These days it seems like it's almost a necessity to have a big, wide screen high definition TV set. More and more programming is in high definition, the cost to go to see a feature film in a movie theater is getting so high that many prefer to rent DVDs and watch their movies at home, and many of the new consumer camcorders feature a widescreen HD format that home video shooters want to see in all its glory. The problem is that these TVs are expensive. For people with established credit, and who have not run up a big credit card balance, purchasing with a credit card is usually the solution. However, for people with no credit history or bad credit this may not be an option. If you find yourself in this situation, a TV loan may be the answer.
Getting TV loans with bad credit involves the same process as with getting any loan for an expensive item when you have credit problems. You generally have to show that you have checking account and a steady source of income, and you can expect to pay a high interest rate and severe penalties for late payments. Therefore if you can manage to pay a significant chunk of the purchase cost with money you already have you can get a smaller TV loan and won't end up paying so much in the end. You can get this kind of loan directly from a bank or you can get what amounts to the same thing by getting your TV set through an installment plan, in which you make a down payment to the store followed by monthly payments. The requirements may be a little more lax with this alternative. However, make sure that the installment plan allows you to take possession of the TV set right away. Some people have been conned into making payments for a television that never gets delivered.
If you don't have a steady income source, bad credit TV financing may not be obtainable, but you can still apply for one of those credit cards you see advertised on TV and especially the internet, which claim that no one is turned down and there is no credit check. This is true at least most of the time, but you should try this only as a last resort because the interest rates will be very high indeed and any penalties will likely be extremely painful.
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