About the loan application...

Zidion · #1 January 15th, 2004, 01:30 PM

Do I have to fill it out right befor I order, or can I already do it to find out if im applicable or not? Im not ordering for another week, but want to make sure I can get the loan

thanks
-Z

ElDiabloConCaca · #2 January 15th, 2004, 01:57 PM

From what I gather from the light-grey text below the "Apply Now" button, it sounds as if you can get the loan and then checkout (purchase) any time after that, but I'm not sure. I'm sure a level 1 tech could answer this question at 1-800-MY-APPLE.

If I may offer some opinion, I would rather make this sort of purchase on a credit card. The Apple Loan has a pretty high percentage rate -- something like 10% to 27%. You could DEFINITELY get a lower rate with a Visa.

Zidion · #3 January 15th, 2004, 02:23 PM

yea, its 9.9%, but only for first 2 years. And my parents wont let me spend $5k for the set up I want, so Im gona pay the $50/month for atleast 2 years then pay it off when I get some more money LOL.

**ScottW** · #4 January 15th, 2004, 02:26 PM

Quote:

Originally Posted by Zidion

yea, its 9.9%, but only for first 2 years. And my parents wont let me spend $5k for the set up I want, so Im gona pay the $50/month for atleast 2 years then pay it off when I get some more money LOL.

DUDE... Don't buy what you can't afford, buy with the cash you have on hand. Trust me on this one. Going into debt to buy a computer is NOT a good thing to do. It's bad enough that we have to do such things to get a vehicle, but don't do it with a computer.

**ScottW** · #5 January 15th, 2004, 02:33 PM

Quote:

Originally Posted by Zidion

yea, its 9.9%, but only for first 2 years. And my parents wont let me spend $5k for the set up I want, so Im gona pay the $50/month for atleast 2 years then pay it off when I get some more money LOL.

So many people live on Credit Cards, it's not funny. Indeed, sometimes, in emergencies it's our only choice (well, not the only one, but the most used) and anyhow... don't buy a computer on a credit card... the value goes down to quickly. Look back at the computers Apple released two year ago, do you still want to be paying for it right now? Worst yet, if you wanted to sell it, you'd get less than what your loan was for.

24 months x $50... thats only $1200. That is a $3800 difference betwen loan amount and what will be paid off in 2 years... to pay it off in 2 years, you'd need to put $208 plus any interest on a monthly basis. Many people don't even have car loans that high. Although many have much higher.

Anyhow... MacWorld ran a "Savings Tips" in their January 2004 issue, and one of them was to "Get an Apple Loan"... I wanted to write and say they should fire the writer for suggestion that you are saving by taking a loan.

Got to love today's world. Just cause everyone else is doing it, doesn't mean its right or its good for you.

Scott

ElDiabloConCaca · #6 January 15th, 2004, 02:36 PM

I seriously doubt you'll get 9.99%, though. You mention parents, leading me to think you don't have credit cards or much of a credit history -- not that that's a bad thing, it's just not gonna get you the lowest advertised rate.

Are you a student? I got my Visa card through a student checking account and the percentage rate is 15%, and I don't think Apple would beat that if I applied for a loan.

Don't get me wrong, I want you to have your new system, but I'm just trying to help you out on reading the fine print -- 9.99% isn't a super-great percentage rate, and that's the lowest Apple offers. Plus, $2000 paid off in $50 increments would be a hell of a lot more than $2000, and the math on that is NOT $2000 x 1.0999. That 9.99% is compounded every month so you're going to be paying about $500 extra (TEN extra payments @ $50/payment). I'm no loan officer, so I don't know much about how they actually compute it, but it's more than it seems.

$2000 is a lot to go into debt just for instant satisfaction. Saving up would be a better way. Or asking Santa to help a little.

I hope you'll think about this decision before jumping into it, and good luck! Let us know if you get the system or not!

**ScottW** · #7 January 15th, 2004, 02:42 PM

$2000 @ 9.99% Interest for 24 months, $99.66/month
$5000 @ 9.99% Interest for 24 months, $249.15/month

I figured in 8% sales tax as well.

Zidion · #8 January 15th, 2004, 02:42 PM

Yea, im a student. I dotn have credit card though. Im doing it through my bank account. Should I apply for a credit card and just pay it off like that? WOuld that be cheaper?