Can I Buy a TV with Bad Credit Score?
Life without a television set in the current digital era can be quite dull. Whether you fancy binge-watching your favourite show, catching up with the latest news, or gaming, a TV is an important household appliance. But, what if you're yearning for that new sleek model in the market and your credit score begs to differ?
Understanding Credit Scores
Before diving into how you can purchase a TV with a bad credit score, it's prudent that we understand the concept of credit scores. Simply put, a credit score is a numerical expression that lenders use to gauge a person's creditworthiness. A low score can make it difficult to get financing for major purchases.
Can You Buy a TV with a Bad Credit Score?
The short answer is YES. While having a bad credit score can make it harder for you to finance your TV purchase through traditional means, it doesn't outright mean you can't own that flat screen you've been dreaming of.
How Can You Buy a TV with a Bad Credit Score?
Several means can help circumvent the challenge of a bad credit score. Below, we discuss a few options that could help you acquire a new TV despite your credit history.
No Credit Check Electronics Financing
Several financing options don't consider your credit score. These no-credit-check financing options typically work by leasing the item to you for a set period. You'll then pay a specified amount either weekly or monthly. At the end of the leasing period, you will own the TV.
Rent to Own Stores
Bearing similarities to the leasing option above, rent-to-own stores give you the option to rent a TV for a certain period. Here, however, you have the chance to take the TV home after each payment. This choice is usually more expensive compared to others in the long run but poses less risk to the buyer.
Mix Financing and Savings
If you plan and save, you could amass enough to make a significant down payment on your TV. Following this saving plan, you could then finance the rest of the payments through one of the options above. This could negate the high interest rates posed by bad credit scores.
Consider Buying a Second-Hand TV
Used televisions are far less taxing to acquire compared to new ones. They may lack some of the newest features but are generally more affordable. This option can be a stepping stone as you work towards improving your credit score.
Improve Your Credit Score
While all the above approaches are workable, the best and most sustainable solution, in the long run, is working on improving your credit score.
