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Buying Macbook Air 11", question on financing

S

Sangdushi

macrumors regular
Original poster
Sep 9, 2011
128
0
would you advice against financing? how many have done it?

I'm a broke college student and I can't deal with windows anymore. just too much headache to deal with. I have an iPad 2 which I got as a gift that I plan to sell and also a bit more cash. Can I just pay $700~ now and pay the other $400 next month and get charged 0 interest?

I know the terms and condition say it's zero interest for the first 6-12 months depending on the purchase amount and
If balances are not paid in full by the end of the applicable period, or if a late payment is made, interest will be charged from the purchase date at a 22.99% variable APR. See Terms and Conditions for details.

but I want to make sure I'm not missing anything because I know how these companies like to work subtly telling you some information in the fine print you wouldn't have ever noticed only to get screwed in the end.

I want to get in on the student deal before Sept. 20.

btw the total for my purchase would be $1024 for the base 11"
 
I've been in your same shoes, and I'd advise just waiting to buy next month when you have all the cash. You won't have to fill out all the loan nonsense, and you won't potentially fall into the trap of owing a bunch of interest.

If you do go the financing route, and you make sure you pay it off very quickly like you said, you should be fine.
 
TheRealDamager said:
I've been in your same shoes, and I'd advise just waiting to buy next month when you have all the cash. You won't have to fill out all the loan nonsense, and you won't potentially fall into the trap of owing a bunch of interest.

If you do go the financing route, and you make sure you pay it off very quickly like you said, you should be fine.
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I know what you mean. I want that $100 gift card though lol
 
As a result of financial reform it's a lot more difficult for those under 21 to get credit (generally you need a cosigner now). Plus, as you mention, the card companies are quick to charge retroactive interest at a high rate if you don't repay the loan in its entirety at the end of the deferral period.

My suggestion is to stick it out a bit longer until you can pay it in cash. Dump the bloatware, reinstall Windows if necessary, or do whatever just to keep it going and the ultimate reward will be that much sweeter when it does come. If you are trying to build up a credit history, just get a regular card and get into the habit of paying it off in full each month (IOW, just spend the way you would with cash). A regular history of repayment is a good way to build up a good score over time.

Remember, if you can barely afford it as it is, then that means you are unprepared for an unexpected incident. Consider the poster today who spilled coffee on a new MacBook Air (fortunately it just seems like the Wi-Fi card needs to be replaced, but still). The worst thing would be to still owe money on something that's broken.

Get into the habit of living slightly beneath your means. Yes, the "new normal" isn't as enjoyable as the old normal, but that's the world right now.

Best of luck. :apple:
 
Guess I'll wait till next month.

How is everyone liking their MacBook airs?
 
Take fewer classes, get a nightly job a few times a week, and you'll be able to afford it without going into debt. if you don't want to the job indefinitely, just do it until you can pay your mac off, then quit. I'm also a full time college student, and I work close to 50 hours weekly in addition to 12 or 14 credits each semester. Good luck!
 
Yes, you can pay $700 now and $400 next month and pay 0 interest. Thats how every credit card works: there is no interest if its paid in full right away. But you will want to double check with your bank of course.

I don't see why you would wait until next month. The $100 free app store card is a GREAT bonus and it expires later this month. If you know you are going to buy the item anyway then waiting an extra month until you have 100% of the cash is basically just throwing away that $100 iTunes gift card.

I agree with advice saying that you shouldn't spend beyond your means but it sounds like you made up your mind anyway so just do it. You can easily save $400 on other things like food, etc. by not eating out, going to ALDI for groceries, and eating spaghetti for dinner for a few weeks.

Heck, if you eat Eggo waffles for breakfast, Spaghetti for dinner, and McDonalds dollar menu for lunch you can probably eat for a total of $3 to $5 per day. Cut a few more things out like saying no to a few movie nights out and you're there.

A month or two of suffering, sure, but then your MacBook Air will last you for YEARS and your $100 iTunes gift card will give you the latitude you need to buy a few apps and enjoy some music and movies right on your MacBook Air! (so the few movie nights at the movies you lose out, you can make up with a few iTunes movie rentals).

And guys, he already said he has $700 now, so all he is looking to finance is $400. That's a pretty small amount. Even at 22% interest, that would only accumulate to be $88 of interest IF HE TOOK ALL YEAR TO PAY IT (just around $7 per month, and none if he paid it off by the time his first payment was due).

Interest payments are easily offset in this case by the $100 iTunes gift card he gets by buying it now (even if he pays 3 months of interest, thats like paying $21 for a $100 gift card!).

Since he would pay the $700 upfront, the whole interest would be for the $400 that was financed, not the entire $1,100 he would spend.
 
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If you can't pay for it now without financing, then you can't afford it. To go a step further, if you can't pay for it now without financing AND making other significant changes in your lifestyle (like eating cheap food), then you can't afford it.

Save financing for things in your future that most people realistically could never save up cash for, like a house or a new car.
 
