education payment plan for macbook ?

Discussion in 'MacBook Pro' started by DBZmusicboy01, Oct 5, 2014.

  1. DBZmusicboy01 macrumors 6502a

    Joined:
    Sep 30, 2011
    #1
    Has anyone bought a macbook that way ?
    I am in college so I want to build credit and the same time have the macbook without paying $1300 right away. It's easier for my dad to get it that way but I don't have a job yet but he has enough money to pay monthly for 1-4 years.

    Who here has financed a macbook ?
     
  2. jetlitheone macrumors 6502a

    Joined:
    Sep 16, 2012
    #2
    You can do it. But the Barclays apple card has a really really high interest rate... Wouldn't recommend it honestly.
     
  3. yg17 macrumors G5

    yg17

    Joined:
    Aug 1, 2004
    Location:
    St. Louis, MO
    #3

    4 year financing on a laptop? You'd have to be missing a few brain cells to do that.

    If you can't afford it, don't buy it.
     
  4. karilynn macrumors regular

    karilynn

    Joined:
    Jul 30, 2011
    Location:
    Saint Paul, MN
    #4
    Steer clear of the Barclay's card. I had one and they were a complete and total nightmare to deal with. Not only that, the interest rate is borderline criminal.

    If you really, truly can't afford it today, the only other option might be taking out more student loan money and expensing it that way. Lower interest rate and depending on the loan, NO interest at all while you are in school. However, paying back a loan after you finish school for a computer you probably won't even have anymore is going to be a real mood killer. Your call, though.
     
  5. capathy21 macrumors 65816

    capathy21

    Joined:
    Jun 16, 2014
    Location:
    Houston, Texas
    #5
    Not everyone has $1,000 plus at a time to spend on a laptop. Making payments is the only option for some people. I have purchased two Mac's with my Barclay's card and have been pleased with the service. As the OP stated, his dad has the means to make monthly payments on it. There is nothing wrong with doing that. He is an adult and understands that there will be an interest rate involved.

    Many people finance things such as washing machines, air conditioner units, expensive car repairs, or anything else that they need. It is the only way for some people. Why is a computer any different? Op needs a good machine for college, the best option for him and his family at this time is to finance it. As long as monthly payments are made on time, there will be no issue.
     
  6. MacSumo macrumors regular

    Joined:
    Nov 26, 2013
    #6
    well, it's your call, but don't get into the habit of using credit for things you can't afford yet.
     
  7. connormmaher macrumors newbie

    Joined:
    Oct 6, 2014
    #7
    I'm by no means justifying the seriousness of financing something, but typically it's not a great idea for something in this price range. If you must have it, then go for the longest terms possible and pay it off before the interest rate kicks in at all. First you must confirm if there is a early payment penalty, which is there is I would highly recommend not pursuing this option.
     
  8. jav6454 macrumors P6

    jav6454

    Joined:
    Nov 14, 2007
    Location:
    1 Geostationary Tower Plaza
    #8
    You can finance through Apple for 6 months 0% interest I believe. However, I would suggest you buy it cash.
     
  9. Ccrew macrumors 68020

    Joined:
    Feb 28, 2011
    #9

    You're not building credit if your dad is financing it. And frankly, financing a computer is a bad fiscal lesson as others have pointed out.
     
  10. MacTCE macrumors 6502

    Joined:
    Dec 20, 2013
    #10
    From the stories I've heard I'd stay far far away form the Barclay card.
     
  11. Jets737, Oct 7, 2014
    Last edited: Oct 7, 2014

    Jets737 macrumors member

    Jets737

    Joined:
    Sep 9, 2014
    #11
    Apple discounts

    Doesn't Apple have a student discount plan? Or is it not that big a deal?

    And BTW, I do agree with the sentiment about using a credit card over a long term. It can be a very EXPENSIVE way to make your purchase. But you gotta do what you gotta do. :mad:

    Here a link to an article from a few years back, but I have to assume that credit has probably eased bit since then (we are much further away from 2008 now).
    http://www.cbsnews.com/news/the-3-best-credit-cards-for-students/

    0% for 6 months can provide you with an opportunity to earn some money over the next 6 months so you can pay down that balance without incurring any interest charge. And the cash-back features are attractive. Of course, given this article is dated, you'll have to do your own due diligence to see if these deals still exist.

