Lease-purchase programs are designed for people who have no credit or who are building credit. One candidate for these finance options is the typical college student. With no credit history, students would typically not qualify for loans. Moreover, while college students may qualify for credit cards, introductory credit cards usually have low credit limits and high interest rates until a credit history is established. However, students still need to outfit their dorm rooms or off campus residences and prepare themselves for school. Here are five essentials for preparing for college:
Laptop
Many colleges and universities recommend, if not require, that students own a laptop computer. Laptops have become essential for the reading, writing, and researching required for college level courses. Moreover, many students use laptops in class to take notes. Without a laptop of their own, students may need to borrow a laptop or spend endless hours in a computer lab.
Even taking into account student discounts and back to school sales, a few cheaper models can be found around $350 with the typical laptop falling somewhere between $650 and $1,500. For students with little or no credit history, laptop financing through store credit or credit cards may be impossible. For these students, lease-purchase programs may be required for laptop financing. When used for laptop financing, the lessor buys the laptop, then leases it to the student for a fixed monthly lease fee. The student keeps the laptop throughout the lease and, at the end of the lease, the laptop belongs to the student. For most students, lease-purchase programs for laptop financing may make the difference between having the necessary laptop to complete his or her studies or struggling through his or her studies with a borrowed laptop.
Mini-Fridge
Caffeine is indispensable for college students. Some surveys show that over 70% of college freshmen exceed the recommended daily intake of caffeine. Whether the drink of choice for a student is soda, energy drinks, or coffee, a mini-fridge is necessary to keep the caffeine close at hand.
Just as importantly, mini-fridges can be essential for cold milk for cereal, sandwiches, and frozen entrees that keep a student going when studying for finals or finishing a term paper. Like laptop financing, appliance financing is available through lease-purchase programs.
Portable Heater and Air Conditioner
While some colleges have fairly modern dorm rooms, many older dorm rooms are drafty and cold in the winter, and stuffy during the fall and spring. For these rooms, a portable heater or air conditioner can make the difference between suffering through long study sessions distracted by the cold or heat and being able to focus on school work.
Portable heater and air conditioner units can run anywhere from $450 to $1,000 depending on the size and capacity. Moreover, some portable units have built-in capability to de-ionize, de-humidify, and purify air as well. Lease-purchase programs can be used to finance AC and heater units.
Television
Without trying to rationalize its educational use, few college students can live without a television. Whether it is for movies, news, or a videogame break between study sessions, most students have grown up with, and cannot be without, a television. Even the least expensive LCD HD televisions begin around $200 and go up from there. A 4K television typically costs at least $300, depending on the size and brand. Electronics financing is offered through many lease-purchase programs to spread that cost over time rather than a lump sum all at once.
Furniture
A student is often faced with two choices: spend money on furniture or spend the school year sitting on an inflatable chair. Unfortunately, after a house and a car, furniture is the third most expensive purchase a person will make during his or her lifetime. Although dorm rooms do not need to be the peak of style and comfort, a new couch, desk, and chair can run at least $500. Throw in a nice mattress and the total could run over $600. Finance options include lease-purchase programs.
In sum, outfitting a dorm room or off campus apartment is possible, even for a starving college student. Lease-purchase options are available for laptops, appliances, electronics, and furniture to make student housing both comfortable and affordable.
