Are you one of the over 43 million people in America with a credit score of 599 or less? Unfortunately, this situation can be very upsetting when financing electronics. Here’s what you need to know about this process to minimize your frustration and keep your finances in order.
Consider Lease-to-Own Options
High-end electronics stores may be unwilling to work with you if you have poor credit. However, they are often open to what is known as a lease-to-own financing option. This unique option lets you basically rent the electronics with your payments going towards buying the product.
In a way, it’s something like layaway at major retail stores, but you get to use the electronics while you’re paying them off. You’ll need preapproval before you try this approach. Don’t miss a payment, either: the store has the right to repossess their product and won’t refund your payments, either.
Seek Out Low-Credit Financing Options
When financing electronics, you must remember that many poor credit companies exist and are usually willing to work with a broad array of individuals. While your repayment plan and interest rates will naturally be a little higher and more strenuous, they are usually fair for your needs.
For instance, a major retailer that sells electronics likely has low-credit options for electronics. However, you might be limited in what you can purchase. For example, you might be forced to buy somewhat lower-quality or more general electronics or lower-priced options instead of the best.
Other Financing Tips
There are a few other ways you can improve your chances of getting finances for your electronics. The most obvious tip here is to try to buy electronics during common sales periods. For example, Black Friday and Christmas often provide various sales that make it easier to find inexpensive electronics.
You may also want to look into deals on Memorial Day, Labor Day, President’s Day, and Independence Day. If you need electronics more quickly, head to pawn shops or discount stores near you to look for pawned or discounted items. You might find a surprising array of good options here for purchase.
If you follow these steps, financing electronics shouldn’t be as difficult as you expect. Understand, though, that it will require a careful approach and an understanding of the different options available. Don’t just rush into this process by spending a proper amount of time deciding which is right for you.