View Full Version : Apple loan...
Jul 24, 2003, 09:24 PM
I'm thinking about taking out a loan from apple to get a powerbook come september, and am wondering how picky they are about giving them out? I don't really have much of a credit history since I got my first credit card like five months ago; however I've paid every bill in full and on time. Do you think that will be enough for them?
Has anyone here had any experiences with apple loans that they'd like to share?
Oh, and I was planning on buying the pbook at my university store since its subsantially cheaper then the edu prices on apples website... I didn't see the store on the list of resellers posted on apples website.. Has anyoen here been able to apply for a loan from their University store? Is there any way to transfer the loan applied for on apples site to my university computer store?
Jul 25, 2003, 12:11 AM
I don't think you'll have much luck with a limited credit history. If you were to get approved for an Apple loan, your interest rate will be rather high. I beleive the rates start at 10%, which is too high as it is (IMO).
You might try going to your bank for a loan and having one of your parents co-sign. It might be your only option, as you're purcashing from your school store and not an Apple store.
Jul 25, 2003, 12:18 AM
You might as well try for the loan, via their website-- Since the loan isn't directly for the purchase, if you don't buy anything with the line of credit, you shouldn't get charged anything (if you decide you're unhappy with the interest rate)
also, i'm pretty sure you at least used to be able to do apple instant loans in store... which should include educational resellers. At very least you may be able to get the loan online, then use the loan number to buy the equipment-- not sure about that one tho... check with your store...
Jul 25, 2003, 01:32 AM
If you apply for a loan online, you get an approval pretty quickly. If you're approved, they tell you what your credit limit and interest rate are. At that point you can decide to open the line of credit, or decline.
I applied a few months ago, but didn't like the interest rate that they quoted me (my credit card was less), so I just declined the account. No problem.
It probably still works that way.
Jul 25, 2003, 01:40 AM
Gah, in my optimism, I didn't even notice the "as low as 9.99%." I guess it couldn't hurt to try and see though, like you guys suggested...
But yeah, a bank loan is probably a better idea... that or increasing the limit on my credit card.
Jul 25, 2003, 02:31 AM
The rate STARTS at 9.99%. If you are late for even one payment, your rate can go as high as 27.99%. Believe me, I just took out a loan to pay off the Apple Loan, because I got slammed with the 27.99% rate, because I was late in ONE payment, and despite being on time for the other 18 payments I've made before and since, I'm still stuck there. It's all in the fine print.
Jul 25, 2003, 06:58 AM
Many Credit Card companies are mailing out those "0% APR" offers for 6 months, which IMHO is a better deal than the Apple Store. If you pay off your balance in 6 months you're safe, and build more credit.
Jul 25, 2003, 08:42 AM
I did AppleLoan to get my iMac. It was easy to do, since I have good credit, but I am not very pleased with the interest rates. It's good IF u can only afford a little bit each month to put out, and don't mind paying extra in the long run.
I ended up making 4 payments, then transferring the balance over to my credit card and got a transfer rate at half the rate MBNA (who issues Apple credit) gave. ;)
Jul 25, 2003, 09:07 AM
I did an Apple loan a few years ago when the original iMac came out. I had a similar credit history as you and was approved. This interest rate sucked and I was able to procure a loan at my bank with a better rate.
It sounds like you have a little time. Try shopping around for loans to see what interest you can get. Your wallet and you will be happy if you take a little time to research this.
Jul 25, 2003, 09:29 AM
I used the Apple loan to buy my powerbook since it had a 6 month 0%. Only problem was I ordered a case too which shipped first, so only the cost of the case got the 0% rate while the powerbook got 9.9%. I wasn't too pleased with that.
Jul 25, 2003, 09:46 AM
I thought something like that might happen, so I clicked "ship everything at the same time". I wonder if a phone call to MBNA would have cleared that issue up.
I plan to borrow MBNAs money for 6 months, pay off the powerbook, and cancel the loan. I hope the book ended up on there first!
Jul 25, 2003, 10:07 AM
when you do it tell it you want to pay over 5 years, so you will have a very very low per month charge. then pay much much more than your are suppose to every month and you will have it payed off in no time without paying much credit. there is no penalty for prepayment so you can do just that.