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The 4 types of laptop financing in Canada
Explore your computer financing options in Canada for good or bad credit buyers.
Whether you’re looking for a computer for work, school or play, often the laptops and computers needed to keep up with our busy lives come with high price tags. If you don’t have the money saved up to buy one in cash, computer financing can help.
There are plenty of choices for laptop financing in Canada, including some low or 0% interest options. In this guide to computer financing we outline the 4 types of financing available to Canadians (including options for people with a bad credit score): In-store, using a personal loan, through the manufacturer or with a credit card.
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1. In-store computer financing
Electronics stores like Best Buy, The Source and Canada Computers & Electronics offer laptop or computer financing in Canada through their store credit card or a third-party lender. Probably the biggest perk of in-store financing is that it often comes with a 0% interest rate for a set amount of time, usually up to 12 months. These types of laptop payment plans allow you to spread out the cost of the laptop over several months instead of shouldering the full cost upfront.
The main downside of in-store computer financing is the high interest rate you’ll be charged when the 0% promotional period ends. If you don’t pay off your computer within that time, you could be charged over 30% interest.
How in-store laptop financing in Canada works
When comparing in-store financing offers, be sure to check how long the promotional interest rate will last and ask about conditions and fees before you sign up.
| Store financing | Program details | Additional fees | Interest after promotion |
|---|---|---|---|
 Partnered with Affirm | Pay 10-30% APR over 3-48 months through Affirm | No hidden fees | N/A |
Staples Card through Flexiti | No interest for 3 to 12 months, choose from deferred or equal monthly payments for the length of your term | $29.99 – $59.99 administrative fee | 31.99% – 39.99% |
 Best Buy Card through Fairstone | No interest for 3, 6, 12 or 18 months through Fairstone | $29.99 – $99.99 administrative fee | Unspecified |
 Partnered with Flexiti | Financing is available via Flexiti: No interest for 3 to 6 months, or pay regular interest for 6 to 60 months | $49.99 – $239.99 administrative fee | RBC prime + 33.29% or less |
Details last verified in May 2023
A-Z list of store financing in Canada (home and electronics)
Pros
- Pay no interest for a period of time
- Spread out your payments
Watch out for
- High interest rate after the promotion
- Admin fees
- Minimum purchase amount to qualify for 0% financing
- 0% offer may only be available to those with good credit
- Conditions if you miss a payment
2. Laptop financing using a personal loan
You can get a personal loan from a bank, credit union or online lender. If you have good credit, banks and credit unions tend to offer some of the lowest interest rates. If you have a good relationship with your current bank, ask if they can give you a rate discount.
Online personal loan providers, like the ones in the table below, offer laptop financing for both bad credit and good credit borrowers. The interest rate you’re offered on a personal loan could range from 6.99% to as high as 46.96%, and will depend on factors like your credit history, income and financial situation.
Compare personal loans for computer or laptop financing in Canada
1 - 5 of 5
Pros
- Use the funds for any legitimate purpose, including buying a computer
- Pay off the loan anytime without penalty (but check first that the lender offers this perk)
- Borrowers with bad credit can get one
- Build up your credit by making payments on time
Watch out for
- High interest rates for bad credit
- No 0% offers
- Lenders’ minimum loan amounts
How to qualify for a personal loan
Although different lenders have their own unique eligibility criteria when it comes to personal loans for computer financing, the following typically applies:
- Age. You will need to be 18 years of age or the age of majority in your province or territory to apply for laptop or computer financing in Canada.
- Residency. You will need to be a Canadian citizen or a permanent resident.
- Employment. You will usually need to have some form of employment.
- Credit score. A lender will typically set a minimum credit score requirement.
- Income. You may need to have a minimum income to qualify for laptop or computer financing.
3. Computer financing through the manufacturer
You may be able to get laptop financing in Canada through the manufacturer of the laptop. Similar to electronics stores, the manufacturer may work with a third-party lender to provide financing offering 0% financing for a time period.
Unfortunately, many of the most popular laptop and computer brands in Canada do not offer financing or payment plan programs, including:
In the table below we’ve outlined some of the details on laptop manufacturers who do offer financing programs.
| Manufacturer | Financing details | Popular computers & prices | |
|---|---|---|---|
 | Apple | 0% interest for up to 24 months on purchases of $99 or more |
|
 | Samsung | 0% interest for up to 12-36 months on purchases of $200 to $15,000 |
|
Details last verified May 2023
Pros
- Pay zero interest for a period of time
- Spread out the cost of your laptop
Watch out for
- High interest rate after the promotion
- You may have to pay admin fees
- Loan terms are not flexible
- 0% offer may only be available to those with good credit
- Not all manufacturers offer computer financing in Canada
4. Laptop financing using a credit card
You can buy a PC or laptop using a low interest credit card. Unfortunately, 0% APR credit cards are rare in Canada unless they’re balance transfer cards.
