating to your chosen laptop.
On top of this, limited technical support may be available as well as the possibility of a monthly payment plan. You will need to check the specific rules in place on the manufacturer's website if you decide to buy a discounted laptop from them.
In general, all laptops sold at a discounted price on a manufacturer's site will be fully operational and often come with a limited warranty where you would be able to return the product within a certain timeframe if not satisfied. In addition, it will normally come with the manuals and any other documentation relating to your chosen laptop.
On top of this, limited technical support may be available as well as the possibility of a monthly payment plan. You will need to check the specific rules in place on the manufacturer's website if you decide to buy a discounted laptop from them.
Conclusion
If you already have the funds available, either in cash or through a loan, credit card or overdraft facility, there are ways to help reduce the overall cost of a new laptop.
eBay and other auction websites exist that can mean getting a real bargain if you manage to time it right. There is risk involved when dealing with any auction site and additional services like technical support or warranty may not be included or may be expired. The price will normally be lower even after being shipped, but there is no guarantee of the quality of the product when it arrives.
Overall, the cheapest way to pay for a new laptop is with the full cash amount up front. There are many financing options available to help people who are unable to pay the full cash amount, but each option has its own drawbacks. Unless the laptop purchase is a necessity, the best advice is to look at saving up funds so that you can buy it outright from the start rather than entering into any long-term financial repayment plan.
eBay and other auction websites exist that can mean getting a real bargain if you manage to time it right. There is risk involved when dealing with any auction site and additional services like technical support or warranty may not be included or may be expired. The price will normally be lower even after being shipped, but there is no guarantee of the quality of the product when it arrives.
Overall, the cheapest way to pay for a new laptop is with the full cash amount up front. There are many financing options available to help people who are unable to pay the full cash amount, but each option has its own drawbacks. Unless the laptop purchase is a necessity, the best advice is to look at saving up funds so that you can buy it outright from the start rather than entering into any long-term financial repayment plan.
What's the best deal YOU ever got on a laptop?
nordberg25 wrote...
I signed up for the dropshipping company Doba.com and ordered a laptop off of there at a wholesale price and then canceled my account before the free trial was over, got the laptop for about $550 brand new, still works great 2 years later
Posted September 04, 2008
