Apple Loan

Mr. Anderson · Jun 7, 2003, 08:17 PM

Anyone do this recently? I'm comtemplating it for my new machine when the 970s come out - but I'm not sure. I could put the whole thing on a credit card, but with what I'm buying it would be a bit much.

And I have other options, I'm just interested in finding out what peoples' experiences are with the thing.

Thanks,

D

trebblekicked · Jun 7, 2003, 08:37 PM

IMO, apple loan isn't competitive w/ interest rates going around today. the only upside is easy credit for people with maxed out credit cards. i bought my quicksilver with the instant loan. the rate they quoted me at purchase was 12%, but the rate on my first bill was 24.99%. the next morning, i transfered the balance to a 0% 12 month credit card. i couldn't pay it off in a year, so i transfered it to another card when the 0% was up. if you play your cards right (no pun intended or achieved) you can get the new machine interest free. but not if you stay with the apple instant loan.

macktheknife · Jun 7, 2003, 09:08 PM

Check your FICO score. If you have a very good score, you should be able to get a pretty low rate on your credit card. My current APR on my card is about 9.99%, although some companies have offered me an APR as low as 7.99%. I have another card that has 0% APR through November 2003.

If you are looking for a longer-term loan with a fixed APR, check your local credit union. They usually offer competitive rates. I spoke to a representative at my local credit union and he quoted me a flat rate of 7% for a $3,000 personal loan.

Captnroger · Jun 7, 2003, 09:08 PM

Apple loan = high interest, but slightly easier to qualify for than a low-interest Visa/MC/Discover.

The Shadow · Jun 8, 2003, 09:34 AM

Quote:

Originally posted by trebblekicked
i transfered the balance to a 0% 12 month credit card. i couldn't pay it off in a year, so i transfered it to another card when the 0% was up. if you play your cards right (no pun intended or achieved) you can get the new machine interest free. but not if you stay with the apple instant loan.

Fabulous!

Abercrombieboy · Jun 8, 2003, 09:49 AM

The problem I have had with Apple Loan is they are through MBNA. MBNA is the worst credit organization I have ever worked with my entire life. I will not publish the entire story here, let's just say, a bad company.

pseudobrit · Jun 8, 2003, 10:08 AM

MBNA sucks. Stay away. Do it through your bank or, better yet, a credit union. If those aren't options you like a credit card with a low interest rate is the way to go.

They gave me some BS 23.99% when my credit was absolutely perfect and I was getting offers for 8.99% (permanently) cards.

It was supposed to be something around 14%. It sucks. You don't know what your interest rate is going to be until you get your first statement, i.e. after you have the Mac.

destroyboredom · Jun 9, 2003, 11:51 PM

I bought my iBook this way, when they had same as cash for 180 days(interest free)...couldn't pay it off in that time so just took a personal loan from my credit union. 20 something % from mbna compared to about 10%.

Go with a personal loan or an interest free credit card.

Mr. Anderson · Jun 9, 2003, 11:56 PM

Thanks for all the replies - I'll probably go with a credit card if that's the case. Pretty crazy rates!

As a home owner I won't have a problem getting a decent rate. Thanks.

D

ZildjianKX · Jun 10, 2003, 12:49 AM

Quote:

Originally posted by trebblekicked
IMO, apple loan isn't competitive w/ interest rates going around today.

Apple, competitive? LoL

Sorry, I have to rant...
Non competitive speeds, price, loans, warranties, lol.

Anyways... for all the college students out there, use a student loan if at all possible.

alia · Jun 12, 2003, 06:46 PM

Quote:

Originally posted by ZildjianKX
Apple, competitive? LoL

Sorry, I have to rant...
Non competitive speeds, price, loans, warranties, lol.

Anyways... for all the college students out there, use a student loan if at all possible.

It's not just Apple that uses MBNA. A lot of major companies do. I got a Vaio through PC Mall and they use MBNA as well.

I am in whole-hearted agreement with you about the student loans. That's how I intend to buy my Powerbook. The rates are insanely low right now.

