How to Purchase a Computer on Layaway

Rather than getting trapped in costly rent-to-own terms, wise shoppers often choose to purchase a computer on layaway. As part of a layaway plan, you can put a down payment on a new or used computer and agree to let the seller hold onto it while you pay off the rest of its value, week by week, month by month, until it's yours.

Things You'll Need

• Down payment
• Income

Instructions

Buy a Computer on Layaway

1. Decide on what computer components you need, how large a hard drive you require, how fast a processor you'd like for the type of work you plan to do on the computer and what essential accessories you want to add. It's advisable to take a minimalist approach if you want to keep your costs low. For instance, if you primarily do word processing, you don't need to have the world's fastest, most state-of-the-art processor.

2. Check with both local retailers and larger chain or big-box stores to see which merchants offer customers the option to buy on layaway.

3. Remember that some online computer retailers may also offer layaway programs, but there's generally a higher risk involved when buying by layaway online. You have less control over the transaction when it takes place entirely in cyberspace.

4. Price out the components you need at the various stores that offer a layaway plan.

5. Decide on a computer to purchase, and ask for a written copy of the store's layaway policy. Some computer retailers will ask you to simply agree on a price for your unit, then they'll build you the best system they can for your money once payment is complete. This is a better option, since it guarantees you'll get the most up-to-date computer equipment rather than buying a months-old model once you finish paying off the computer.

6. Familiarize yourself with the terms and conditions as set forth in the store's layaway policy. Tally up any additional charges the merchant levies for the convenience of the layaway purchase, and know what kind of down payment you are expected to offer and how much your payments are expected to be.

7. Get a written agreement as to the specific terms of your layaway purchase. Here, the merchant will indicate when payments are expected to be made, and he will outline what will be done in the event you miss a payment.

8. Make your payments promptly, as scheduled. If you're facing any trouble making a payment, alert the merchant as soon as possible.

9. Pay your purchase off in full, and enjoy your new computer.

Tips & Warnings

• Buying on layaway is an excellent way to avoid credit checks if your problematic credit history makes it difficult for you to secure traditional financing for major purchases.

• Ask the Better Business Bureau if it has any information on the computer store's reputation. If past customers have complained, the complaints will be registered on record with the BBB.

• Beware of the possibility of the computer store going out of business before you complete your layaway purchase. If this happens, you're likely going to be out whatever money you had paid towards the computer.