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Discussion in 'General Mac Discussion' started by starsaber13, Feb 2, 2003.
Is the apple loan worth doing.If anyone has used it please tell me what it is like.
I would also want to know this... When I bought by iBook, the guy at the store told me that its kind of hard to qualify (because I haven't lived 2 years in Canad, etc). But of course, he said that because he wanted me to buy from his store, not directly from Apple!
I don't understand what you mean by "is it worth it?". It is a loan. You get to buy a nice computer and make payments. What's not to like?
well, i got my apple loan through mbna, which coincidentally backs my credit card (don't know how much that helped...or hindered ) anyways, it's a fairly high rate (19.99), but i can do my payments online, and the loan is like a credit line. i still have credit left and when i get it down low enough i might throw an ibook on there. so it's good in that it's easy, and bad in that it's high interest and it is possible for me to spend even more.
be careful with that apple loan. it's through mbna (as someone has already pointed out). the interest rate is very high, and they will raise it about half way through your pay-off period. however, this interest rate increase will not be readily obvious to you because it will be written in very small type on the back page of an advertisement for kibbles n' bits that was included with your statement.
they jerked mine up to 25%. I figured it out the next month and paid the remaining balance the next day.
just put it on your credit card. that's mho. by the time you pay off the machine at the mbna interest rate, you will have paid for almost 2 machines.
thanks for the heads up!
I as going to get a loan with apple but i have been through alot of **** with my last one and i've decided i'm not getting a loan ever again if possible. Anywayi can get my credit card limit upped to about 2k in March so it gives my time to save and time to look at the mac lineup if it changes then i'll put it on the card saving me alot of hassle and a cheaper APR.
Yeah, the MBNA Apple Loan interest rates are horrible. If you are late once, just once, you automatically get bumped up to 27.88% interest for the next 12 months. That's a sizeable chunk of change on a $1500 loan. Ouch.
P.S. Sorry for the antagonistic tone of my previous post. Not sure what was up with that.
thats odd, he must have not been a authorized reseller. we get the money if we sell the computer, even if it way with apple loan. they dont pay anything up front and walk out the door with a computer. then apple sends us money and the bank sends the person a check each month. very easy to apply, takes about 5 minutes.
I took out a loan from my credit union instead of the bank related to Apple. I found it easier since I have all my loans and information under my one account, and I don't have to worry about the interest rate changing because your credit union is usuually nice to you because they have all your history right there. Unless your not nice to them
Apple only approved me for 2,000 while my credit union approved me for whatever I needed at a rate around 12% for 3 years. I think its wiser to take out loans through your credit union and have a consistent payment, rather then charing on a credit card or taking out a loan from a bank parternered with a financial institude working with electronic companies.
Yeah, check out your local credit unions. If you have a good credit history, you can get some pretty sweet deals. My local credit union downstairs in my office building are offering loans around 10-15% for computers depending on your credit history. I have a pretty good score myself, so I might pay them a visit in the future.
BTW, for those of you in the SF Bay Area, you check out this credit union:
You can find better interest rates than what the Apple Loan will give you.
Does Apple Loan offer 90 or 180 day same as cash, without interest? Correct?
If so, which?
I don't think so. Not sure if I read that or not.
Don't do the Apple Loan
I bought the Flat Panel iMac when it came out along with Airport, iPod and a few other things.
The promotion said 180 days same as cash. I paid it off within 90 days, but they still charged interest and there is alot of fine print.
I don't have the time to dig through all the fine print and I don't think that they will ever give me back the interest that I ended up paying.
When I make my next major Apple purchase, I will get a loan through my Credit union or some other bank.
Hope this helps you to decide on how to go about making the purchase.
Re: Don't do the Apple Loan
Interesting. Thanks for your input. I will research further.
Wow, that's scary about the 180day interest free thatthat they hit you with penalties on, I almost bought with that.
I've been looking at a number of loans to pay for my new powerbook. I'm graduating in a few weeks, I've got a great paying job lined up, an I'll be traveling non-stop.... the only problem is, I want the powerbook now! One option that I haven't seen mentioned yet here, is that a few credit card companies sometimes offer 12months at 0% APR on purchases. It's rare, but you do see it, even more common is 6months though. You do HAVE to get it payed off before the 6months though, or you're going to suffer insane interest trauma.
One cool thing about going with a creditcard is the ability to get one of the 15"gigabooks barely used off someone for cheap. But that's still an option I'm weighing...
Anyone see a flaw in my plan?
BLUE thru American Express currently offers 0% intro APR of purchases for 6months, I couldn't find a 12month.
Try your local credit union
I just spoke with my local credit union about getting a computer loan, and based on my credit score, they offered me their lowest rate of 9.99%. I asked them to make sure there were no hidden fees or pre-payment penalties, and they assured me that was indeed the case. The credit union I contacted was USE Credit Union here in the SF Bay Area (fellow Macusers in the Bay Area interested in a quote should call them). Here's their website:
I can't speak for all the other credit unions across the country, but from my knowledge of the commercial banking industry, credit unions typically are associated with some public organization and do business with much lower profit margins. Thus, I think you can get a pretty good deal from your local credit union if you have a good credit score.