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How to Buy Used Electronics With No Credit Check

Want to buy used electronics but you have bad credit? Read this article to learn more.

Electronics have become an essential part of our day-to-day lives. But they can be expensive to purchase brand new. The price of cell phones, laptops, home appliances, and other devices that have become essential have sharply risen in price in recent years. 

That’s why some people use finance to purchase used electronics. Many electronics stores offer finance agreements to help make purchases more manageable. And the good news is that many do so without a credit check.

How credit checks work

With most finance agreements, the lender requires a credit check on the borrower before approving the finance. This is to ensure that the borrower is likely to repay the loan on time and in full.

A credit score acts like a historical snapshot of your typical borrowing behavior, and gives lenders a good indication of your typical repayment habits. 

Those with a low credit score are deemed a higher risk of defaulting on payments and so lenders usually apply a higher interest rate. Higher credit scores are an indication of good borrowing behavior, and you can usually get more favorable interest rates as a result. 

However, there are different types of credit checks to know about – hard and soft checks. 

Hard credit checks are ones that turn up on your credit history. This means that other lenders will be able to see that you’ve recently applied for some kind of credit. This might not seem like a problem, but it indicates that you’re on the lookout for multiple avenues of financing which might ring alarm bells for lenders.

A soft check, on the other hand, does not turn up on your credit report when lenders check. You can still see it on your own report though. 

Ideally, you want to avoid hard credit checks if you want to buy used electronics because they will impact your credit score.

Why some retailers may require a credit check

If you are using financing to buy used electronics, some retailers may do a credit check to ensure you’ll be able to repay it. This typically depends on the value of the goods and the store’s usual policies.

However, more retailers now offer buy now, pay later programs that usually don’t require a credit check. 

How to buy used electronics with no credit check

It is definitely possible to buy used electronics with no credit check. Follow these steps to avoid your purchase impacting your credit score for years to come.

Do you research

The trick to avoiding credit checks when buying used electronics is to do your research. Find companies that offer interest-free finance options or buy now, pay later programs and check their policy on credit checks. 

Be sure to read the terms and conditions carefully before you agree to any finance arrangement. 

Some will perform a soft credit check; others simply require that you have an account online with them. 

Avoid large purchases

If you can avoid large purchases of electronics, you may be able to avoid a credit check. 

Some retailers may only perform credit checks on the bigger ticket items, try to avoid purchasing the more expensive or latest model of smartphones, for example. You might want to opt for an earlier model and save some money in the process. 

Try buy now, pay later

Rather than taking out a loan, one of the easiest ways to buy electronics on finance is with the buy now, pay later model. 

Many retailers have seen how popular this is with consumers and have offered their own model. For example, Amazon, Best Buy, Home Shopping Network, and Target all offer a version of buy now, pay later. 

Most require the first payment 30 days after the time of purchase, and many of them don’t perform formal credit checks to check your affordability.

What to remember about financing

Financing products, especially expensive electronics, is a much more manageable and accessible way for people to purchase items they need. 

However, like with any financing solution, it’s important to remember that you need to keep up with repayments. Falling behind on repayments means that you could be subject to costly late fees. 

Another thing to remember is that many finance agreements will charge you interest for the duration of your agreement. You could be paying a larger amount for electronics than if you buy it outright, so it’s in your best interest to try and pay down the finance as quickly as you can. 

Some retailers offer interest-free periods which is definitely worth looking into to save you some money.

If you’re still in need of money to buy a laptop or other electronics consider a short term loan from Jora Credit.

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