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Should You Be Buying Your Laptop In Installments? Things To Know

As businesses around the globe have embraced work-from-home, people are finding themselves devices that they can depend on. You can easily get a decent enough laptop that is also budget-friendly. But getting a high-end laptop is often the safe bet, especially while working remotely. This is a problem, given how hard it is hard to afford a high-end laptop if you are paying in full, at once. However, payment options such as laptop payment plans are enabling people to afford costly laptops. But should you be buying your laptop by relying on such payment options? Read on to find out.

What is a laptop payment plan?

These are basically easy payment plans offered by retailers, that allow you to split the cost of the product you are buying, over an extended period of time. Often the installments are at zero-interest, which means the buyer doesn’t have to pay any additional money to buy the product.

These payment plans are different from the usual financing schemes and credit card purchases. Laptop payment plans have become popular and it is becoming clearer why. It allows you to buy something that you cannot afford to buy right now.

Why is a laptop payment plan offered by a reliable retailer preferable?

Instead of relying on conventional financing plans or credit card purchases, it is much more lucrative to pick zero-interest-rate payment plans from reliable retailers. There are several reputed e-commerce platforms such as Lazada, which are offering customers zero-interest rates, rewards, and flexible payment structures, along with other benefits.

With the help of a dependable and trustworthy laptop payment plan, you can buy an expensive laptop, without having to pay the entire cost in full, instantaneously. Instead, you can pay over time and use the laptop in the meantime.

Benefits of laptop payment plan

1. You get to Buy Now, Pay Later

This is definitely the biggest advantage, as you would be able to use the laptop immediately after purchasing through a laptop payment plan, even though you are not paying for it in full right now.

2. No Hidden costs

As long as you are paying your installments on time, you don’t have to worry about any additional costs or charges. Usually, reputed retailers do follow a schedule and remind you when your installments are due via emails.

3. Easy payment process

Many e-commerce giants such as Lazada, have integrated easy payment plans on their platform itself. This makes the payment process incredibly fast and hassle-free. You don’t have to wait for approval like you have to in case of other payment alternatives.

Things to keep in mind before subscribing to a laptop payment plan

However, there are a few things you should know about different kinds of payment plans and the risks associated with them:

1. There is a high penalty for any delayed or missed installments:

You should only subscribe to a laptop payment plan, if you are confident in your ability to pay the installments, in a timely manner. Often the rates of penalty or interest are quite high if you fail to pay your installment on time.

2. Carefully verify the interest rates:

Many retailers are not able to provide zero-interest installments to their customers. Often customers end up paying three-fold of the original cost of the product by relying on payment plans that have high-interest rates. So you should make sure to check the interest rates of the payment plan before subscribing to it.

3.  It is best to use it for big-ticket items like a laptop:

Relying on retailer’s payment plans for small purchases is not a smart idea. Often with zero-interest installment plans, there are certain terms and conditions that the customer needs to satisfy. For instance, you cannot have any other debt on your credit card, or you have to do shopping up to a certain amount, every month, so on and so forth. Hence, it is better to rely on something like a laptop payment plan, because you would be getting a laptop from it, which will fulfill your immediate need (like work or study), instead of being just another splurging spree.

Conclusion

Relying on a savvy laptop payment plan can really help you out if you are in urgent need of a good, expensive laptop. Given the current work-from-home situation, investing in a high-end laptop will be fruitful in the long run. As long as you are confident in your ability to timely pay installments, there is nothing wrong with using a laptop payment plan with zero-interest installment. Just make sure there is no slip-up on your part because in that case, you will not only be paying hefty fees, but your credit score will also take a hit. If you are able to make and follow payment schedules, and if you manage your budgeting well then payment plans can totally work out for you.