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Tips on financing your next big tech purchase

If all else fails, you can always use your existing high-interest credit card.

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Image: Unsplash

There are moments where financing a big tech purchase becomes something that you absolutely have to do. Paying for a long technological purpose over an extended period of time is certainly less than ideal, but if you are making a big payment for something you need, it may be necessary. Thankfully, there are many ways to do so.

Store Financing Options

In most cases, stores will have credit card or financing options that allow you to make a major purchase. Depending on your credit and the type of store, you may also be able to make this purchase with zero interest rate. This, of course, is ideal, as you can afford to make a major purchase without spending too much money or losing out on interest payments. However, these 0% financing charges often have very specific repayment requirements and you can easily lose the 0% interest rate by mistake, so make sure you pay attention to the fine print. 

Personal Loans

There may be times where it is appropriate to take out a personal loan to buy equipment. If this makes sense for you, make sure that you investigate all possibilities in order to ensure that you get a loan that suits your needs or has the lowest possible interest rate. A personal loan can help you get your climbing credit card balances under control, or you can consolidate your debt into a single payment that has a lower rate and pays less in interest over the life of the loan. Thankfully, the process for finding one that suits your need is very easy to take advantage of. In as little as a few minutes, you can get a loan that will allow you to purchase the technology that you need. 

Credit Card Promotional Purchase

There are often credit card promotional purchases that can allow you to make a purchase with zero interest for a certain period of time. This may be perfect for a larger tech purchase such as a computer, big screen TV, or major piece of equipment. However, make sure you keep a close eye on the details of one of these promotions. You will need to very diligently keep track of how much you have to pay a month to avoid collecting interest, which is possible if you are late or don’t completely pay off the balance by the time your promotional period is complete.

Regular Credit Cards

If all else fails, you can always use your existing high-interest credit card. However, if there is no promotional period, you will obviously wind up paying more in interest payments over an extended period of time if you’re not able to pay off the full statement balance by the next due date, and if you’re not, be sure you use a credit card with the lowest interest rate in your wallet. This way, you will pay the least amount in interest payments, but avoid overspending so there is less of a shock when the statement arrives in your email. Even the smaller purchases can add up as quickly as a large splurge from time to time.

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