Financing Retina MacBook Pro Advice

[plexusnexus]

Haha, well I feel somewhat mixed about this topic. I, myself, just took out a loan from RBS citizens to buy a rMBP. I chose the 2 year payoff option rather than the 4 year in order to push myself to pay it off quicker and thus pay less interest. I haven't had a computer for over a year. My laptop got stolen a couple of years ago, and then I sold my gaming desktop PC because I felt stupid having a dedicated gaming rig during college; something to isolate myself with. I'm hoping to use the rMBP for DJing, starting a computer service company I've been meaning to do for a long time, and also for designing silk screens so I can make t-shirts for myself, and, eventually sell them to others. I think these activities are much more productive and creatively rewarding, something I've been craving. Quite obviously, I didn't need a rMBP to do this (though I do need at least somewhat of a decent CPU/memory capacity, though this could have been purchased for under $1k).

In any case, I'm glad I purchased the new rMBP. It is somewhat exciting because it is pushing me to think about ways to make extra money. If all goes well, I hope to pay of the rMBP by the year-end and hopefully make a little extra. I have a part-time job at my university, but it only pays enough to cover food/utilities and not my actual rent. I've taken out some student loans to cover rent in this past year. I will be graduating in a year and hope to not go over $15,000 in total student loan and credit card debt. I'm not too worried about $15,000 debt, as if I get into a graduate school, I will most likely be on a fellowship or TAship and will not have to worry about paying a cent for grad school.

I've purchased a computer (or 50% of a computer) on credit before and managed to pay it off within 2 years. Despite me having fetishes for high-end computer systems, I have managed to raise my credit score to almost 700 which I imagine is higher than most college students my age.

That's my two cents. If I go under in a few years, I won't blame any of you.

 

[choffy]

Don't buy it. Save up during the summer and whatever you save up, put towards a laptop. I'd go with the base 11" MacBook Air for $949. It'll probably keep up with your needs for college while saving you a ton of money.I'm entering my junior year in college and just purchased a retina MacBook Pro, but I paid for it in a strange way (it involves a CD I have with a $3,000, and I took a loan out for the money using the CD as collateral for the bank). I also used my credit card to pay for it, but only to extend the warranty for the machine, and as soon as the bill comes, it'll be paid off in full just like it is every month.

I would say to try and get a credit card soon regardless, though. Most banks want at least three lines of credit before they seriously consider approving you for a home loan, otherwise you aren't worth the risk to them. My system of financing is a little complicated, but I think has set me up very well being I'm only 19 and set to graduate before I turn 21:

• Discover Student Credit Card that is used for smaller daily purchases and gas (cashback makes it a no-brainer). It's paid off in full at the end of the month.
• M&I Bank Credit Card linked to my checking account that I throw Netflix, Hulu and Spotify on. I also make one "larger" ($200-$300) purchase on it every few months and pay it off over a few months to show banks I have the ability to pay something over time and not all at once.
• My system of borrowing against my CD's has allowed me to purchase a laptop, new tires for my truck and a new TV.
• $30 taken from my checking account to an ING Savings Account automatically every week. Online savings accounts have much higher interest rates (.80% compared to .05% at M&I), and essentially I never miss the money because I never see it. It's nice to log in to ING after a few months and see $500 you forgot about.

At this point, I have 5 lines of credit, all with a perfect history. I've shown banks that I have control over spending, and can pay things back over time if needed. To do all of this, I overwork myself during the year and was grown up with excellent saving habits, but that's what I use.

Anyways, just save up. If you can get a credit card (which shouldn't be too hard; companies know you're a freshman and will be lining up to give you $1,000 that they hope you won't be able to pay off right away), get it, but don't buy the laptop until you can pay it off.

 

[blumpkin]

More proof that poor is a mentality.

 

[choffy]

and be wary of what software you're going to need. as far as i know, there isn't even a retina-friendly word processor yet, let alone any other specialized applications you're going to need.

True, but it still works (even if everything is ugly).

 

[Boe11]

u.s.a! u.s.a! u.s.a! u.s.a! u.s.a! u.s.a!

 

[deblewis]

the barclay card will do what you need. since the purchase will be over 999, you will get 12 months 0% interest as long as the balance is paid in full within 12 months. your monthly payments will be between 200-300, so you can pay july and august and then the full amount in september. i was preapproved for 3300 and bought my new 13" mba this way.

just remember to read the fine print... if you are late on any payment during that 12mo 22%+ interest kicks in...

 

[Jiten]

The OP asks in the original post for suggestions on how to do it. It's incredibly straightforward to anyone, to the OP himself, the situation, but you're all being incredibly off topic. He is free to do whatever he wants. He's asking something specific, and fortunately some hav understood.
Mind your business.

Once it is posted in a public discussion forum it will becomes everyone's business.

