If you have a particular gadget in mind to buy or need a tech update for personal or work reasons, you may be wondering how to afford the buy. After all, sophisticated technology often comes with a heavy price tag that could leave your finances in the lurch. Before whipping out your high-interest credit card to make the transaction, consider the following five options to fund that next piece of tech.
Consider Personal Loans
Loans aren’t just for education, a home, or a car. In fact, you can take out personal loans for just about anything, including for a high-tech gadget. The key is look to borrow from a private lender with flexible rates, fees, and repayment options. It’s easy to fill out an online application and get quick approval, which is especially good if you need to make the purchase as soon as possible. Perhaps you need a new work laptop that functions well with your remote work duties and programs. Either way, personal loans offer the best choice in these situations.
Profit From Your Current Device
Don’t forget about your current device just because you’re looking for a new one. Take time to do some research and see what your device is worth on both online retailers and through company sites. You can usually get a good chunk of cash for older devices from people looking to save or get a great trade deal if you want to buy a new device from the same company. Some stores will also offer you credit in return for your device that you can put towards your next purchase.
Check Out Cheaper Options
Cheaper doesn’t necessarily mean worse. Especially when things like trendy household tech items are constantly being improved on and newer models hit the market constantly. In fact, you can find high-quality refurbished devices and gadgets that have been thoroughly checked and worked on to be as good as new. Look for factory-certified labels on refurbished products that prove the device was inspected and approved for sale. Some tech shops will even sell these products themselves, though you are bound to find a great deal online. You can also scope out online marketplaces for second-hand devices, though approach these with caution.
Go For the Previous Model
If you’re making a personal purchase, such as buying the latest smartphone, consider paying for previous models. Many big phone companies release a new smartphone every year that has much of the same features as their previous model, though with a different look. You can save some big bucks by just opting for last year’s model and even save some money for buying a new model down the road.
Look to Store Financing
Most tech stores provide financing options for bigger purchases. Some stores will even offer financing with a 0% interest rate. However, they may make up for this with strict repayment rules and big fees on late payments. Check the fine print and ask yourself if you can reasonably afford to make these repayments down the line. If not, it may be worth saving up some more before going on a splurge.