Loans for gaming laptops

How can I finance a new gaming laptop?

For your new purchase, there are several options available to help you to afford it.

• Personal loan. A personal loan is when you borrow a set amount of money from a specialist lender, and pay the money back over an agreed period of time through monthly instalments. With a personal loan, you receive the money upfront, meaning you can purchase your new gaming laptop and pay it back over the agreed period.
• Credit card. With a credit card, you can purchase a gaming laptop and spread the cost over an extended period, with a minimum amount required to be paid every month. You could use a 0% purchase card to give you an interest-free period. However, if you have a bad credit rating or no credit history, you may struggle to be approved for loans or credit cards. In this instance, you may want to ask about a credit builder credit card, which is specifically designed for people with a bad credit history, or none at all. Whilst the terms are less favourable, you will have the same perks as a credit card and will be able to spread your purchase of a gaming laptop over monthly payments.
• In-store finance. Many companies and shops offer an in-store finance scheme in order to help you to pay. With this, you spread the cost of your purchase over a time period of your choosing, with many offering a 0% interest period, as well as the possibility of opting to pay nothing for a few months.

Key features of personal loans at a quick glance

• Loan terms. The terms can include the loan duration as well as interest rates and repayment plans.
• Loan amounts. The amount of money that you are allowed to borrow.
• Get a personalised quote. This will give you an indication about the terms in which a provider will lend you money, and will have no impact on your credit rating.
• Price matching. Some providers offer a price guarantee to match or beat offers from other providers.
• Monthly repayments. You will be able to repay your loan in monthly instalments.
• Repayment holidays. This is an agreed period with your lender, perhaps either one or two months, where you will not have to make repayments. However, interest will still build up.
• Quick decisions. Providers will usually make a fast decision about whether they will lend you money or not.
• Access to funds. You are able to get access to all the funds upfront.
• Fees. You may incur extra costs, such as interest or late payment fees.
• Perks. With some loans, there may be special benefits such as a 0% interest period.
• Overpayments. If you wish to pay off your loan sooner than agreed, making overpayments is the way to do it. Most overpayments will not incur a penalty so long as you remain within the overpayment limit. It is important to check the small print of your loan before you make an overpayment.
• Early repayment. For many loans, you will incur a penalty and additional costs if you repay your loan in full earlier than expected.

How should I compare different loans for a gaming laptop?

When comparing loans for your gaming laptop, focus on the important characteristics of each loan. We’ve listed several features for you to consider.

• 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 setup costs and any interest.
• Early repayment. Although you may find yourself in a position to pay off your loan early, some loans charge extra costs if you repay your loan too early.

Am I eligible for a personal loan?

You should only apply for a personal loan to finance a new gaming laptop if you are positive that you can meet the repayment terms. If not, you will likely face additional costs and it may impact your credit rating.

To apply for a personal loan, you will need to meet the following criteria:

• You are over the age of 18
• You will be no older than 70 when the loan term finishes
• You have been a UK resident for over 3 years
• You have a regular income above £12,000
• If you are self-employed, you have been so for over 2 years
• You must have a good credit rating, with no history of bankruptcy or county court judgement
• You hold a UK bank or building society account that is able to pay direct debits

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 their website. You will need proof of the following:

• Your ID
• Your address details for the past 3 years.
• Your current income and employment details in the form of payslips and bank statements.

Bottom line

If you want a new gaming laptop but can’t stump up the cost upfront, a personal loan could help you fork up the cash and spread your costs over a fixed period. Whether you opt for a personal loan, a finance scheme or a credit card, make sure you pick the option that is right for you and your income.

Frequently asked questions

• How much would I be looking at spending for a good gaming laptop?

  A: For a good gaming laptop, you could be looking at a figure between £500 and £1,000. However, it depends on the features you want, so there may be other gaming laptops available below or above this range.

• Are there any negatives about in-store finance that I should be aware of?

  In some cases, you may be required to pay a deposit, and if you miss any repayments it will affect your credit rating. Also, if you are unable to pay off the cost of your gaming laptop before the end of the 0% interest period, if one is offered, you will incur hefty interest fees.

  Also, you may end up paying more money than the gaming laptop is worth.

• What brands are considered as gaming brands?

  There are many brands that are considered gaming brands. These include: Dell, MSI, HP and especially Alienware. If you are unsure about the difference between a normal laptop and a gaming laptop, ask a member of staff or research the product before you purchase. It is also worthwhile researching different brands to ensure that the laptop you are buying will do what you want.

• Will I still be eligible for financial help if I have no credit history?

  Unfortunately, you may find it difficult to get a personal loan or credit card as providers will not be able to gauge if you are a secure investment. You may want, instead, to use a finance scheme that doesn’t require a credit check – or try a credit-builder credit card.

Written by

Chris Lilly

Head of publishing

Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio

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