If you don’t have the cash saved up to buy your next laptop or computer, computer financing in Canada can help. There are plenty of choices for laptop financing, including some low or 0% interest options.
In this guide, we outline the four types of laptop loans available to Canadians (including options for people with a bad credit score): In-store financing, using a personal loan, through the manufacturer or with a credit card.
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1. In-store computer financing in Canada
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, such as up to 12 months. These types of laptop loans 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 or if you miss a payment. If you don’t pay off your computer within that time or miss a payment, 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
$0 – $59.99 administrative fee
31.99% - 39.99% AIR
Best Buy financing through Fairstone
No interest for 3, 6, 12 or 18 months through Fairstone
$0 – $99.99 administrative fee
Unspecified
Partnered with Flexiti
Financing is available via Flexiti: No interest for 6 or 12 months
Minimum purchase amount to qualify for 0% computer financing in Canada
0% offer may only be available to those with good credit
Conditions if you miss a payment
2. Computer financing in Canada using a personal loan
You can get laptop loans from banks, credit unions or online lenders. 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 loans 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 laptop or computer financing in Canada
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 for computer financing in Canada
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 in Canada 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 laptop loans, 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:
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.
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 six months, improve your credit score first.
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 paid 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 computer financing in Canada
Consider the following factors when comparing laptop loans:
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 a personal loan for bad credit. Compare the best bad credit loans.
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? Do you need to call the lender to close out your loan?
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 in Canada:
High fees. Steer clear of laptop 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 on a $1,200 laptop. 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 decides to compare several options in laptops and financing to find the best solution for her. Below are the results of her comparison.
Lender A
Lender B
Lender C
Lender D
Amount borrowed
$1,200
$1,200
$1,200
$1,200
Interest rate
7.99%
0%
11.99%
0%
Loan term
24 months
24 months
36 months
12 months
Admin fee
$0
$0
$0
$69.99
Total interest
$102.41
$0
$234.65
$0
Total cost
$1,302.41
$1,200
$1,435.65
$1,269.99
Monthly payment
$54.27
$50
$39.85
$105.83
Xie decides to go with Lender B to get her computer loan. She believes that $50 per month is manageable, and she likes that she doesn’t have to pay any interest or fees.
*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 personal 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
You can get gaming computer financing in Canada by taking out a personal loan or by signing up for in-house financing at the store you want to purchase your laptop from. For example, you can get gaming laptop financing from Memory Express or Best Buy. Just be sure you can afford your monthly payments before you sign up.
You may be able to use your federal student loan for student laptop financing in Canada. If you can't qualify for a student loan, you may also want to consider a personal loan or a student credit card to help cover the costs of student laptop financing.
While some lenders may require you to use your laptop as collateral in order to secure your loan, other lenders might ask you to put up another asset such as your vehicle or a piece of jewellery. Find out what types of collateral your lender will accept before signing up for a secured loan.
Leanne Escobal is a publisher for Finder. She has over 11 years of experience in financial services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
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