Apple Finance?

MacMuppet

MacMuppet

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I've been looking at getting an iBook with the finance option. When I last looked into this a couple of years ago (I bought a second-hand G4 in the end) I was able to download a .pdf with a breakdown of the various payment plans, and how they would pan out over time.
Well, its that time again (the latest iBooks are just too tasty to pass up, I'm going for a 12" as I may take it travelling) but I can't seem to find the .pdf on the website - they just say order it and then contact the MBNA for a finance plan after that, although they do state that the options are now 24 months and upwards, with 14.9% interest.
Trouble is, I don't want to go ahead and order until I can see all the options, as I'd like to pay it off in considerably less time than 24 months, less than 12 if possible, and I've had aloan before where you couldnt settle the amount or make higher payments as and when but rather had to pay the minimum amount for the full term of the loan (I guess they made more interest that way). So I'd like to confirm before I have to commit to 24 months if thats the only option.
Does anyone have recent experience with Apple Finance? Or just have more information of the various payment plans? I know the final amount will depend on the exact spec of the kit but it'd be nice to get a general idea what I'm signing up for....
 
You'd get a much better deal by signing up for a credit card (or using an existing one) and purchasing the iBook that way. Apple's gonna charge you an arm and a leg in finance charges -- 14.9% interest? That's WAY high.
 
uh, as someone who has two apple loans

please, get a loan from elsewhere, or plain dont do it... i have been paying 40 dollars a month in intrest for the last two years, and it is not going down. as it is going right now I will be paying these off for literally hundreds of years ;)
 
They have a 90 day same as cash loan program with a 9.99% APR for qualified buyers. This may be an option, you just need to ask if there is any penalty for paying off loan early. If not, this would be the best option, IMHO.
 
Extending credit for computer purchases that will take you more than a couple of months to pay off isn't always the way to go since you'll be paying so much more. Figure what you could buy with the interest alone. Might be better to save up for a bit and pay cash, if you can.
And if you use computers on the job, many companies will do their own financing and offer much better rates. Or if your company has a credit union.

Oh, and for younger users, there's always trying to make a deal with the folks as not to extend yourself so early on (trust me on this one).
 
For someone that "credit cards aren't an option for", interpreting that to mean "bad credit", you are most definitely not gonna get the 90-days 9.99% same-as-cash program.

And, if an Apple Loan is an option, then a credit card is definitely also an option. The Apple Loan is basically applying for a line of credit -- no different than when you apply for a credit card, just the terms of the Apple Loan suck a lot more than a credit card. If a credit card truly isn't an option due to something like unpaid balances or bad credit, then you're gonna get the most suck-ass deal from an Apple Loan because they're gonna see the bad credit when you apply.

The Apple Loan IS a credit card, just a temporary one until it's paid off. Also, it looks bad on your credit report if you open lines of credit and then close them shortly afterward. It's best to have one, two, or three lines of credit open and continually use and pay them off.

In short, the Apple Loan will get a new computer into your hands fast and suck your savings dry even faster. I would highly recommend saving money for a few months to a year and purchasing the computer outright, or using an existing credit card, or applying for a credit card -- rather than using the Apple Loan program.
 
Don't get a loan on a computer. The only thing I advise for loans (including CC's) is a car (if you must - and with specific limits) and a house mortgage. That's it. Using CC's to purchase a computer, not a good idea, getting loan, not much different.

If you have enough to "pay it off in a few months" then save up for a few months and purchase it when you have enough. Our society is a buy now, pay later. I talked to a guy the other day that had $35,000 in CC debt and was paying $850/month, the minimum payment. OUCH. Needless to say, he needed and wanted help.

Get a older system off ebay with the cash you have in hand or save up. It seems very tempting, but learn from others who have been through it, avoid it.
 
ScottW said:
Don't get a loan on a computer. The only thing I advise for loans (including CC's) is a car (if you must - and with specific limits) and a house mortgage. That's it. Using CC's to purchase a computer, not a good idea, getting loan, not much different.

If you have enough to "pay it off in a few months" then save up for a few months and purchase it when you have enough. Our society is a buy now, pay later. I talked to a guy the other day that had $35,000 in CC debt and was paying $850/month, the minimum payment. OUCH. Needless to say, he needed and wanted help.

Get a older system off ebay with the cash you have in hand or save up. It seems very tempting, but learn from others who have been through it, avoid it.
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This is great advice. What tends to happen, although not as badly with Macs compared to Wintel boxes, is that when you spend several months paying for your computer, you quickly reach a point where it has depreciated beyond the balance you owe on it. With the rapid development of hardware and with faster and better products being introduced at prices the same as or lower than previous-generation products, you would hate to be stuck being "upside-down" on your iBook.

Scott's point with the car note is true because you often need transportation to make money. And with the home mortgage, the property usually appreciates with time as well as having the interest be tax-deductable. Neither of these apply for your iBook.

So I would echo the sentiment of the above posts and recommend you save as much as possible before you go ahead and upgrade.
 
Randman said:
And if you use computers on the job, many companies will do their own financing and offer much better rates. Or if your company has a credit union.
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I got a Computer Loan from a credit union and it was like 9% APR. That's how I bought my 17" PB. Credit Unions are definitely the way to go if you can get a loan through one.
 
I suppose, in theory, although I would advise against it... but if you got a 12 month loan on a computer, and paid for it over 12 months. Let's say a $1200 iBook would be around $100/month + interest. So, if you where going to go that route, you probably wouldn't end up, upside down and a credit union would probably do that for you. You also wouldn't be eaten up by interest.

However, I'd advise against it. Just cause people do it, doesn't mean it is the right thing to do, or right for you.
 
Well thanks for all the advice! Hmm, the general consensus is against Apple loans then. You've talked me out of it. Actually I don't haqve bad credit, but did have a credit card as a younger and (yes it is possible) dumber. Still paying for it although its mostly gone, and I've never paid it off at a very high rate, but suffice to say I'm not keen tog et another one and dump a grand on it right away.
My company doesnt have a 'credit union' - there is a 15% discount on all Dell equipment, but we all know the profit margin for Apple resellers - when someone was leaving a few months ago we got him an iPod, and the most our supplier could do for us was £8 off a 40Gb. Although I'm in IT I can't get no favours really - the other have it sewn up tight. I only bought my own G4, for instance, due to frustration: we'd been burgled, and several G4s and cinema displays stolen. Two Sawtooths were recovered by police, but we'd already claimed them on insurance, so could legally have them in the building (audits) so one guy asked if he could have or buy one (at avery knock down rate), and was told yes, so so did I(being pro-active, 'we'll need OS X people' etc), and was told yes, and then we had to wait. Then neither of us could have them. So I went and forked out for my own.
Just found out the other day that the other guy got his anyway, and as oon as they thought I'd forgotten about it they gave the other one to someone they'd rather give it to, who is a PC engineer and apparently hasnt turned it on or installed X since he got it.
 
See if you can buy his? :) It's often harder waiting and paying cash, but in the long run it's worth it. I'd only pay on credit if I could pay it all off in 3 months or less, or if I have 85% of the purchase price in cash.
 
Randman said:
See if you can buy his? :) It's often harder waiting and paying cash, but in the long run it's worth it. I'd only pay on credit if I could pay it all off in 3 months or less, or if I have 85% of the purchase price in cash.
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Thats what I was hoping for, don't mind credit if I can clear it inthree months - will look at the 90-day thing....
Anyway, in the long I'm happy (about my G4) as its mine all mine mwahahahahaaa and the others may have to give their free ones back...
Anyway, thanks for all the replies, very informative.
 
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