Just be sure to pay down the amount quickly so you don’t get stuck paying too much interest (12% is a typical rate for a low interest card). Alternatively, you could use a rewards credit card to earn either cash back, points or Miles on your purchase.
Popular low interest credit cards for computer financing in Canada
Scotiabank Value Visa Card
660
Min. credit score
Min. credit score
$29
ongoing
Annual fee
Annual fee
12.99%
Purchase Rate
Purchase Rate
0% for 6 months, 12.99% thereafter
Cash Advance Rate
Cash Advance Rate
With no cash back or rewards points, the Scotiabank Value Visa Card doesn't come with a lot of extra perks – but it can be a great tool for saving money on computer financing. Get a 0% introductory interest rate on cash advances for the first 6 months. Plus, pay no annual fee in the first year. Apply by October 31, 2023.
- Low interest rate. Low purchase and cash advance interest rates of 12.99%.
- Balance transfer option.
- Low ongoing interest rate. Once the promotional balance transfer period ends, any unpaid balance will incur the low rate of 12.99%.
- Annual fee. This card has an annual fee of $29.
- Limited benefits. No cash back or rewards.
- Foreign transaction fee. This card has a foreign transaction fee of 2.5%.
| Annual fee | $0 intro annual fee for the first year ($29 thereafter) |
|---|---|
| Purchase APR | 12.99% |
| Balance transfer APR | 12.99% |
| Balance transfer fee | $3.50 |
| Rewards | Get an on-going low interest rate of 12.99% on eligible purchases. |
BMO Preferred Rate Mastercard
660
Min. credit score
Min. credit score
$29
ongoing
Annual fee
Annual fee
13.99%
Purchase Rate
Purchase Rate
15.99%
Cash Advance Rate
Cash Advance Rate
The BMO Preferred Rate Mastercard is a simple, no-frills credit card with a low interest rate of 13.99% for purchases and 15.99% for cash advances. You won't earn any rewards points or cash back, but this card's low rate can help you save on laptop financing in Canada. Get a rate of 0.99% on balance transfers for 9 months with a 2% transfer fee. Plus, get the $29 annual fee waived in the first year.
- Low interest rate. Low APR of 13.99% for purchases and 15.99% for cash advances.
- Intro offer. Get a rate of 0.99% on balance transfers for 9 months with a 2% transfer fee. Plus, get the $29 annual fee waived in the first year.
- Coverage. Get Purchase Protection, Extended Warranty coverage and Zero Liability protection.
- Annual fee. This card has an annual fee of $29.
- Limited benefits. No cash back or rewards and no extra perks like complimentary travel insurance or car rental benefits.
- Balance transfer fee. This card comes with a balance transfer fee of 2%.
- Foreign transaction fee. This card has a foreign transaction fee of 2.5%.
| Annual fee | $0 intro annual fee for the first year ($29 thereafter) |
|---|---|
| Purchase APR | 13.99% |
| Balance transfer APR | 0.99% intro for the first 9 months (then 15.99% ) |
| Balance transfer fee | 2% |
| Rewards | N/A |
Pros
- Earn rewards or points by using your credit card
- Potentially lock in a lower interest rate compared to some unsecured loans
Watch out for
- Interest rate may change after promotional period ends
- Try not to spend more than 30% of your credit limit, or it can impact your credit score
How does computer financing in Canada work?
The process for computer financing in Canada depends on the type of financing you get:
- If you finance through a manufacturer or store, you pay in installments and possibly pay no interest for a period of time.
- If you finance using a personal loan, you make payments with interest once the loan term starts. There’s no 0% “grace period”.
- If you use your credit card, you get a window where interest doesn’t apply. At the end of that grace period, interest will apply on the balance you haven’t paid off.
If you go with 0% computer financing, be sure to pay off the loan in full within the loan term to avoid the high interest rate.
How can I finance a laptop with bad credit?
If you need laptop financing with bad credit, you could try financing through the store or manufacturer first, but keep in mind that 0% interest offers are subject to approved credit.
You could also get a personal loan from an online lender. Since online lenders often work with people with fair or bad credit, you may have higher chances of approval with them. But expect steep interest rates because lenders view borrowers with bad credit as higher risk.
Before taking on more debt, check that you can manage the monthly repayments. If it’s possible to hold off for at least 6 months, improve your credit score first.
Is financing a laptop a good idea?
Instead of immediately opting to finance a laptop, the better option will almost always be to save up for it instead. If you know you’ll need a new laptop within the next few months or years, start setting aside a little for it every month in a high-interest savings account. Think about it this way. If you can make room in your budget for payments on a laptop financing plan, you can make room beforehand to save up.
