Computers are an indispensable part of life these days, but not everyone has a computer they can call their own. Some people can get by with using a computer at work or at school, and there are options to rent time on computers at Internet cafes, but these are no substitutes for having a computer of your own. A
When you have your own computer, you can customize how each application works, specify the location of your important files and maintain website bookmarks in your browser, which is much more convenient than having to use a borrowed or public computer all the time. If you need a computer but are low on funds, you can take advantage of a computer loan to get the equipment you need.
Finding a Computer Loan: Where to Start
If you are a college student, you can use your student loan to help pay for your computer. Because the interest rates on federal student loans are far less than the rates offered at banks and in brick and mortar stores, you stand to benefit when you use your student aid money to purchase a desktop or laptop computer.
Credit unions are an excellent resource for obtaining low-cost loans. Unlike conventional banks, credit unions are designed to benefit their members instead of having to make high profits. In many cases, you simply show a purchase order for the computer you want in order to get the computer loan from your credit union.
Financing Through Online Purchases
See if you can get online financing when you buy a computer from such major brands as Apple, HP or Sony. You may be able to get a discount when you obtain a computer loan to purchase a desktop or laptop from these companies. While rates can be higher than what you’d pay via a student loan or at your credit union, computer manufacturers will sometimes offer interest-free loans.
Apply in the Store
When you are purchasing a computer in a store, ask a salesperson about getting a computer loan, which are usually available at businesses such as Sears and Best Buy. Double-check to see if the store will offer you an interest-free loan, but be careful to read the fine print: You may be required to pay off the computer loan within a specific amount of time or be liable to pay all the accumulated interest and any late fees.
A bank is a traditional place to obtain a computer loan, but it may wind up costing the most out of all your available options. Ask a teller or the branch manager for an application for a personal loan if the institution does not offer a computer loan. Because bank loans for computers are unsecured, you will typically be charged a higher rate, perhaps up to 20 percent or more. Bank customers who already have a CD or a savings account may be able to use those funds to obtain a computer loan at a much better interest rate. There are also options available from banks online for a computer loan.
Once you have secured a computer loan, you stand to make the money back soon because a computer can help you get a job or boost sales at your existing business.