I second those who say "don't spend what you can't afford." once you graduate and have a decent job, you will be able to buy all the high end stuff you want. Paying off debt is a headache.

When I was in collage I had the cash to buy a high end PowerBook but I held off and bought a cheaper iMac. I really really wanted a PowerBook but I figured that I use my dissatisfaction to fuel my drive to do well in school and get a good high paying job which I did. Now I can pretty much buy any Mac I want without breaking a sweat on funds.

 

[Interstella5555]

Unfortunately I do not have any credit. Therefore, what are my options?

That's a tough one, as the circle of credit is that you need good credit to get a CC, but can't get a CC with no credit. Do you pay any of your own bills or your future college cost? This will help, but as others have said, going $2000 + into debt right when you're starting college isn't a great idea. I'm not trying to tell you what to do, but just from personal experience I would have never been able to pay that off working 30 hours a week while I was in school full time. I'd go for the cheaper option now and then save up so you can buy the new one with cash or have a CC by that point that can handle it.

 

[Interstella5555]

Once it is posted in a public discussion forum it will becomes everyone's business.

I second those who say "don't spend what you can't afford." once you graduate and have a decent job, you will be able to buy all the high end stuff you want. Paying off debt is a headache.

When I was in collage I had the cash to buy a high end PowerBook but I held off and bought a cheaper iMac. I really really wanted a PowerBook but I figured that I use my dissatisfaction to fuel my drive to do well in school and get a good high paying job which I did. Now I can pretty much buy any Mac I want without breaking a sweat on funds.

May be because my parents didn't make a lot when I was growing up, but I was (and still am) pretty terrified of going into debt. I got pretty amazing scholarships, worked during the school year and summer and contributed more to my college costs than my parents, yet I would also see my friends using their student loans to buy booze or pay rent, which is....just a wildly bad idea, even 10 years ago when I was in school. Yes, you can do whatever you want with your money, but seeing as how I'm STILL paying off my year of unemployment and student loans, not to mention all the normal days to day things one needs to buy to live and function it's really not that great. If that's the way you want to live that's cool, but it's not something that I would ever do.

 

[Slowball41]

long time browser first time poster

i registered just to post here, so what the kid whats a 2k computer, if you cant afford it you dont need, what a load of crap where were you pre 2007 (everyone living in excess and refinancing)? everyone here doesn't own a car or a home? a home is not necessarily an asset as much as it is a liability and debt is debt. so you tell the kid not to buy a 2k computer bc he needs to take out a loan; yet no one mentions he going to take on a ton of debt in the form of student loans to then what? to hopefully join the work force in a terrible market? also student loan interest rates increase soon to boot. may was well buy it and enjoy you may get hit by a car tomorrow

 

[Nostromo]

Get something you won't cry about when your drunk roommate spills beer on it.

The underwater case for the rMBP is not yet available.

 

[Apple...]

If you really want a RMBP, I think you should go with the base model, and no BTO. Be wise about this, and don't spend money you don't have.

 

[Jiten]

i registered just to post here, so what the kid whats a 2k computer, if you cant afford it you dont need, what a load of crap where were you pre 2007 (everyone living in excess and refinancing)? everyone here doesn't own a car or a home? a home is not necessarily an asset as much as it is a liability and debt is debt. so you tell the kid not to buy a 2k computer bc he needs to take out a loan; yet no one mentions he going to take on a ton of debt in the form of student loans to then what? to hopefully join the work force in a terrible market? also student loan interest rates increase soon to boot. may was well buy it and enjoy you may get hit by a car tomorrow

So what you are basically saying is "since you are in a crap load of debt might as well enjoy yourself and get into more debt?"

 

[mikethebigo]

OP, can you give a little more info?

1. Why do you need the rMBP?

2. Why will you be able to afford it in September? Is that when school loans kick in or something?

The people saying don't buy if you don't have the money don't seem to have bothered to really read your post/understand the issue. If there is a valid reason the rMBP is necessary for you, and you WILL have the money to pay it off very soon but you need it now, that is not unreasonable.

Of course, not having any credit you can't get the Apple credit card thing. You would have to explore other options - other credit cards, school loans, things like that.

 

[whiteonline]

Get a less expensive computer and concentrate on your grades.

When you graduate and hopefully find good employment, you'll be able to buy the top of the line hardware outright.

 

[blumpkin]

i registered just to post here, so what the kid whats a 2k computer, if you cant afford it you dont need, what a load of crap where were you pre 2007 (everyone living in excess and refinancing)? everyone here doesn't own a car or a home? a home is not necessarily an asset as much as it is a liability and debt is debt. so you tell the kid not to buy a 2k computer bc he needs to take out a loan; yet no one mentions he going to take on a ton of debt in the form of student loans to then what? to hopefully join the work force in a terrible market? also student loan interest rates increase soon to boot. may was well buy it and enjoy you may get hit by a car tomorrow

He came out of lurking, only to fail.