    Good luck.
     
  12. Commy1 macrumors 6502a

    Commy1

    Joined:
    Feb 25, 2013
    #12
    I considered financing my laptop, as I am a student but opted into simply using my existing credit card to pay for it. I didn't want to but it was an emergency situation. My iMac hard drive was going fast and I was able to sell it for a fair price all things considered to help pay for the new Macbook. Took awhile to pay off entirely... but it went towards a good credit score and wasn't like I was splurging a lot, it's a great machine that has done great things for me so far.
     
  13. BasicGreatGuy Contributor

    BasicGreatGuy

    Joined:
    Sep 21, 2012
    Location:
    In the middle of several books.
    #13
    As long as you make your monthly payment on time, there is no problem. I used the card to purchase my late 2011 MBP. I paid it off in a year interest free. That is a good deal, in my opinion.
     
  14. johnnnw macrumors 65816

    johnnnw

    Joined:
    Feb 7, 2013
    #14
    Your logic is so flawed. What you said applies to necessity. A fancy Apple computer is not one of those things. Air conditioning, washing machines, a car to get to work, are all things you NEED. Don't confuse needs and wants. OP wants a Mac.

    You're paying so much interest to finance a computer over four years it is absolutely not a good idea. Any financially wise person would recommend you buy a cheaper computer.
     
  15. capathy21 macrumors 65816

    capathy21

    Joined:
    Jun 16, 2014
    Location:
    Houston, Texas
    #15
    Then everyone who finances a car should just buy a clunker with cash. Those who pick a nice house and make payments with interest on them should just share an apartment with 6 other people until they can afford to pay cash. Mortgage payments in the long run carry much more interest than a credit card yet no one bats an eye. People buy frivolous **** all the time on credit yet when someone on MR suggests it, everyone becomes fiscally responsible and calls it insane to finance a computer. OP has every right to finance a Mac if he wants to. He said 1-4 years so he may not even pay interest if he were to pay it off in 12 months. Chances are, people all over these forums finance their toys and if they want to pay interest, what's the problem?
     
  16. plusnq macrumors member

    Joined:
    Jul 15, 2013
    #16
    While I would agree regarding the purchase of "toys", a laptop that will see the user through tertiary education is a tool and should be viewed as an investment rather than a discretionary spend. I prefer to borrow only for investments myself but others see the world differently. I'd want to have insurance for anything that I borrowed funds for, especially if my Dad was making the payments for me.
     
  17. MacTCE macrumors 6502

    Joined:
    Dec 20, 2013
    #17
    I wasn't suggesting the OP not get a Mac. I was just warning of the bad stories I've heard about the Barclay card.
     
  18. Meyer Lansky macrumors newbie

    Joined:
    Oct 4, 2014
    #18
    If you don't want to pay any interest, you can get 12-month interest-free financing through the Barclayscard for that price range (with mandatory monthly payments). Not taking into account tax, $1300/12 is roughly $108 per month, which is a hell of a lot better than shelling out $1300 in one go. I financed a $3000 machine in the latter years of my schooling this way, and I have no negative things to say about the Barclayscard. Be sure to keep up with the monthly payments though, or you'll see astronomical rates.
     
  19. jjahshik32, Oct 8, 2014
    Last edited: Oct 8, 2014

    jjahshik32 macrumors 603

    Joined:
    Sep 4, 2006
    #19
    Many people do finance things but they are necessities in life. I can't go a week without my washing machine or even a day without an air conditioner working or my car functioning but a laptop to finance for 1-4 years is ludicrous. Hell I just bought a new car last June and I'll have it paid off in 2 years (around next June) even though I'm locked in at 5 years just to avoid the 2.97% APR.

    I don't like telling people what to do about their situations and how they should spend their money but I try to give the best advice that I can. If the interest rate is really high, I'd try to either save cash to buy the laptop (probably can get away with using the school computer or just go home to use a desktop computer if you have one) or buy a cheaper laptop on eBay.

    But really having been through college, I find that having a laptop isn't that big of a deal. There are computer labs everywhere if you really need it and most computer based courses have lab computers at the desk that you sit in. Unless you need to run specific Mac applications and absolutely need it to get through courses.

