Should You Finance Your Laptop Computer?
The personal computer revolution is in full swing with millions of new users logging on for the first time weekly worldwide. From Canada to China and from Argentina to Africa, the internet is playing an important role in helping global citizens connect like never before. Unfortunately, owning a laptop computer isn't a cheap expense even in western nations, putting computer time out of reach unless you visit your library for thirty minutes of computing time. How about you? Do you own a laptop computer? If not, should you finance the purchase of a laptop computer?
Personal loans can pay for a variety of things including a new car, a vacation, even a laptop computer. If you have given serious consideration into buying a laptop computer but have limited funds, then financing your purchase could make sense. Here are some things for you to look out for when attempting to secure a laptop computer loan:
Application Fee - Depending where you are seeking your financing, an application fee could be assessed. Usually starting at $25, an application fee is sometimes added to the loan or charged separately before your application is reviewed. Opt for a loan without this fee as so many financial institutions will lend money to you without one.
Interest Rate - So, you want to get a $1000 laptop computer are considering financing it for 24 months? Well, at 21% interest your monthly payment will be about $51 and your overall finance charges will add more than $200 to the price of your laptop computer. It is option for some people, but one that must take into consideration the high cost of financing. Warranties - If you are purchasing a laptop computer and opt for the extended warranty, you may find that the warranty will be added to the loan or charged separately. Please keep in mind what you are getting with your warranty: will it be an in home repair or will you have to shop it off and lose a week or more of productivity? Some stores and online sites will sell a laptop computer to you and offer financing themselves. Rates are normally lower than the personal finance company's rates but not always. Don't be fooled by "no money until next year offers" that could require you to pay the balance in full all at once or be subject to a high interest rate and/or penalties. So, get your laptop computer but examine closely your financing options.
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