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Bad Credit Computer Financing - Must-Know Bad Credit Computer Financing Facts

Important Things to Remember When Looking for Bad Credit Computer Financing

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If you’re looking for bad credit computer financing you’re not alone. Millions of consumers look to finance computer purchases and more than a few of them have at least a few blemishes on their credit reports. The good news is that it is indeed possible to finance a computer with bad credit, but there are a few things you need to know. If you’re looking for bad credit computer financing, here are some things to keep in mind.

Ask Yourself, How Bad Is It?
Before you even think about looking for bad credit computer financing you’ll want to see just how bad your credit really is. Some people assume they have bad credit because they’ve made one or two late payments. This isn’t necessarily the case.

The first thing you should do is pull your credit report and credit score. If your score is above 650 you really don’t need bad credit computer financing. If, however, your credit score is lower than the 600 range bad credit computer financing is going to be your only option. If your credit score is totally shot (below 500) you’ll probably want to look for bad credit computer financing companies that don’t run credit checks.

Don’t Expect the Best Rates
Bad credit computer financing comes at a price. Because lenders view you as a higher risk you pay for that in higher interest rates. That being said, you shouldn’t allow yourself to be gouged too deeply. If the interest you will pay for your bad credit computer financing is going to end up costing you more than twice what the computer is worth then you need to look at other bad credit computer financing options.

A Down Payment May Be Required
If you are looking to finance a computer with bad credit you may be required to put forth a down payment. While your loan will technically be secured by the computer you are buying, the lender still assumes a risk due to the fact that the value of that computer will depreciate when you use it. By providing a down payment you are proving good faith to the lender and are alleviating some of the lender’s risk.

Look for a Lender that Reports Your Account Activity
If you’re looking for bad credit computer financing then your credit obviously needs some help. Fortunately your computer purchase can help improve your credit rating if you go about it the right way. When getting bad credit computer financing, turn to a lender that will report your account activity to the credit bureaus. If you make your payments on time each month your bad credit computer loan can actually help you in the long run.

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