If your old laptop died and you don't have the cash to buy a new one, you might look into a rent-to-own laptop. This is a good option even if your credit isn't the best. As long as they can verify your income and you have references, you might qualify for a laptop rental.
Companies vary in their policies, so you'll want to find out all the details in advance. For instance, some might pull your credit report but do a soft inquiry rather than a hard inquiry so it won't count against your credit score. Here are three details about a rent-to-own laptop you'll need to know.
1. No Down Payment Is Usually Needed
You probably won't need to come up with a large down payment to get a new laptop. You'll need your first weekly payment, and you'll probably need to sign up the rest of your payments for a direct debit from your bank account. Payments are often weekly rather than monthly. If you need a laptop and you don't have much cash, being able to get one with no down payment could really help.
2. You Might Have An Early Buy-Out Option
When you rent your laptop, you'll sign an agreement for a set price each week for a specific number of weeks until it's paid off. You'll pay more than the cash value for the laptop, but at least you'll be able to have one. You might even use an early buy-out option to pay off your lease early. Some companies even offer a same-as-cash buyout if you pay the laptop off within a certain amount of time such as three or four months. This could save you money if you can get the laptop paid off in a short amount of time.
3. You Can Probably Return The Laptop Early If You Need To
When you get a rent-to-own laptop, the laptop is yours to keep when it's paid off according to the original terms. However, if you run into financial difficulty, and you can't keep up with the payments, you might be able to take the laptop back to the rental company or send it back by mail and get your rental agreement canceled. This is something you'll want to find out upfront if your financial situation is unstable. Knowing you can get out of the payments if necessary may give you the confidence to sign up for the laptop rental. No matter what company you sign up with, be sure to read all of the terms since terms will vary among companies.