Sunday, January 25, 2009

Computer Financing For People With Bad Credit

People with bad credit looking for computer financing right now should first go over their situation and decide if they really need an expensive, financed computer. One of the things about bad credit that is often overlooked is that businesses look at your credit rating to see how much of a risk you are. If you are at huge risk of defaulting on your loan, then they should deny you. This can be as much for your protection as theirs. Do you want to dig a deeper hole, until there is no way out? They definitely don't want you wing them money you won't be able to repay.

If you have looked over the big picture, and you still in search of computer financing for people with bad credit, then proceed with caution. Sharks infest the water ahead of you, and I'm not referring to fish!

The lenders that are willing to get you computer financing for people with bad credit aren't necessarily on your side. They might see an opportunity in you and take advantage of it. A loan for a laptop might end up costing you 28 to 30 percent interest. At that rate, you will pay for that computer for years after it is outdated!

If you must sign up for computer financing for people with bad credit, scape together as big of a downpayment as you can possibly afford. This will reduce your principle owing amount, and your othly payments will go more towards the actual item intsead of just interest.

Also, even though the monthly payment will be higher, you need to take this loan over as short a term as possible. Instead of a three year loan, aim for one or two at the very most. Again, you will save a ton on interest payments.

So good luck on getting computer financing for people with bad credit . Remember, make sure you don't bury yourself in more debt!