How to Finance a Desktop Computer
Buying a new home computer is an expensive proposition, and often individuals do not have the cash on hand to make such a substantial purchase. Seeking financing, either through a commercial lender or private organization, can help to make your dreams of owning a new computer a reality. There are a number of different routes you can take to obtain financing for a new PC, so choose the one that best fits your individual needs.
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Instructions
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Finance your new PC purchase through the manufacturer. Many commercial outlets like Dell, Gateway, and brick-and-mortar retailers like Best Buy offer individual financing for large purchases, so consult with your local store to determine the interest rate and payment terms, comparing them against alternating financing routes to find the best deal.
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Consider financing your new PC through the bank where you have sufficient collateral to back a loan. Collateral for this purpose might include your home, vehicle (if you own it free and clear), savings accounts, or any other future stream of income against which the bank can guarantee the loan. In some instances, you will be able to use the computer itself as collateral for the loan; however, this will not always be the case as computers are fast-depreciating assets. Talk to a loan manager at the bank to determine your options.
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Finance your computer through a personal loan from a friend or family member who has the liquid capital to make the purchase. Depending on your relationship with the individual, the loan might be casual and interest free, or it may be finalized with a promissory note and modest interest payments.
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Use a credit card which offers frequent flier miles, cash-back awards, or another type of bonus points for an alternate means of financing your desktop computer where you are unable to attain financing through another source. Although the interest rates on credit cards are high, this will allow you to get something back in the process, ameliorating some of the disadvantage to financing with a higher rate of interest.
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Tips & Warnings
Shop around among various retailers and banks, utilizing quotes on price and financing terms to attempt to negotiate better rates from other companies. During poor economic times, banks and retailers are more willing to fight for your business, so you have an additional advantage when it comes time to finalize loan terms.
Be cautious of retailers who offer financing plans, as their interest rates are often relatively high when compared to comparable bank loans. Always double check the fine print on any agreement, comparing it against the standard market rate interest for your loan terms, which can be found by talking with a loan officer at your local bank.
