Being portable and compact devices, laptops are excellent long-term investments for professional and personal use. But buying a laptop is a major financial decision, requiring thorough budget considerations. While securing a loan is an effective way to flexibly pay off the amount , those with a poor SCHUFA-Bonitätsauskunft (credit score) often struggle to get their loan applications approved. On the bright side, some hacks can help one buy a laptop despite a low SCHUFA score.

1. Look for loans with flexible N26 options
An effective way to buy a laptop in installments despite a poor SCHUFA score is to make the transaction on the card and clear the amount through N26 installments. This option allows one to easily split card payments wi thin four weeks of the purchase . It helps to look for credit card options from companies that provide N26 options, even for those with low SCHUFA scores. So, it’s best to conduct thorough research that can help one figure out the best option.

2. Get a co-signer
When someone cosigns a personal loan, they promise to pay off the loan if the primary borrower isn’t able to do so within the stipulated period. A co-signer with a good credit score can help the primary borrower get approved for a loan to buy a laptop. This strategy even works if the primary borrower is a new customer and has a negative credit history. But here, one should remember that if the primary borrower is unable to pay off the loan on time, the co-borrower or co-signer’s credit score also gets affected. Additionally, if the co-borrower’s credit score is already unsatisfactory, the chances of loan approval are reduced.

3. Try to improve the  SCHUFA score
If one can wait for a few months before buying a laptop, it’s best to take some time and try improving one’s SCHUFA score. To do that, one can make credit card payments on time every month and maintain a low credit utilization rate consistently. Although it may not be possible to boost one’s credit score instantly, it can still increase the score to a certain extent, increasing one’s chances of loan approval for the laptop purchase. An improved credit score is also an effective way to get a laptop on credit without a credit check.

4. Compare credit score requirements of different lenders
Credit score requirements may differ among lenders. Comparing the minimum credit requirements of various lenders helps determine the ones with the lowest credit score expectations or requirements that aren’t much higher than a person’s current score. Based on this research, one can shortlist sellers who offer laptops on loans with installment payment options to those without a good credit rating.

5. Take a personal loan using a collateral
Personal loan approval is typically easier if one adds collateral. This way, one can use half of the amount to buy a laptop and the residual amount for other personal requirements. The collateral acts as a safety net here—in case one isn’t able to pay off the loan amount on time, one can simply surrender the collateral.

6. Buy a reasonably priced laptop
The smaller the loan amount is , the easier  the loan approval. Also, while a laptop should have all the essential features, unnecessary add-ons only increase the payable amount. Considering one’s personal requirements and the purpose for which they are buying a laptop can help them figure out the most reasonably priced ones   without compromising on the features and quality. This way, one’s chances of loan approval increase despite a poor SCHUFA score.

7. Check the credit report for errors
Sometimes, an error in one’s credit report can cause an unwarranted dip in the overall credit score. This can aggravate the situation for those whose credit scores are already low. So, a thorough check of one’s credit report for errors is a must when buying a laptop despite a low SCHUFA score.

8. Consider buying a used laptop
Second-hand laptops are obviously cheaper than brand-new ones, and if they’re in good condition, they perfectly integrate functionality with cost-effectiveness. This way, one can reduce the total cost involved in buying a laptop and increase loan-approval chances, even if one has a low SCHUFA score. But when buying a used laptop, it’s important to examine it thoroughly for any defects and do a background check of the dealer.

9. Demonstrate ability to repay loans
There’s nothing more effective than concrete evidence when trying to prove one’s capability of paying off a loan. So, when taking a loan to buy a laptop despite a low SCHUFA score, one should clearly inform lenders about any recent hikes or promotions one may have received, any arrears or significant bonuses, savings, etc. If there are any supplementary income sources, one should disclose them if required. Such proofs reassure lenders that one is capable of paying off a loan.

A good credit score is always an advantage when seeking financing options, but even without one, there are several other ways to increase the chances of loan approval. The key step here is to try boosting the SCHUFA score, especially if one can afford to wait for a while before buying a laptop.