It is hard to see everyone's situation, but in general computer financing for people with bad credit is yet another brick in a wall of doom. Regular credit usually isn't possible for one in this position for a reason.
The credit rating system is mainly there to protect businesses from bad risks, but it also helps to stop us from compounding our money mistakes with ever greater debts. Most people got a bad rating by making poor decisions, and it isn't a good idea to let people continue down this self destructive road. Sometimes you need to step up to the plate and admit that it might be a good idea to fix your debt mistakes before getting more.
Since it is easy to get taken advantage of, keep your wits about you. Shopping for computer financing for people with bad credit may show you the unpleasant underbelly of the loans industry, and some will be willing to get you financing at horrible life slave terms.
Bad credit means high interest rate. If the loan is a revolving debt like a credit card, then with a high interest rate such as 30%, your monthly payments will barely cover the interest. This is a recipe for disaster. Even if you have bad credit, computer financing should not leave you impoverished for years.
A big down payment will shorten the loan or lower your monthly payments, so you should always put as much down as you can up front. Zero down is a fancy way of saying, "be our slave" as you pay for your poor credit rating. with that large down-payment your monthly payments can be lower, or your loan length can be shorter, or both.
Another important fact to remember is that the longer this loan runs the more you will pay for interest. It is bad enough to pay for a whole year on a computer. Imagine paying for three years! By that time you will have paid more than three times the value of the machine and it will be hopelessly outdated and ancient.
These are a few of the issues you should think about while looking for computer financing for people with bad credit. Once you have gone over the pros and cons you may decide to save up instead, or at the very least get a cheaper computer for several hundred dollars less. Either way, good luck and take care of your financial health.
The credit rating system is mainly there to protect businesses from bad risks, but it also helps to stop us from compounding our money mistakes with ever greater debts. Most people got a bad rating by making poor decisions, and it isn't a good idea to let people continue down this self destructive road. Sometimes you need to step up to the plate and admit that it might be a good idea to fix your debt mistakes before getting more.
Since it is easy to get taken advantage of, keep your wits about you. Shopping for computer financing for people with bad credit may show you the unpleasant underbelly of the loans industry, and some will be willing to get you financing at horrible life slave terms.
Bad credit means high interest rate. If the loan is a revolving debt like a credit card, then with a high interest rate such as 30%, your monthly payments will barely cover the interest. This is a recipe for disaster. Even if you have bad credit, computer financing should not leave you impoverished for years.
A big down payment will shorten the loan or lower your monthly payments, so you should always put as much down as you can up front. Zero down is a fancy way of saying, "be our slave" as you pay for your poor credit rating. with that large down-payment your monthly payments can be lower, or your loan length can be shorter, or both.
Another important fact to remember is that the longer this loan runs the more you will pay for interest. It is bad enough to pay for a whole year on a computer. Imagine paying for three years! By that time you will have paid more than three times the value of the machine and it will be hopelessly outdated and ancient.
These are a few of the issues you should think about while looking for computer financing for people with bad credit. Once you have gone over the pros and cons you may decide to save up instead, or at the very least get a cheaper computer for several hundred dollars less. Either way, good luck and take care of your financial health.
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Computer financing can be hard to get in current markets. That is why many turn to Computer financing for people with bad credit.
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