Laptop prices can vary depending on the hardware and specs. The more powerful the laptop, the more expensive it is, but it’s important to note that the most expensive option might not always align with what you need. Opting for a laptop installment plan is a smart financial move in acquiring a laptop, particularly for high-end, expensive laptop models that may better suit your needs, even if you’re unable to afford the full cost upfront. Instead of purchasing a laptop for its whole price at once, laptop installments can enable you to get a laptop without breaking the bank. In this article, we will talk about the pros and cons of buying a laptop through an installment plan, when you should opt for an installment plan, and more. Without further ado, let’s jump right into it.
What is a Laptop Installment Plan?
A laptop installment plan is a payment arrangement offered by retailers or financial institutions that allows you to purchase a laptop and pay for it in installments over a specified period of time, rather than paying the full price upfront.
Typically, you make a down payment (depending on the installment plan you opt for) and then pay off the remaining balance in equal installments over several months or years, often with added interest or fees.
This option can make expensive laptops more accessible to consumers who may not have the funds to purchase them outright, and without breaking the bank.
Pros and Cons of Laptop Installment Plans
Opting for a laptop installment plan has its pros and cons, yet it can offer great benefits for individuals looking to get a laptop while keeping up with your budget.
Pros of Laptop Installment Plans
Affordability
Laptop installment plans allow you to spread the cost of a laptop over time, making it more affordable in the short term by breaking down the total cost into manageable monthly payments.
Accessibility
By eliminating the need for a large upfront payment, installment plans make it easier for individuals with limited financial resources to access higher-end laptops that may otherwise be out of reach.
Financial Flexibility
These plans often offer flexible payment terms, allowing you to choose a repayment schedule that suits your budget and cash flow, whether it’s weekly, bi-weekly, or monthly installments.
No Interest or Low-Interest Options
Some installment plans may offer zero or low-interest financing, making them a cost-effective way to finance a laptop purchase compared to alternative financing methods like credit cards.
Doesn’t break your budget
Instead of depleting your savings or emergency funds for a laptop purchase, installment plans enable you to retain your cash reserves for other expenses or investments, providing greater financial security.
Immediate Access
You can typically take possession of the laptop immediately upon approval of the installment plan, allowing you to start using it for work, school, or leisure without delay.
Cons of Laptop Installment Plans
Overall Cost
While installment plans offer the convenience of spreading out payments, they may result in a higher overall cost due to added interest charges or fees associated with financing.
Interest Rates
Depending on the terms of the installment plan and your creditworthiness, you may incur higher interest rates compared to paying for the laptop upfront or using other financing options.
Longer Commitment
Committing to an installment plan means you’re tied to making regular payments over an extended period, which can limit your financial flexibility and tie up your disposable income.
Ownership Delayed
Until you’ve completed all payments, the laptop technically belongs to the financing company, meaning you may not have full ownership rights until the installment plan is paid in full.
Potential Penalties
Missing payments or defaulting on the installment plan could result in penalties, such as late fees or even repossession of the laptop, depending on the terms of the agreement.
Risk of Over Budgeting
Emergencies or unforeseen expenses can disrupt your budget, potentially leading to missed payments on your laptop installment plan and incurring penalties such as late fees or even repossession of the laptop.
Should You Get a Laptop Installment Plan?
Before getting a laptop installment plan, it is important to take time and consider whether it is worth it or not. Getting a laptop installment plan is a proven and cost-efficient way to acquire a laptop, but at the same time, it is important to measure the value whether you should get one or just buy it at full price.
Without further ado, here are some questions to ask yourself if you should get an installment plan or just buy it at full price.
- Can I afford a Laptop at Full Price?
Of course, before deciding which laptop to buy, there are a lot of factors to consider if you can afford a laptop at full price or not. As mentioned before, the more powerful the laptop is, the more expensive it becomes. It is also important to think about your budget or will you have the willingness to save up for a laptop, and the duration of savings you allocate for the laptop.
If you can’t afford the laptop at full price and don’t take time to save up, then a laptop installment plan should cater to your needs.
Or if you can patiently save up money for a laptop and don’t urgently need the laptop right away, it’s best to purchase a laptop at full price.
- Do I Urgently Need a Laptop?
Another factor to take into consideration is the urgency of needing a laptop. Do you need a laptop for school? Work? Or perhaps a personal project? If you urgently need a laptop and you currently don’t have the funds for it, it’s best to get a laptop through an installment plan.
If the case is the opposite, where you can afford the laptop at full price and urgently need it, it’s best to just buy the laptop at full price.
- Your Budget
Of course, your budget is an important factor to consider in deciding if you should get a laptop through an installment plan or buy it at full price. Consider your current financial stability and ability to make regular payments without stretching your budget. Assess any potential changes in income or expenses that could affect your payment obligations. Additionally, ensure you have an emergency fund to cover unexpected expenses, reducing the risk of defaulting on installment payments.
- The Interest Rates
Believe it or not, some laptop installment plans do not have interest rates as long as you do not exceed paying at a certain period of time. This entirely depends on the agreement and contract of your laptop installment plan provider.
The interest rates should be a deal-breaker for you. If you’ve luckily found a laptop installment plan with no interest rate and you can guarantee to pay it without exceeding the period of the payment for 0% interest rates, then this is already a steal and a no-brainer.
On the other hand, 0% for a laptop installment plan is not always the case, some plans may include a 5-6% interest rate, depending on the contract and agreement. If you think that the added interest is not worth it, then you should heavily consider whether to get an installment plan, or find other options for you.
Get a Laptop Installment Plan with Shoppable Business!
Shoppable Business is a B2B eCommerce SaaS + Marketplace platform in the Philippines for all B2B e-Procurement needs at bulk, wholesale prices, and can also cater to single item purchases.
Whether you’re a professional looking for a laptop to work on, or a business looking to buy laptops in bulk for your office, Shoppable Business and BillEase offers low interest rates (as low as 3.49%) for laptop installment plans!
What are the Requirements for Getting an Installment Plan from BillEase?
- One (1) Valid ID – Passport, Driver’s License, Postal ID, School ID, Work ID, etc.
- Source of Income – At least 1-3 months of your pay slip, Remittance Slips, Bank Transactions, etc.
- Proof of Billing – Any billing statement (Meralco, Maynilad, Internet) under your name.
(Terms & Conditions are from BillEase)
When you purchase a laptop through an installment plan through Shoppable Business & BillEase, you can purchase a laptop at a reasonable down payment paired with low monthly installments, to ensure that you can religiously follow your budget.
Whether you’re in the market for an entry-level, mid-range, gaming, or high-end laptop, whether you’re considering a single purchase or bulk acquisitions, check out and explore Shoppable Business’s extensive selection of laptops, where you’ll discover a diverse range of options tailored to meet your specific needs and preferences.
If you find yourself undecided on which laptop to purchase for yourself or for your business, our comprehensive list of the Top 10 Laptops to Buy this 2024 for students, professionals, and office use is here to assist you in your laptop selection with a myriad of options available on the market.
Whether you’re seeking a budget-friendly option, a powerhouse for gaming and multimedia, a sleek and portable model for professional use, or laptops to purchase for your business, our curated selection aims to guide you towards finding the perfect laptop to suit your individual needs and preferences.