I actually did exactly what you said. I had just sold my MacBook white unibody for $700 and bought a MacBook Air with the BarClay card they offer. I paid $700 immediately and paid $400 the following month. No problems. I usually would not do that but I knew I would have the $400 soon so I decided to just go ahead and buy one.

Now I have a new computer and a credit card to use when the iPhone 5 comes out so I don't have to sell my iPhone 4 before buying a new one!
 
for the person that did exactly what I did, did it effect your credit in anyway?

gonyr said:
If you can't pay for it now without financing, then you can't afford it. To go a step further, if you can't pay for it now without financing AND making other significant changes in your lifestyle (like eating cheap food), then you can't afford it.

Save financing for things in your future that most people realistically could never save up cash for, like a house or a new car.
Click to expand...

I understand what you're saying, I really do.


I'm just so sick and ***** tired of dealing with windows and all it's crap. I'm going to slam my laptop against a wall any day now, it's frustrating.
 
Sangdushi said:
for the person that did exactly what I did, did it effect your credit in anyway?
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Well I really don't know because at the same time, I paid off my car early and paid off all my other credit cards so I can't really say if it had any significant effect on my credit. I wouldn't say it did because I paid it off within the first month.
 
kim2272 said:
Well I really don't know because at the same time, I paid off my car early and paid off all my other credit cards so I can't really say if it had any significant effect on my credit. I wouldn't say it did because I paid it off within the first month.
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ahh ok. I have good credit so am a little cautious. So did you just cancel the barclay visa card after you paid it off?
 
Sangdushi said:
for the person that did exactly what I did, did it effect your credit in anyway?



I understand what you're saying, I really do.


I'm just so sick and ***** tired of dealing with windows and all it's crap. I'm going to slam my laptop against a wall any day now, it's frustrating.
Click to expand...

I dont understand your frustration with windows, really. I think you need to do a format on your pc. I mean how bad can it be after a fresh reinstall?
 
i don't know if these "offers" happen in america, but my local store had an 0 %interest + 0% fee financing when i bought this mba. so basically i only pay its price. not a dime extra. :)

same offer is in my local bikestore when i bought my mountain bike 6 months ago. these offers are brilliant for us students. since i cannot pay a lot at a time, and fees act makes these loans normally extremely expensive :<
 
Sangdushi said:
ahh ok. I have good credit so am a little cautious. So did you just cancel the barclay visa card after you paid it off?
Click to expand...

Believe it or not, if you pay it off quickly it will likely improve your credit, in that it demonstrates some credit activity and a responsible payoff. The trap is that it's so easy to say "I'll pay it off NEXT month", and then before you know it you are in trouble. You sound pretty responsible - do what makes sense to you. Just make sure you pay it off right away. And you'll love the Air.
 
orfeas0 said:
I dont understand your frustration with windows, really. I think you need to do a format on your pc. I mean how bad can it be after a fresh reinstall?
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it's a 4 year old hp. I've formatted countless times, slows down again probably after a day. if I need to write a paper or something and open word, takes about 5-7 minutes for it to load. web surfing even with chrome is a painful experience as well. countless other annoyances.

first world problems I know :(
 
The new Air is fantastic, however it`s not worth going into debt for, stick out Windows until you have more cash. Strip Windows down to only what you really need. The Air is a relatively expensive machine and as some have stated and unfortunately some have found at first hand very expensive to be repaired, so some form of insurance would be a good idea, imagine still having to pay for a machine that is no more than a paperweight thanks to a carless hand and a cup of coffee, it happens...

I know working on an old machine sucks, bear with it, if you are broke now the last thing you need is debt, unexpected things happen when you least expect them.
 
I signed up for the Barclaycard and got 0% interest for 6 months. I had $800 cash and wanted to finance the balance of $500 for my 13". I'm paying off $100 a month, so I will finish 1 month early and keep my 0% interest.
 
So i'm assuming this could be done very quickly online but take longer in the physical store since I would have to wait for the Barkley card to come in the mail.

Little nervous, can someone explain the process of how they went through it online for me.
 
Sangdushi said:
So i'm assuming this could be done very quickly online but take longer in the physical store since I would have to wait for the Barkley card to come in the mail.

Little nervous, can someone explain the process of how they went through it online for me.
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If you apply for it in-store and approved right away, they can print out the confirmation and it gives apple a barcode to scan. If you apply online it will automatically be added to your account as payment info.
 
Sangdushi said:
So i'm assuming this could be done very quickly online but take longer in the physical store since I would have to wait for the Barkley card to come in the mail.

Little nervous, can someone explain the process of how they went through it online for me.
Click to expand...

You can apply in store. If you qualify, you can purchase it then. If you borrow money then repay it, that helps your score. However, what really helps your score is a pattern of consistently paying off debt. That's why I got into the habit of making everyday purchases on a card and paying it in full each month.

If you know for sure you will have the $400 next month, and you have the $700 now, it makes sense to purchase the Mac while the promotion is still on. For that matter, charge the whole $1100 now, put the $700 in a bank account, the $400 in that bank account next month, and make the regular payments if you are sure you can be disciplined enough not to spend the money on something else. However, if you aren't sure, then that's what gets risky.
 
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