Alia

Jun 7, 2003, 08:17 PM	#1
Mr. Anderson Demi-God (Moderator) Join Date: Nov 2001 Location: Back in VA	Apple Loan Anyone do this recently? I'm comtemplating it for my new machine when the 970s come out - but I'm not sure. I could put the whole thing on a credit card, but with what I'm buying it would be a bit much. And I have other options, I'm just interested in finding out what peoples' experiences are with the thing. Thanks, D __________________ "Klaatu varada nikto!"

Jun 7, 2003, 08:37 PM	#2
trebblekicked macrumors 6502a Join Date: Dec 2002 Location: Chicago, IL, USA	IMO, apple loan isn't competitive w/ interest rates going around today. the only upside is easy credit for people with maxed out credit cards. i bought my quicksilver with the instant loan. the rate they quoted me at purchase was 12%, but the rate on my first bill was 24.99%. the next morning, i transfered the balance to a 0% 12 month credit card. i couldn't pay it off in a year, so i transfered it to another card when the 0% was up. if you play your cards right (no pun intended or achieved) you can get the new machine interest free. but not if you stay with the apple instant loan. __________________ i work in showbiz 16GB iPhone 3G, 20" C2Duo iMac, Santa Rosa MacBook Pro, 80gb iPod

Jun 7, 2003, 09:08 PM	#3
macktheknife macrumors 6502a Join Date: Jan 2002	Check your FICO score. If you have a very good score, you should be able to get a pretty low rate on your credit card. My current APR on my card is about 9.99%, although some companies have offered me an APR as low as 7.99%. I have another card that has 0% APR through November 2003. If you are looking for a longer-term loan with a fixed APR, check your local credit union. They usually offer competitive rates. I spoke to a representative at my local credit union and he quoted me a flat rate of 7% for a $3,000 personal loan. __________________ "We are repeatedly what we do. Excellence then, is not an act, but a habit." -- Aristotle "Far too many Mac users walk about in a daze convinced that Steve Jobs is their friend." -- "Matsu"

Jun 8, 2003, 09:49 AM	#6
Abercrombieboy macrumors 68000 Join Date: Jan 2002 Location: South Dakota, USA	The problem I have had with Apple Loan is they are through MBNA. MBNA is the worst credit organization I have ever worked with my entire life. I will not publish the entire story here, let's just say, a bad company. __________________ Mac: 20" Aluminum iMac Core 2 Duo 2.4 Ghz, Mac OSX 10.6.1 iPod Touch 32 GB iPod Classic 80GB Silver Motorola Droid A855

Jun 8, 2003, 10:08 AM	#7
pseudobrit macrumors 68040 Join Date: Jul 2002 Location: Jobs' Spare Liver Jar	MBNA sucks. Stay away. Do it through your bank or, better yet, a credit union. If those aren't options you like a credit card with a low interest rate is the way to go. They gave me some BS 23.99% when my credit was absolutely perfect and I was getting offers for 8.99% (permanently) cards. It was supposed to be something around 14%. It sucks. You don't know what your interest rate is going to be until you get your first statement, i.e. after you have the Mac. __________________ Starting with a mistake, a remorseless logician can end up in bedlam

Jun 7, 2003, 09:08 PM	#4
Captnroger macrumors regular Join Date: Aug 2002	Apple loan = high interest, but slightly easier to qualify for than a low-interest Visa/MC/Discover.

Jun 9, 2003, 11:51 PM	#8
destroyboredom macrumors regular Join Date: Dec 2002	I bought my iBook this way, when they had same as cash for 180 days(interest free)...couldn't pay it off in that time so just took a personal loan from my credit union. 20 something % from mbna compared to about 10%. Go with a personal loan or an interest free credit card.

Jun 9, 2003, 11:56 PM	#9
Mr. Anderson Thread Starter Demi-God (Moderator) Join Date: Nov 2001 Location: Back in VA	Thanks for all the replies - I'll probably go with a credit card if that's the case. Pretty crazy rates! As a home owner I won't have a problem getting a decent rate. Thanks. D __________________ "Klaatu varada nikto!"

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