Most of us can’t imagine life without our trusty laptop, but what if yours suddenly bites the dust before you’ve had a chance to save up for a replacement? Luckily, laptop financing in Canada is widely available, and there are ways to get the device you need without breaking the bank by paying the full price upfront.
Read on to discover your financing options, how they work, and the pros and cons to consider before you decide to finance a laptop.
Key Points
- You can get laptop financing from multiple sources, including from the retailer, manufacturer, BNPL services, credit card installment services and personal loans.
- Personal loans from private lenders are the best option for those with bad credit.
Can You Get Laptop Financing In Canada?
Yes, Canadians have a variety of options when it comes to financing a laptop purchase, including going directly through a retailer or a computer manufacturer, “Buy Now, Pay Later” (BNPL) services, relying on a credit card installment plan or getting a personal loan. Each of these choices can help make a new laptop more affordable because it allows you to spread out the expense over time.
Keep in mind that the best financing choice for you will depend on your credit history, budget and the terms of your payment agreement.
Best Laptop Financing Options In Canada
There are various ways to finance a laptop, computer and any accessories. Depending on which option you choose, there are benefits and drawbacks. Here are the top ways to finance a laptop:
- Retailer or manufacturer financing
- Personal Loan
- BNPL
- Credit card (visa installments)
Retailer Financing And Manufacturer Financing
Big retailers often have their own financing programs in conjunction with third-party lenders or “buy now, pay later” companies to encourage customers to shop. For example:
| Best Buy | Best Buy has partnered with Canadian lender Fairstone to offer several financing plans that break down the cost of eligible purchases into predetermined monthly payments that offer timelines as little as 3 months to as long as 18 months. The payments are interest-free (though subject to an administrative fee) as long as you make the payment in full in the allotted time. |
| Amazon | Amazon has partnered with Affirm to let customers pay for purchases of $50 or more in installments ranging from 3 to 48 months at varying rates of interest depending on your creditworthiness. |
Sometimes, the electronic manufacturers themselves offer financing deals. You can apply and get pre-approved easily online. Moreover, they often have 0% financing options, though approval may be based on your credit.
| Apple | The Apple Store provides monthly financing for select Apple products through Affirm, letting you pay for your purchase over 12 or 24 months with interest rates ranging from as low as 0% to as high as 7.99%. |
| Samsung | Samsung Canada likewise offers monthly financing of its products in conjunction with Affirm. |
Each retailer and manufacturer will have different requirements for approving financing. Approval will likely depend on things like the purchase amount and your credit score and you’ll also have to meet basic residency and age requirements.
Pros
- May help improve your credit score if you make timely, in-full payments (though some providers, especially those that work with companies that offer buy now, pay later services, may not report to credit bureaus).
- Immediate access to a new laptop, even though you don’t have the funds.
- Some providers may have offers like 0% interest for a set period.
Cons
- May not be able to make payments in the allotted schedule, potentially leading to late fees and high interest.
- Encourages some people to spend outside of their reasonable limits.
- Admin fees and interest rates can increase the cost that you would have otherwise paid had you just bought the computer outright.
Personal Loan
If you have trouble qualifying for retailer or manufacturer financing, you can apply for a personal loan with a private lender. This is usually a good option if you have bad or no credit, as many online lenders specialize in loans for those with less-than-ideal credit. In fact, some companies like MDG Finance specialize in personal loans for household products like laptops. Payment terms, loan amounts and interest rates will vary depending on the lender.
Pros
- You can buy your laptop at any retailer; you don’t have to limit your shopping to just those retailers who offer in-store financing.
- You may have more freedom to set loan terms. Most lenders offer loans up to $35,000 with terms between 3 months to 60 months.
- Making regular and on-time payments on a personal loan can build good credit.
Cons
- Missing payments can decrease your credit score.
- Interest rates can be high for those with poor credit.
- Some providers may have minimum loan amounts, meaning you’d have to borrow more than you’re comfortable with.
Can You Qualify?
Approval for a personal loan generally depends on factors like your credit score, your income and your employment status. Some online lenders are more flexible and may approve borrowers with bad credit.
Learn more: Best Personal Loan
Best Personal Loans
Filters
Buy Now, Pay Later (BNPL)
Buy now, pay later (BNPL) has become quite popular over the last few years. It’s a payment service (offered by alternative fintech companies like Sezzle, Klarna and Affirm) that may be available with certain online retailers at checkout, which allows consumers to buy a product by paying for it in installments rather than all at once.
This payment method can be especially appealing when you’re making a big-ticket purchase, like a laptop, because it makes it possible to buy something you could otherwise not afford had you not been able to spread out the payments.
| Affirm | – Offers 4 interest-free payments every 2 weeks for small purchases – Get 6 to 12 month payment plans with APRs between 0-32% for larger purchases |
| Sezzle | – Offers 2 interest-free payments over 2 weeks – Offers 4 interest-free payments over 6 weeks |
Pros
- May help improve your credit score if you make timely, in-full payments (though some BNPL companies may not report to credit bureaus).
