Finding Computer Loans for Students

A computer loan will come from any number of traditional or alternative lenders to finance the purchase of a personal computer. Students typically need computers before starting a course of study at a college or university. They may also have a hard time locating a loan because they have short credit histories and low to no income. In order to overcome this, consider alternative options for computer student loans.

Direct from Retailer Financing

One of the best options for any borrower with less than desirable credit and financial stability is to take a loan straight from the retailer. Retailers often have lower standard for credit checks because they have a reason to encourage you to purchase the computer from them. If you both purchase your computer and arrange you financing through one retailer, the retailer earns a two-fold profit. In the end, the retailer benefits as much as you do.

Many retailers even offer no-interest financing for a certain period of time. There are a few drawbacks; the first is the stricter loan terms. Many retail lenders will impose very large prepay penalties. For example, if you take a 3-year loan with no interest for the first year, you cannot pay the entire loan off in the first year without getting penalized. Also, the loans rates may not be competitive.

Credit Card Financing

You may not need a specific computer loan to finance the purchase of your PC. You can use the credit limits available on a credit card to make most computer purchases. You may use a standard bank-issued card, a credit-card company card, or even get a credit card through the retailer where you will purchase the computer.

The benefit of using a credit card is definitely flexibility. You can decide how much to pay toward the loan each month. As long as you maintain your monthly minimum payments, you can also use the credit card for other purchases. With a card at a retailer, you may use the same credit card to purchase accessories like a printer, mouse or keyboard. Periodically, you can return to the retailer and use your credit card for school supplies.

Credit cards usually have higher interest rates in return for this flexibility. However, for many students, the expense to have this type of financing is well-worth the pay off.

Student Loan Lenders

You can use your student loans or seek new student loans for the purchase of school supplies. If you intend to use the same loans that pay for your tuition, you will need to notify your lender that you intend on using the loans in this way.

Otherwise, you can seek basic student loans for books and supplies, from any standard lender. Federal loans are typically need-based, so you will not have access to these unless you qualify based on your income. Even if you do not qualify for interest-free federal loans, you may qualify to have the federal government guarantee your loans through a private lender, making them less expensive.


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