A slow or broken computer driving you mad, but you can’t afford to replace it? A loan is one option. Read our guide to find out how to finance a new laptop and restore sanity to your life.
Surviving in this fast-paced, digital world without a laptop can leave you two steps behind the rest. Whether you use your computer for work or for organising your life, they’re a useful tool. The trouble is, they don’t come cheap, especially if you want a good one.
There are a range of ways to finance a new laptop, and it’s important that you explore all of the options available to you, but a loan is one option. We’ve put together a guide to help you find the best loan for your new laptop.
Compare personal loans to fund a laptop
You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Warning: late repayments can cause you serious money problems. See our debt help guides.
How can I finance a new laptop?
To help you afford a new computer, there are several different options for you to consider:
- Personal loan. A personal loan is when you borrow money from a specialist lender, and pay it back in monthly instalments over an agreed period of time. With a personal loan, you receive the money upfront, and therefore can pay for your new PC in full, and pay back your loan monthly.
- Credit card. With a credit card, you can purchase your new laptop and pay it off over an extended period of time in instalments. You might want to consider a 0% purchase card to give you an interest-free period. If you have a bad credit rating, or no credit history at all, look at the option of a credit builder credit card as they are designed for such customers. The terms are less favourable, but you’ll have all the same benefits as a credit card.
- In-store finance. Many shops offer in-store finance to help customers afford expensive products. With in-store finance, you can spread the cost of your new laptop over a period of time to suit you, with many companies offering a 0% interest period.
Key features of personal loans at a quick glance
How should I compare different loans for a new PC?
When comparing loans, identify the important characteristics of each loan and focus on how they differ from one another – this will help you to find the loan that is right for your needs. We’ve listed some features for you to consider below:
- Loan amount. The amount that you can borrow will differ between lenders, so make sure you have a value in mind when choosing your loan.
- Interest rate. There are some loans available that are interest-free, which will save you some money. If the loans you are considering are not interest-free, make sure you take the interest rate into consideration.
- Fees. You may be required to pay upfront or ongoing costs that will add to the cost of your loan.
- Eligibility criteria. Whilst you may be eligible for some loans, you may not meet the criteria for others.
- APR. The Annual Percentage Rate is designed to provide consumers with an annual summary cost for the loan, including any setup fees and interest. Different loans will have different APRs, but it is important to remember that they are only representative, and your costs may be more expensive.
- Loan terms. The length of the loan period may differ between providers, as well as the terms and conditions of taking out the loan.
- Overall cost. As well as the loan amount, you should also take into consideration any start up costs and any interest.
- Early repayment. Although you may find yourself in a position to pay off your loan early, some loans charge extra if you repay your loan too early.
Am I eligible for a personal loan?
You should only apply for a personal loan to finance your laptop if you are absolutely certain that you can meet the repayment terms, otherwise you will face additional costs and it may impact your credit rating.
To apply for a personal loan, you will need to meet the following criteria:
How can I apply for a loan?
If you have decided that a provider’s loan is right for you, simply fill in the application form for the loan via its website. You will need proof of the following:
The bottom line
Don’t let a broken or slow computer get you down! Whether you use your computer for work or just for social use, there are several options to help you to afford a new one – a personal loan being one option to consider.
Frequently asked questions