- Quick and easy approval process, often with only a soft credit check.
- Payments are more manageable because they are spread over weeks or months.
Cons
- It can be unclear if payments are reported to a credit bureau with providers like Affirm so it may not help you increase your creditworthiness. Ask your provider to be sure.
- Interest rates can be as high especially if you have poor credit and if you miss payments.
- Can encourage impulse buys that you can’t realistically afford.
Can You Qualify?
Each BNPL service has its own specific qualification conditions that usually depend on your credit score and the amount of the purchase. It’s generally considered faster and easier to get approved for a BNPL loan rather than a traditional loan. Most BNPL services only require basic information and a soft credit check for the short 4-6 payment plans. However, if you’re looking for longer terms, requirements may be stricter.
Credit Card (Installment Payment Options)
Some Canadian credit card providers let clients divide eligible credit card purchases into set monthly installments at lower interest rates than what their credit card would normally charge.
| Scotiabank (SelectPay) | With Scotiabank’s SelectPay, for example, cardholders can pay off purchases of $100 or more in installments of 3, 6 or 12 months starting at interest rates of 5.99% with no additional fees |
| CIBC (Pace It) | Clients can finance eligible purchases over 6, 12 or 24 months: – 6 monthly payments at 6.99% – 12 monthly payments at 7.99% – 24 monthly payments at 8.99% Note: There is a one-time installment fee of 2% of the purchase amount. |
Pros
- You can earn rewards or cash back on purchases.
- Flexible payment terms with lower-than-usually credit card interest rates.
- Some plans don’t charge admin fees.
- Can help improve your credit score if you maintain payments.
Cons
- Some plans charge installment fees, which can add to the total cost.
- Late payments might involve fees and negatively impact your credit score.
- Some purchases may not be eligible.
Can You Qualify?
To qualify for a credit card installment plan, usually the purchase must be for a minimum amount (like $100) and your account must be in good standing, meaning that you’re not over your credit limit and haven’t missed any payments.
Because you’ve already been approved for the credit card, unlike with personal loans or BNPL services, you don’t need to undergo a new credit check or reapply for credit—eligibility is based on your existing credit card account.
Learn more: Visa’s Buy Now Pay Later Payment Solution
Pros Of Financing A Laptop
- Instant Access: With financing, you don’t have to save up for months or even years before making a purchase — you can get your laptop immediately.
- Easy To Budget: Fixed monthly payments can make budgeting easier.
- Build Credit: Can help build or improve credit if you make payments in full and on time, as long as your provider reports payments to Canada’s credit bureaus. Check with your lender to confirm if payments are reported.
Cons Of Financing A Laptop
- Cost: Interest rates and fees can significantly add to the overall cost of your laptop.
- Missed Payment Penalties: If you make late payments or miss payments entirely, it could have a negative impact on your credit score.
- Debt: Financing can tempt some people to spend beyond their means, leading to unnecessary debt and financial stress.
Alternatives To Financing A Laptop
While a shiny new laptop is tempting, there are good alternatives to spending a chunk of change on a new computer.
- Buying Used: You can get some truly amazing deals when you opt to buy a “pre-loved” laptop. Buying a refurbished laptop can save you hundreds of dollars versus buying new and still offer impressive performance and quality. Retailers like Best Buy and Amazon even offer certified or professionally inspected refurbished laptops with return policies and warranties for extra peace of mind.
- Borrow From Library Or School: Some public libraries and educational institutions have laptop loan programs that won’t cost you a dime.
- Save Up: It can be hard not to give in to instant gratification. But if you wait to buy a laptop until you save up the amount and don’t have to rely on financing it means you won’t pay any added costs (like admin fees and interest) and won’t risk accumulating debt.
How Much Do Laptops Cost In Canada?
Laptop prices in Canada range immensely depending on the brand and specifications (like size of hard drive and graphics etc). Chromebooks tend to offer good value and range between $250 up to $550. Mid-range laptops from popular brands like Lenovo, HP and ASUS generally fall in the $400 to $800 range. Premium laptops like the Apple MacBook go for at least $1,000.
Bottom Line
There are many flexible options to finance a laptop in Canada to suit nearly any budget and credit history. Whether you go with a personal loan, in-house financing, BNPL or a credit card installment plan, it’s crucial to consider factors like interest rates, fees and whether the ease of up-front financing and spreading out payments is tempting you to spend outside your limits. It’s wise to see what your budget can reasonably handle and explore alternatives like buying a refurbished laptop from a reputable seller if financing a new computer could lead to unmanageable debt.
