How to Finance Computers With No Checking Account

New computers and bad credit once didn't mix. Today you can have a few more options if you want to finance a computer. Some of these options require a checking account; but for those who don't have one, financing computers with no checking account can seem much harder. There are solutions to this problem, but you must weigh the cost against the need for each of these options.

Instructions

Renting to Own

1

Find a retail rental store which stocks computers. Ask about their computers and specials for each. Look for the basic needs, because the more expensive the computer, the higher your payments will be.

2

Fill out the application forms and provide the accompanying documentation. This will be proof of income, a picture identification card, up to five references, a utility bill or landlord statement to prove residence and a phone number to reach you.

3

Wait for the information and application to be verified and approved. The store will schedule a delivery time by calling you. The computer will be delivered with the rental agreement. If you choose to pick up the computer instead, you will be signing the rental agreement at the store.

4

Read over the contract before signing it to verify you understand everything in it. Ask any questions about the agreement before signing. Sign the contract and keep one copy for your records.

5

Make the initial payment to start the contract. The contract will not start until it is signed and the initial payment is made. Once you are approved, you can set up a recurring payment cycle for a set amount determined upon if you pay weekly or monthly. The computer will be handed over once the contract and payment have been finalized.

6

Keep making payments until the end of the contract agreement; this can take up to three or five years depending on the computer, price and retailer.

The Credit Card Option

7

Purchase a basic computer for your needs using a credit card. Make sure you have enough credit on the card to pay for the entire purchase, including tax.

8

Make the highest amount of payments you can as quickly as possible. This avoids massive interest charges and restores credit very quickly. Keep the payments to at least double or triple the minimum payment to keep overall finance charges down.

9

Pay off the computer before making any further purchases with this specific card. This way you know when the computer is paid for and can be happy knowing it is paid for in full.

The Layaway Option

10

Use this option if you don't mind waiting for three months to get your computer. Find an electronics store which offers a layaway program and ask about their policies and rules regarding layaway. Most retailers have a minimum dollar amount they will place on layaway, as well as a minimum payment they will accept.

11

Choose the computer you want; remembering that you need to have the computer paid for within three months or you will lose the money and the computer. Keep in mind what you can afford each week for payments when comparing prices.

12

Fill out the layaway agreement at the counter. Hand over the computer so that it can be placed in storage until you pay for it. Make the initial payment to start the agreement; often this is 10 percent of the purchase price.

13

Make all payments and pick up the computer when you make the final payment. You will need to show the clerk the layaway agreement and the receipts.