WOW, Apple Loans are great

Discussion in 'General Mac Discussion' started by blvdeast, Jan 10, 2004.

  1. blvdeast macrumors regular

    Joined:
    Nov 19, 2003
    Location:
    Cliffside Park, NJ
    #1
    I am 18, have two low-limit credit cards and I never thought that apple would accept my application for a loan, and i decided to apply to see what would happen, and I was accepted. It is amazing, I can now get my iBook. I got a $999 loan for the 12.1" Combo iBook, I almost cried. I am grateful for apple giving me a helping hand. Still excited, can't believe it.
     
  2. virividox macrumors 601

    virividox

    Joined:
    Aug 19, 2003
    Location:
    Manila - Nottingham - Philadelphia - Santa Barbar
    #2
    good luck with paying it man!!! enjoy the ibook
     
  3. blvdeast thread starter macrumors regular

    Joined:
    Nov 19, 2003
    Location:
    Cliffside Park, NJ
    #3
    My monthly income from work is about $450, I pay phone+internet- about $100 a month, car inscurance- $131 a month, and the little extras about $100 a moth, i have $119 left over. That should be enough to pay for it, and I am due for a raise, 3 years at the same place and no raise.
     
  4. mmmdreg macrumors 65816

    mmmdreg

    Joined:
    Apr 14, 2002
    Location:
    Sydney, Australia
    #4
    Wow. Where do you work?
     
  5. blvdeast thread starter macrumors regular

    Joined:
    Nov 19, 2003
    Location:
    Cliffside Park, NJ
    #5
    I work in a small flooring store, I work in the sales department. I never asked for a raise because I always got little presents for everything(small store=treated like family) and I never really needed more money, but now time to get the raise.
     
  6. Counterfit macrumors G3

    Counterfit

    Joined:
    Aug 20, 2003
    Location:
    sitting on your shoulder
    #6
    Re: WOW, Apple Loans are great

    Not to lessen your joy, but being 18, unemployed, and never having any credit whatsoever, I was cleared for a grand :). I didn't use it though, they were out of stockanyway. So I paid cash (through the 'rents) for my PowerBook two days later.
     
  7. ibookin' macrumors 65816

    ibookin'

    Joined:
    Jul 7, 2002
    Location:
    Los Angeles, CA
    #7
    Watch the interest rates. I've heard that Apple Loans through MBNA can be as bad as the worst credit cards (18-24% :eek: ).
     
  8. tjwett macrumors 68000

    tjwett

    Joined:
    May 6, 2002
    Location:
    Brooklyn, NYC
    #8
    i'm 25, make a pretty nice salary, and have awesome credit. i still somehow wound up with a 29% interest rate in my AppleLoan. :(
     
  9. hugemullens macrumors 6502a

    hugemullens

    Joined:
    Dec 15, 2002
    Location:
    Michigan
    #9
    I'm 21, i have a good credit history already (2 ford rangers yay!) and i got raped at 22%. Be careful, i got all excited and ran out and got my 800 DP powermac with it, didnt concern myself to much with the rate and now i just got it paid off. A lesson learned :)
     
  10. evil macrumors 6502

    Joined:
    May 2, 2003
    Location:
    chicago ex-toronto
    #10
    yeah my apple loan is like 22%. so i am making an extra effort to pay it off nice and fast to avoid major interest.
     
  11. blvdeast thread starter macrumors regular

    Joined:
    Nov 19, 2003
    Location:
    Cliffside Park, NJ
    #11
    I requested $999, got $2,500 and 17.99% and the regular 24-month interest only payment, I would rather have 24 month no interest payments.
     
  12. Pilgrims Pro macrumors regular

    Joined:
    Jan 30, 2003
    #12
    I asked for $1400 got $3000, with a 17.9% finance charge and most importantly 6 months no interest, of course it will accrue, but I will pay it off in less than 6 months.
     
  13. Horrortaxi macrumors 68020

    Horrortaxi

    Joined:
    Jul 6, 2003
    Location:
    Los Angeles
    #13
    I'm not seeing how 17% is a good rate. I think the Apple Loan goes as low as 9.99% and I still get much lower rates on all of my credit cards. But I suppose for certain people there aren't many choices.
     
  14. Mantat macrumors 6502a

    Joined:
    Sep 19, 2003
    Location:
    Montréal (Canada)
    #14
    Getting less than 9.9% with a credit card? I doupt it... This how cedit card compute interest.

    Let say its writen 12% interest. In fact, its 12%/12 (months) = 1% per month.
    No if you do (1.01)^12 you will end up with a bit over 13%.

    Now do the same thing with 21% and see the diference... The rate they tell you is the ANNUAL rate, the real rate is called the ACTUAL rate or EFFECTIVE rate.

    21% is a 'normal' rate under condition like these. The risk factor is kinda high and is flexible. Lower than 12% rates are mostly for very secure and inflexible loan (mortage for exemple).
     
  15. Fabrix2003 macrumors regular

    Joined:
    Nov 5, 2003
    Location:
    Cheshire UK
    #15
    Unsire of the finincial situation of things but im a college student bought a powerbook G4 17" and never looked back, had to apply for a student loan got $3200 thats like $6000 give or take. Happy as ever dont have to pay it back till im 25 im 19 im okay now, and living the most every day, consodering buying a G5 now but wondering when the best time to buy really. :)
     
  16. Horrortaxi macrumors 68020

    Horrortaxi

    Joined:
    Jul 6, 2003
    Location:
    Los Angeles
    #16
    I haven't had an APR higher than that for a long time. Higher FICO score = lower interest rates. Easy.
     
  17. ShadowHunter macrumors regular

    Joined:
    Sep 27, 2003
    Location:
    Fresno
    #17
    Did y'all get co-signees or something?? I applied after I had a credit card for 6 months with perfect payments (no other bills to gain credit), and was summairily denied without a co-signer. It was around the time I turned 19, and I was (still am) making pretty good money for my age ($1200/mo net).

    It's been almost a year with my CC, so maybe I should try again.
     
  18. Omad0n macrumors regular

    Joined:
    Apr 26, 2002
    Location:
    Seattle, WA
    #18
    I rememebr when I applied for an apple loan a while back I got through the whole process only to be told an error occured. So I tryed again, and it wouldn't allow me to input the stuff it wanted. So I went another route. Oddly enough though a couple months later I had a letter from the MBNA with a check. Apparently my apple loan went through, though by the time I knew it was not nescessary anymore.
     
  19. SiliconAddict macrumors 603

    SiliconAddict

    Joined:
    Jun 19, 2003
    Location:
    Chicago, IL
    #19
    Re: WOW, Apple Loans are great

    You are 18 which is why you didn't comment on interest. I became acutely aware of interest rates when I looked at my first car. The rates will kill you in the long run.
     

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