    This is the problem in the United States, people want new things now that which they cannot afford.

    ----------

    Looks like you beat me to the punch on the necessities argument. :p
    I totally agree, while I LOVE Apple laptops, anyone can get through 4 year uni with a $200 laptop. I know this for a fact because one of my friends in college went through all 4 years using a netbook because that's all he could afford at the time.
     
  20. jjahshik32, Oct 8, 2014
    Last edited: Oct 8, 2014

    jjahshik32 macrumors 603

    Joined:
    Sep 4, 2006
    #20
    But we're still talking about necessities as to wants here. Sure anyone can buy an old used clunker for $2k-$4k (say a Toyota whatever) and still drive it for another 5+ years with some extra maintenance but this is still a necessity. If you have to borrow money to buy even a $2k car, I'd do it because you can't get anywhere without doing so.

    Also a house is a LONG term investment and usually on average can be an appreciating asset. But a laptop that a lot of people upgrade every 2-3 years? I just think its a bad idea, I wouldn't want to be stuck with a 1-4 year old laptop and still making payments on it while the next new shiny thing Apple releases. I just see that as a poor choice but if instant gratification is more important than your financial situation then hey do whatever you want.

    But sure if the OP's dad can pay off the amount within 12 months then I'd say go for it but then again the OP wouldn't accumulate any credit anyway.
     
  21. TechZeke, Oct 8, 2014
    Last edited: Oct 8, 2014

    TechZeke macrumors 68020

    TechZeke

    Joined:
    Jul 29, 2012
    Location:
    Rialto, CA
    #21
    As a college student who saved up to buy a Mac cash, I will never buy a computer via credit again. My bank account cried, but knowing you actually own your expensive tool is far worth it IMO.

    If you must do it via payment plan, you could try bill me later from Paypal.

    EDIT: Lets be real here though, 90% of the people on here, especially those with $2500 MacBook Pros, paid with credit.
     
  22. GoCubsGo macrumors Nehalem

    GoCubsGo

    Joined:
    Feb 19, 2005
    #22
    A computer does not need to cost $1000. You can pay cash for a $400 laptop that will serve a college student very well. You cannot compare financing a computer with financing a home repair. If you ask me, if I know I'm about to finance a laptop and I intend to repay it over 4 years, I would buy a cheaper laptop and pay it off before interest kicked in. No sense in paying more for something because you're lagging behind in paying it. Now, did I finance a major home repair? Yes. Did I pay roughly $200 more for it because interest kicked in automatically? Yes. Was it necessary? Absolutely. Is a $1000 Mac a necessity? Not even a little.
     
  23. capathy21 macrumors 65816

    capathy21

    Joined:
    Jun 16, 2014
    Location:
    Houston, Texas
    #23
    Bingo! That is my entire point. People finance boats and jet ski's(non necessity) sports cars(non necessity) vacation homes(non necessity), jewelry(non necessity) and many other "toys" knowing they will pay interest. Yet someone mentions financing a MacBook and OMG it's unthinkable!!!!!

    Of course it is always better to pay cash for anything that would accumulate interest when financed. However, it is splitting hairs to condone financing some things, while not financing others.
     
  24. jjahshik32 macrumors 603

    Joined:
    Sep 4, 2006
    #24
    You could be right about this estimate but no facts to support it. Anyway if it were true, this is the reason why the U.S. is broke and in trillions of dollars in debt (assuming most of macrumor members are from the United States, not that Europe is in any better situation).
     
  25. baypharm, Oct 8, 2014
    Last edited: Oct 8, 2014

    baypharm macrumors 65816

    baypharm

    Joined:
    Nov 15, 2007
    #25
    So you are saying you have no job and no means of support and you want your daddy to pay for your computer so YOU can build your credit profile? If this is how I understand it, pretty sad….if I am wrong then my apologies.

    I have never financed a computer. I make sure I have the funds available before I spend. Buying a computer on credit with no job is what gets people into financial Hell. They spend money they don't have. Don't know what your major is going to be in college but I hope it is not business. Please take the time to secure a job, and put a portion away each month for a computer. Eventually you will have enough to pay for it. And it will be a good feeling knowing you actually worked for it and it is yours. Don't take my post as being condescending - it is not meant that way.
     

Share This Page