Financing iMac? Should I wait?

Discussion in 'Buying Tips and Advice' started by OkieDokie1, Jan 20, 2012.

  1. OkieDokie1 macrumors newbie

    Joined:
    Jan 20, 2012
    #1
    Alright, so I have finally saved up enough money to buy a iMac.
    But, would this be smart?
    I am a college student right now, and don't have much credit, and just got into trying to build it. So I know I have enough money to buy one flat out, but should I finance it, and link the payments to my account I have my money saved in? That way it could build my credit some more.
    And a big one is, when does Apple release new versions of the iMac? I don't want to go buy an iMac, then next week find out they came out with a brand new one, and I get all jealous. I have a MacBook Pro, so I can wait, but I really hate the limited space I have when typing on it. Especially when I have to type long essays for class.
    Thanks in advance.
     
  2. miles01110 macrumors Core

    miles01110

    Joined:
    Jul 24, 2006
    Location:
    The Ivory Tower (I'm not coming down)
    #2
    Financing is pretty much always a bad idea. If you want to build credit, get a credit card and pay it off every month. If you decide to finance your iMac you will most likely end up having to make payments even after the next version comes out.
     
  3. Geekbabe macrumors 6502a

    Geekbabe

    Joined:
    Nov 20, 2011
    #3
    As long as you have the discipline to not touch the money that you've put aside to pay for your computer that's actually not a bad plan. Barclay's is the bank handling that interest free offer on Apple.com, they're a prime lender, establishing credit with them is not a bad thing. Keep in mind though that they are conservative, buying your computer and making beefy monthly payments to pay it off well before the interest period is over is the kind of behavior they want to see. Also, don't go on an app spree,avoid applying for anymore cards for at least 6 months.The good news here though is that if you behave responsibly, this card will grow with you & will look good on your credit report.
     
  4. malman89 macrumors 68000

    Joined:
    May 29, 2011
    Location:
    Michigan
    #4
    +1. Getting a credit card at 18 and then basically using it once a month - or less really, like usually buying books at the start of semesters on it and then paying it off - is a great way to at least build some credit.

    My older brother (25) never had a credit card until this year and no real student loans since he went to a local college. I had that credit card for the past 5 years and as a recent graduate with student loan debt, I have a significantly higher credit score. He just bought his first car and is paying a horrendous interest rate that he's hoping to refinance or just pay off with his tax return because the rate is so bad. Some credit is way better than no credit.

    At your age (and still my age honestly, still just 23), you should live off cash purchases. Don't want to go down that slippery slope of throwing it on a credit card and then using your cash for something else or sticking to the minimum payments.
     
  5. SmurfBoxMasta macrumors 65816

    SmurfBoxMasta

    Joined:
    Nov 24, 2005
    Location:
    I'm only really here at night.
    #5
    IF you do finance it, use the money you have saved & pay it off in 3-4 months. This will do a couple of things for you:

    A) Get you a new computer quickly
    B) Not give you much time to spend the saved cash
    C) Build your credit rating quickly
    D) Avoid any possible interest/late/service fees
    E) Give you the satisfaction of knowing that you acted responsibly & did something positive to ensure you get a great start towards getting & using future credit wisely........

    All in all, a WIN-WIN situation, so take it while you can get it :eek:
     
  6. willieva macrumors 6502

    Joined:
    Mar 12, 2010
    #6
    Only do this if you can get 0% interest and you know you will have the self control to pay it off in time. Otherwise you're just throwing money away.
     
  7. DesignerOnMac macrumors 6502a

    DesignerOnMac

    Joined:
    Jul 23, 2007
    #7
    I think this is a good idea, and the other suggestion to go with interest free for the period offered is excellent.

    I do not know the situation with credit cards at this time. but in the past when applying the first time for a credit card, you would only be pre-approved for something like $500.00. This of course would not cover your purchase of a new iMac.

    On wondering if and when a new imac will be out check the upgrade history for Apple products here on MR's.

    Hope this helps.
     
  8. OkieDokie1 thread starter macrumors newbie

    Joined:
    Jan 20, 2012
    #8
    I figured that maybe I wouldn't be approved for the full amount, so I would pay the difference. And finance what i get approved for. Just to build credit.

    I am planning on paying it off rather quickly though. Before the deadlines.

    And yeah, I am disciplined with my money. I have the 2000 i saved up in a separate account, which I don't use. I had been throwing about half my paycheck into that account, and used the other half for gas, bills, and misc stuff like Batman Arkham City.

    I'l be going later today to see what are my options for the iMac.
    Would you guys recommend the 27 or 21.5?
    I thought about getting the 27 since it is big, but would it be straining on the eyes after a while?
     
  9. snberk103 macrumors 603

    Joined:
    Oct 22, 2007
    Location:
    An Island in the Salish Sea
    #9
    Just an alternative opinion....

    You said you had a MBP, but thought it too cramped to type on....

    Why not just get a keyboard, mouse, and monitor, and use your existing portable as desktop when you're home - and then unplug it when you want it to go places?

    I understand wanting to build credit and all that.... but buying something you don't really need as a pretext to build credit is, um, questionable imo. Alternatively, sell the MBP. That way you won't need to borrow so much and you can keep a cash reserve. There are all sorts of unforeseen things that can happen, where a cash reserve can really help out.
     
  10. dlimes13 macrumors 6502a

    dlimes13

    Joined:
    May 3, 2011
    Location:
    Perrysburg, OH
    #10
    +1 to the hybrid desktop idea. Instead of dropping $2000 on an entirely new computer, just get an Apple Thunderbolt Display, Wireless Keyboard and Magic Mouse/Trackpad. Don't know the exact MBP you have though.
     
  11. emac82 macrumors 6502

    Joined:
    Feb 17, 2007
    Location:
    NB, Canada
    #11
    This is definitely a good way to build credit....so long as you pay it off in time, which is sounds like you will...

    21.5" is fine, when I had an iMac is was 17" and it seems suffice, the 20" at the time were "huge"....27" is way too big in my opinion...
     

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