For most students and many professionals, a computer is a necessity. A laptop adds the flexibility of being able to work or surf the Net away from home. Even though prices for computers and laptops have become more affordable, buying one still requires hundreds or thousands of dollars. Financing can make it easier to purchase a laptop computer, but with bad credit, obtaining financing can be a challenge.

Conventional Computer Financing

Many computer manufacturers provide financing for their customers. There are also companies that specialise in financing computers and related equipment. The computer is financed through a line of credit, if the computer is for a business, or through a payment program, if the computer is intended for personal use. The computer may be leased or purchased outright. Although conventional computer financing usually involves a credit check, financing is available to customers with relatively low credit scores, most likely because the computer can be repossessed if payments are not maintained.

Rent-to-Own Financing

A common means of obtaining a laptop or other computer is through a rent-to-own program. Such programs require applicants to provide income verification instead of conducting a conventional credit check. In many instances, residential information, information from a utility bill and personal references are also required. In a rent-to-own arrangement, after the rental company verifies the information, the customer receives her laptop right away. She then makes regular payments according to a payment plan. If she chooses, she may elect to purchase the laptop and some or all of her rental payments are applied to the price of the computer.

Layaway Plan Financing

Another option for no-credit check laptop financing is a type of layaway program. After completing the application and specifying the features he desires for his computer, the purchaser sends in an initial deposit. After making regular payments for a specified period, often three to six months, he receives his computer. He continues to make payments until the computer is completely paid off. Layaway plans usually require an active current account and a minimum income along with the initial payment and layaway payments.

Down Payment Plan Financing

Down payment plan financing works much like layaway plan financing. However, with down payment plan financing, the payment is usually larger than with layaway financing. In return, the customer receives her laptop right away instead of waiting several weeks or months. The requirements for down payment financing are similar: an active current account and a minimum monthly income. Like other financing plans, the computer can be repossessed if the customer does not maintain regular payments.


The trade-off for no credit check financing is that the customer often winds up paying far more for his computer than he would have by paying cash or through a conventional financing program. Many no credit check financing programs feature very high interest rates. Also, although many no credit check financing companies advertise that they configure the computer to a customer's specifications, the actual selection may be more limited, because he must choose from the manufacturers or models provided by the financing company. Prices and payments for laptops are also usually higher than for desktops. It's also a good idea to check with the Better Business Bureau before sending money to a computer financing company.