If you need a computer then you may be quite surprised, when shopping, to see how expensive they are. You may feel that the only way that you will be able to afford it is to get a loan. However, there are disadvantages to getting loans and it is worth thinking hard about whether you really need it. There are a number of questions that you can ask yourself which should help you to be able to make up your mind.
- Do I really need the new computer? – it is wise to start by thinking about whether you really need a new computer. There are lots of reasons that we might feel we want a new one, perhaps because there are better models, that ours is out of date or slow or that ours is broken. Even if the computer is broken it is worth thinking about whether it is really necessary to replace it. Consider how often you use it, whether there are others in your house or outside of it that you can use and therefore whether you really need it. It might be that you have to have one for work or that you would rather have your own even though there are others. It is a very personal decision, but it is worth thinking about whether you really need a new one before you start considering how you are going to pay for it.
- Can I afford it? – you need to start by looking at your own finances and whether you can afford a new computer. It might be that you do have some savings that you can use to pay for it. If you have then this could be the bet option as loans tend to be dearer than an interest lost by spending savings. However, it can be difficult for us to part with savings that we have worked very hard to accumulate. However, if you calculate how much you will save by doing so, then you might decide that it is worth spending them.
- Is a loan a good option for me? – if you do not have any savings then a loan might be your only option. Especially if using a reputable lender like Emu.co.uk. You may be able to get a personal loan, use a credit card or get some sort of deal through the retailer to help you afford the computer. It is well worth looking at all of the options and comparing the costs of them so that you know how much extra you will pay if you borrow the money and then you can decide whether you think a loan would offer good value for money. You also need to find out how much you would be expected to repay each month and make sure that you will be able to afford that.
- Are there alternative options? – an alternative to borrowing the money could be to wait and save up for the computer. It could be that you will be able to use an alternative one while waiting or manage without one just for a while until you save up. You will obviously need to have enough money to do this, but if you can afford loan repayments, then you can afford to put that money into a savings account instead.
It could also be worth making sure that you are getting good value for money from the computer that you have chosen. It could be that you will be better off getting yours updated or repaired if that will help or buying a second hand one that will be cheaper.
Also make sure that you look at different types of loans so that you know what is available and how much they cost. This could help you to get a loan that is more suitable, cheaper or both.
- Which option works best? – It will then be up to you to look at the options that you have and decide which will be better for you. It might be that you decide you will not actually need to replace the computer. It could be that you decide that you can go without the computer, that you can use savings to pay for it or that you will save up.
If you do decide to go for a loan then as well as making sure that you can afford the repayments, it is important to compare lenders so that you can ensure you are not paying more than necessary. Consider what you want from your loan and whether you are happy to use any lender or if there are particular features that you want lenders to have. Then you will be able to compare them to make sure that you get the best value for money from your loan. It is worth spending the time doing this so that you are happy with your decision.