But sometimes the unexpected happens and you may have to get a laptop before you’ve had time to save up for it. In that case, it’s a good idea to get the lowest interest laptop financing plan you can qualify for. In-store financing tends to come with 0% options, which can essentially cost the same as if you had payed in cash.
If you do end up financing a laptop on a plan with interest, try to pay it off as quickly as you can to pay as little towards interest as possible.
How to compare PC financing in Canada
- Interest rates. If you have strong credit, you could be eligible for 0% financing. If you have bad credit, you may wish to consider getting personal loan pre-approval to compare offers from several online lenders.
- Extra fees. Ask the lender to break down the fees. Look into admin fees, NSF fees, late payment fees and prepayment penalties.
- Conditions. Ask the lender to explain the conditions of the loan. For example, what happens if you miss a payment on a 0% offer?
- Repayment flexibility. What loan terms are available to you? What is the minimum you have to pay monthly? Can you make extra payments or pay it off anytime without penalty?
What to avoid with computer financing
There are a few situations you should watch out for when looking at laptop or computer financing:
- High fees. Steer clear of loans that charge high fees unless they come with very low interest rates.
- Introductory interest rates. Keep an eye out for introductory rates that run out midway through your loan since this can cause your rates to skyrocket to between 30% and 40%.
- Monthly payments you can’t afford. Set a budget before you decide to take out a loan and stick to it. Make sure you can afford your monthly payments along with fees and the extra costs of computer ownership (outlined below) before you agree to financing.
Representative example: Xie gets a loan for her laptop
Xie is starting university in the fall and needs a laptop. She has looked around at different models and brands and has decided to buy a 13-inch MacBook Air. The laptop will cost her $1,199.00. She needs her savings to cover other expenses, such as bills and groceries, so she wants to finance her computer to cover its full cost.
She considers in-house financing with Apple, but she isn’t sure she can pay her loan off in 12 months (which seems to be the requirement). For this reason, she decides to compare several online lenders and a low-interest credit card to find the best option for laptop financing. Below are the results of her comparison.
| Lender A | Lender B | Lender C | Low interest card | |
|---|---|---|---|---|
| Amount borrowed | $1,200 | $1,200 | $1,200 | $1,200 |
| Interest rate | 9% | 6.3% | 11.9% | 12.5% |
| Loan term | 3 years | 3 years | 3 years | Varies |
| Origination fee (paid upfront) | $30 | $42 | $0 | $0 |
| Total interest over 3 years | $193.94 | $120.11 | $232.80 | $245.20 |
| Total repayment amount | $1,423.94 | $1,362.11 | $1,432.80 | $1,445.20 |
| Monthly payment | $38.72 | $36.67 | $39.80 | $40.14 |
| Customer rating | 4 stars | 3.5 stars | 2.5 stars | Not applicable |
Xie decides to go with Lender B to get her computer loan. While they have a slightly lower rating than Lender A and come with the highest origination fee, she will save money every month on her payments and pay less on her overall loan with this option.
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.
Student laptop financing vs. gaming computer financing in Canada
Student laptop financing is not really any different from gaming computer financing in Canada. You still have to apply for a loan or credit card and pay the money back over time. The main difference comes down to what forms of financing you qualify for. For example, students can use part of their federal student loans to pay for a laptop while gamers won’t have this option.
Students may also be able to get access to special credit cards to help with student laptop financing. Those looking for gaming laptop financing in Canada may be better off applying for in-house financing with the store of their choice. Both students and gamers can also apply for secured or unsecured loans to help cover the costs of a computer or laptop.
Laptop costs to consider
Here are some of the commonly associated costs with buying a laptop:
- Accessories. Although accessories aren’t necessary, you may decide to purchase a laptop case, bag, mouse, external hard drive or a variety of other products. These types of products can cost anywhere from $10 to over $200.
- Software. While some laptops come with programs installed, you may want to add extra software such as Photoshop or Microsoft Office. Installing a range of programs can cost anywhere from $40 to over $200.
- Repairs. Repair costs can come up unexpectedly and cost you anywhere from $50 to over $500. This can be remedied in the early days by purchasing an extended warranty when you buy your new laptop or computer.
- New charger. Chargers can break or get misplaced easily and will typically set you back around $35, with higher-end models costing around $80.
Bottom line
There are plenty of options for laptop financing or computer financing in Canada. These include personal loans, credit cards and in-house financing. By exploring the different types of laptop financing available, you can find the one that best fits your unique set of needs and budget. You can also check out our list of the top sites to buy computers and tablets online when you’re ready to shop around.
Frequently asked questions about computer financing in Canada
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