Computers & Electronics

Lenovo Financing

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Sr. Member
Apr 10, 2011
649 posts
345 upvotes

Lenovo Financing

I was looking at Lenovo deal, and checked if they offer financing. At first I didn't find anything, but after through Google I got directed at Lenovo Canada page with Klarna financing. Anyone ever tried this?
8 replies
Deal Expert
Aug 22, 2006
31271 posts
17295 upvotes
actarus wrote: Anyone ever tried this?
No, because who in their right mind would finance consumer electronics.
You're upside down before the order even ships.
Do you not have anything else to do rather than argue with strangers on the internet
Nope. That's why I'm on the internet arguing with strangers. If I had anything better to do I'd probably be doing it.
Sr. Member
Apr 10, 2011
649 posts
345 upvotes
I would finance a laptop at 0% from the manufacturer or through a bank....

But this I found it weird....
Deal Addict
Feb 17, 2005
1072 posts
391 upvotes
death_hawk wrote: No, because who in their right mind would finance consumer electronics.
You're upside down before the order even ships.
While you might find it crazy for someone to borrow money for electronics, there are people in this world who have low cash flow. And with people all wanting technology that’s faster/thinner/ etc etc, people tap into the well for this stuff

Financing from a company like Lenovo means you’re working with a financial company who’s offering you 15%to 30% borrowing rates (depending on the term and loan types). That’s actually decent. There are other companies that do financing for people with bad/no credit. Those are the kind of situations where a $600 laptop ends up costing you $2000 over the borrowing term.
Deal Addict
Feb 17, 2005
1072 posts
391 upvotes
actarus wrote: I would finance a laptop at 0% from the manufacturer or through a bank....

But this I found it weird....
Lenovo just outsourced their financing to this company. I think a lot of retailers have their financing through Wells Fargo, chase, hsbc, desjardins, etc. it’s not lenovo’s core business model to offer financing because it’s a heavy regulated industry. It’s not strange that they outsourced to that company. Being said, not sure if I have heard of that particular company though.
Sr. Member
Apr 10, 2011
649 posts
345 upvotes
Financing is common, and most of them use a "legitimate" bank like Desjardins AccordD, Scotia Bank, HSBC, and some have their own financing.

But using a company that no one knows, and on Facebook that seems to be associated with Snoop Dogg.

Even Dell offer 0% in house financing.

Lenovo Financing seems odd to me compared to the rest of the industry
Deal Expert
Aug 22, 2006
31271 posts
17295 upvotes
porkchopbread wrote: While you might find it crazy for someone to borrow money for electronics, there are people in this world who have low cash flow. And with people all wanting technology that’s faster/thinner/ etc etc, people tap into the well for this stuff
If you have low cash flow, the last thing you should be buying is faster/thinner/etc.

This is literally the definition of crazy. You're buying something you don't need with a payment you can't afford.
Financing from a company like Lenovo means you’re working with a financial company who’s offering you 15%to 30% borrowing rates (depending on the term and loan types). That’s actually decent. There are other companies that do financing for people with bad/no credit. Those are the kind of situations where a $600 laptop ends up costing you $2000 over the borrowing term.
30 ducking percent is decent?
I literally choked reading that.
Do you not have anything else to do rather than argue with strangers on the internet
Nope. That's why I'm on the internet arguing with strangers. If I had anything better to do I'd probably be doing it.
Deal Addict
Feb 17, 2005
1072 posts
391 upvotes
Credit card interest rates are from 19% and up. 30% is actually not that far off. Think about payday loans, cost of borrowing is in the triple figures. Someone offering a 0%/ low borrowing rates offers are most likely having the costs subsidized to entice purchasing. Also not everyone can be eligible for it. You’ll see 0% on approved credit (oac) in the fine print

I’m not saying it’s a millennial thing, but people these days want stuff and they want it now. They don’t like compromising. Not every person is dropping $1000 on a brand new phone outright. They are getting new phones on activation subsidies and paying it off on their tab/monthly /mega data plan bills. You look around and see how some of the financially struggling people probably have nicer phones than the average person.

Some people can’t stay within their financial means. That’s why there’s a trend of people living pay check to pay check and less and less people are saving enough these days. People put themselves in bad financial situations. I’ve seen people with six figure salaries get rejected for credit cards - you wonder what’s going on there? If I made 6 figures I’d be doing great for myself.
Deal Expert
Aug 22, 2006
31271 posts
17295 upvotes
porkchopbread wrote: Credit card interest rates are from 19% and up.
I mean... you shouldn't be carrying at 20% either.
Think about payday loans, cost of borrowing is in the triple figures.

Technically only 59% APR. The rest is fees which does bring it to triple figures.
But if (and that's a big if) you can borrow for 2 weeks, the APR isn't actually that bad relatively speaking.
The fees will get you.
My info is also a bit old too. Laws have been passed to limit the damage.
Someone offering a 0%/ low borrowing rates offers are most likely having the costs subsidized to entice purchasing. Also not everyone can be eligible for it. You’ll see 0% on approved credit (oac) in the fine print

Yeah if you can get 0% (or something extremely low) then borrowing isn't that bad.
I’m not saying it’s a millennial thing, but people these days want stuff and they want it now. They don’t like compromising. Not every person is dropping $1000 on a brand new phone outright. They are getting new phones on activation subsidies and paying it off on their tab/monthly /mega data plan bills. You look around and see how some of the financially struggling people probably have nicer phones than the average person.

Some people can’t stay within their financial means. That’s why there’s a trend of people living pay check to pay check and less and less people are saving enough these days. People put themselves in bad financial situations. I’ve seen people with six figure salaries get rejected for credit cards - you wonder what’s going on there? If I made 6 figures I’d be doing great for myself.
Pretty much all of this.
It's a stupid idea all around. More people should be buying older generation devices instead of giant "subsidized" (I use that lightly since they rarely are, they're just amortized over your "contract") devices they can't actually afford.
With 2 year cycles, it's also really easy to get into perpetual phone debt.
Stuck with a sky high rate plan and a giant device balance that never goes away because upgrading every 2 years (or even worse earlier) is apparently a thing.
Do you not have anything else to do rather than argue with strangers on the internet
Nope. That's why I'm on the internet arguing with strangers. If I had anything better to do I'd probably be doing it.

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