Computer Financing

Written by Sarah Provost
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A new computer system might well be too hefty an expense to slap on your plastic, and banks are notorious for not giving you a loan unless you already have money. So if you need a new computer but your budget is strained, what are your options? Here are several ways to go about financing your computer equipment.

Brand sites often offer their own financing. At Dell, for instance, you can finance a $3,000 system for $90 a month, plus 3 percent of the balance. Gateway also offers financing on selected models, including one that is interest-free for 90 days. Interest rates vary with the individual applicant.

There are more than a thousand independent financing sites. Some offer to finance whatever computer you buy, but these often charge exorbitant interest. Others will finance computers you buy through them. One such site, which accepts those with credit ratings as low as 485, is basically a lease-to-own program. It requires a down payment of $99, and weekly payments of $16 to $21, which are debited directly from your checking account.

Financing through Special Interest Groups

Another avenue to explore is financing available through special interest groups. There are sites which offer financing to members of the armed forces and veterans, for instance. Interest rates are calculated on rank and years of service in addition to credit history and debt-to-income ratio The AARP also offers financing for its members, as well as useful tutorials and articles on computer use and finances.

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