The phrase “buy now pay later” has long been used by retailers throughout the United States. Today, one can view many TV ads in which the seller promises “No payments until…” and then names some date about a year or more away.
Due to the popularity of this system, it should come as no surprise that one can go online and find a website that is willing to finance laptop computers. As a rule, the consumer that obtains a financed computer gets charged for 18% of the amount that was left unpaid, for the agreed upon period. That interest rate is added to the scheduled payments, once the consumer must come forth with those payments.
The reader should make note of the fact that the retailer can not raise that interest rate. It remains fixed, for the life of the “loan.” Moreover, the retailer can not expect to receive a single cent, until the ordered laptop is in the possession of the person who ordered it.
This fact underscores one of the big advantages to financing laptops. A consumer can rent a laptop, but in that case, the consumer must make the first payment even before the computer is delivered to his or her doorstep.
Still, not everyone can take advantage of the benefits available to consumers who decide to finance a laptop computer. First of all, website owners refuse to deal with anyone younger than 18. Second, they expect any consumer who wants to finance a laptop to have a valid checking account. Finally, they will not “seal the deal” until the consumer can produce proof of either U.S citizenship or permanent residency status.
Yet, a student who is 18 or older has good reason to finance a laptop computer. Many students have little or no credit history. By financing a laptop, and then making all of the scheduled payments, a student can easily build a valuable credit history. The website owner shares with the major credit agencies information about consumers who produce timely payments.
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