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Old Jul 31, 2013, 02:25 PM   #1
Joester16
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Buying a new Mac. (Financing)

Hello, I plan tone purchasing a MacBook Pro in the next few weeks, and I wanted to do the financing plan. The thing is that I have more than enough money for it, but I can't imagine spending that kind of money at once. I have ZERO credit (current college student; no need for a credit card) and I hear that it is pretty difficult to be approved for a barclay card. Is there anything I can do tobe approved for the card? Could I pay $600 up front and finance the rest? I want to build some credit and not dump part of my bank account on one purchase. Any advice is welcome.
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Old Jul 31, 2013, 03:53 PM   #2
talmy
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Quote:
Originally Posted by Joester16 View Post
The thing is that I have more than enough money for it, but I can't imagine spending that kind of money at once. ... I want to build some credit and not dump part of my bank account on one purchase.
Good for you to have more than enough money for it. Buy it with cash and don't finance it. You "can't imagine spending that kind of money at once" but you have to consider financing in the same light since you still make the purchase and are obligated to pay. And one slip on those 0% interest deals and you will owe a boatload of interest charges and perhaps penalties.

There's an old saying not to buy anything on credit that depreciates, and that certainly includes computers.

If you want to build up your credit rating, when you get a credit card always pay any outstanding balance in full. The interest rate on credit cards is outlandish.
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Old Jul 31, 2013, 05:49 PM   #3
martinm0
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I'm going to agree with talmy's comments above. If you have the money, and want something this expensive, just pay cash and don't play the financing game. At some point something else will come up, you'll take the cash you have in savings to pay for monthly credit card minimums and use it for something else, starting a spiral effect of taking on more debt than you can pay. (I know, I know - you didn't come here to get a lecture on fiscal responsibility. But trust me, from experience, this always happens).

If you're really trying to build up your credit, I'd suggest getting a secured credit card from your bank. This is where you have to give them money in lieu of a line of credit that you can use for purchases. If you default on payments, they take your collateral/cash to cover the debt. This is an excellent way to build credit without over extending yourself financially and getting yourself in trouble.

Sorry again for the parenting tone. Just want to make sure you can enjoy your new computer without having to live out of a box (PS - those Apple computer boxes are getting smaller and smaller...)
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Old Jul 31, 2013, 09:15 PM   #4
Vampire5003
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My Opinions and Beliefs

Look Financing is good, but only if your responsible and smart. My parents allowed me to finance a Macbook (can't remember what model) about 5 or 6 years ago. I was in my late teens, and I had 18 months at 0% to pay the debt off. I paid the laptop off in about 11 months, and I loved that laptop. The following year my sister spilled Hot Chocolate on it, and the computer was dead. As luck would have it I sold it on eBay for $200 as parts, and used cash that I had saved up to get a iMac 20 inch. I had that desktop for 3 years then I gave it to my parents as a gift for letting me finance the Macbook. Now I'm in the market for a Mac again lol.

I disagree that financing is bad, it's the people using the financing that are irresponsible and bad. That being said, if you cannot trust yourself to pay the balance, then don't finance the laptop. Not only did I have a job back when I bought my Macbook, but I could have paid the computer in full at time of purchase. My parents simply wanted to teach me how financing works, and what it's like to have a monthly bill. They didn't want me to by like my sister who pays her bills late, looses her 0% financing offers (due to late payments), and has horrible credit.

That being said, never finance something that you can't pay off within 3 months. In other words, if you make $500 a month (after bills, rent, etc), and you have a 0% financing offer for 12 months, don't finance something over $1500. Just in case something happens.

The problem with financing, is you don't know if something might happen (lose your job, car breakdown, etc). Now this logic that financing is bad is BS to me, after all buying a cash car is not always a great idea. Sometimes you need a reliable car that won't have as high of a risk of breaking down. Car dealer then offers a car loan/financing/auto loan (whatever you call it), which is like financing as you have a monthly payment with or without interest. That's just my logic and opinion(s). Do whatever you feel is right, and perhaps consult with your parents? After all their advice is 1 million times better than mine, as they know you best.

Hope this helps,

T
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Last edited by Vampire5003; Jul 31, 2013 at 09:39 PM. Reason: Grammer
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