Like many people in the United States, you may suddenly be dealing with the reality that you need to work from home. Work from home jobs may have seemed unusual or even unattainable to many of us prior to the COVID-19 pandemic. But the reality is now that many businesses have been forced to send their employees home. Additionally, many people who have lost their jobs have been forced to consider work from home jobs after losing their normal office jobs.
The fact is that you can make yourself more valuable to your current employers and more marketable for future employers if you have a decent work from home setup. A lot of companies may have employees working from home for the long term, both to cut costs and to increase productivity. For many people, this will mean investing in at the minimum a good laptop, a headset, and perhaps even a webcam. About 75% of all Americans fortunately already own a laptop or home computer, but yours may not be quite good enough for working from home. The question is, what do you do if you can’t afford expensive electronics out of pocket? Fortunately, you do have the ability to finance electronics. Let’s explore what you need to know about financing electronics.
1. You Don’t Need Good Credit
Many people assume that they won’t have the ability to finance electronics, simply because they have poor credit histories. Perhaps you’ve failed to make your car payments consistently, or you have a good deal of debt due to student loans or medical bills. You can still finance these types of purchases. In fact, many vendors that offer financing for electronics, as well as financing for furniture and financing for appliances, specifically offer bad credit financing. This means that you can have your financing applications approved even if you have a poor or nonexistent credit score.
2. You Can Improve Your Credit Score
Believe it or not, choosing to finance electronics can actually give you the ability o improve your score. You’ll be entering your financing agreement with your eyes wide open, and can make paying your electronics purchase off in a timely and consistent manner. The more you pay off your purchase, the higher your credit score will climb. Some people choose to finance electronics specifically to focus on rebuilding credit.
3. Financing Doesn’t Always Equal Interest
Not every financing option includes interest. If you choose a lease to purchase program, you may be able to simply pay off your purchase over time without interest. This means that you’re removing one of the main impediments that some people have to financing electronics in the first place. You’ll be paying for the electronic device just as you would if you bought it upfront in full; there will be no additional fees tacked on.
4. You Can Afford New Products
One of the main reasons why you should consider financing electronics is that you’ll be able to buy a brand new product, rather than settling for something that is used. While you may want to buy a used electronic device online or on sites like Craiglist in order to save money, in the long term you’ll likely end up losing money. There is usually a reason why used items are so inexpensive, and even if they’re refurbished, it often has to do with their limited lifespans and lack of reliability.
5. The Seller Is Trustworthy
When financing electronics, you can generally trust that you’re buying from a seller that is offering the genuine article. You don’t need to worry about them taking your money and running. The two of you are entering into a long term agreement together. This can’t be said if you buy from some faceless seller online, or attempt to buy from someone offering products in person. You’ll be able to know and trust who you’re buying from if you finance electronics, and that’s worth the effort.
Clearly, there are a lot of issues to consider before financing an electronic device. But in the long term, this option can be a great way for you to invest in the device that you want, in a way that you can afford.