 

[Jiten]

The people saying don't buy if you don't have the money don't seem to have bothered to really read your post/understand the issue. If there is a valid reason the rMBP is necessary for you, and you WILL have the money to pay it off very soon but you need it now, that is not unreasonable.

I'm not sure if there is a course in college that requires you to use a rMBP.

 

[krspykreme2]

OP, can you give a little more info?

1. Why do you need the rMBP?

2. Why will you be able to afford it in September? Is that when school loans kick in or something?

The people saying don't buy if you don't have the money don't seem to have bothered to really read your post/understand the issue. If there is a valid reason the rMBP is necessary for you, and you WILL have the money to pay it off very soon but you need it now, that is not unreasonable.

Of course, not having any credit you can't get the Apple credit card thing. You would have to explore other options - other credit cards, school loans, things like that.

1. I'm an Electrical Engineering Major (Need to run powerful apps with ease... I AM NOT GOING TO PURCHASE A WINDOWS LAPTOP. THAT IS SOMETHING THAT I WILL NOT DO)

2. Student loans will kick in late September (taking out these loans specifically to purchase a laptop. Will only be a one-time deal type of thing).

I want a computer that will last me right around 5 years

 

[0r30]

The only apps I can think off the top of my head is Multisim, Matlab and Labview. They run perfectly fine on my 2010.

 

[krspykreme2]

I'm looking to purchase a BTO/upgraded Retina MBP by June 30, 2012 via Apple Online. I currently do not have the money now to purchase the laptop. However, I will have the money to pay off the laptop by the last week of September 2012.

I don't have the time to wait until September to purchase the laptop, as I'm leaving for college in mid-August and need to receive the laptop before then (Apple is currently taking 3-4 weeks, after ordering, to ship the laptop).

What financing option do I go with (Barclaycard Financing Visa Card/RBS Citizens Payment Plan/Bill Me Later)? I can only afford to pay LOW monthly payments until September.

Is there an option that would allow me to pay low monthly payments for july and august, and then allow me to pay off the rest of the laptop in september?

Thanks

I'm thinking about going with the Bill Me Later option (Mom will co-sign). However, do I have to make mandatory monthly payments? Or am I able to not pay for July and August, and then just pay the laptop off entirely in September?

Once again, I will have the money by September. I just need to receive the laptop before I leave for college mid August, meaning that I have to order now (And yes, I'm still going to go with BTO, as I want the 16GB and understand that the RMBP is pretty much unupgradable).

 

[Backing]

If you are hellbent in buying a high end Macbook Pro, I suggest staying away from the Retina for the simple reason that you plan to keep it for 5 years. I suggest getting the classic unibody Macbook Pro instead because it is upgradable and can accommodate future advances such as 1 Terrabyte SSDs and single 16 GB RAM modules. More space to grow. The retina display is a luxury for an Engineering student like you. Heck a Macbook Pro is a luxury for any kind of student.

Also you should brace yourself after a year or two to discover that tomorrow's low end Macbook Pro is much more powerful then your once high end machine for much much less.

 

[beamer8912]

1. I'm an Electrical Engineering Major (Need to run powerful apps with ease...


I want a computer that will last me right around 5 years

A 13" MBP will last you more than 5 years, at half the cost.

There are no apps that fit into that very small middle-ground of computer performance where a 13" MBP can't handle it but a 15" rMBP can, except maybe a couple of video games.

You are way overestimating (a) the power difference between a 13" and 15" and (b) the kind of laptop you need for college. Just curious what are the suggested specs on your school's ITS website? I guarantee they don't list a $2k retina MBP.

 

[stevelam]

I'm thinking about going with the Bill Me Later option (Mom will co-sign). However, do I have to make mandatory monthly payments? Or am I able to not pay for July and August, and then just pay the laptop off entirely in September?

Once again, I will have the money by September. I just need to receive the laptop before I leave for college mid August, meaning that I have to order now (And yes, I'm still going to go with BTO, as I want the 16GB and understand that the RMBP is pretty much unupgradable).

Sorry but wtf are these "powerful apps" you need to run as an electrical engineering student? You sound like you know as much about your school requirements as you do about credit cards. Stop embarrassing yourself and get a ****ing job to buy **** you can't afford. 3k of your student loan is going towards a shiny new toy you don't actually need? Brilliant plan.

 

[cubby38]

Man, if you would actually get two cents for how much is being thrown around here, you'd be well on your way to getting that rMBP!

 

[cecildk9999]

I'm thinking about going with the Bill Me Later option (Mom will co-sign). However, do I have to make mandatory monthly payments? Or am I able to not pay for July and August, and then just pay the laptop off entirely in September?

it looks like a credit card\high interest loan, from what I can tell. If you pay off the entire balance within 25 days, there is no interest, after that, it's 18%. You would have to make minimum payments each month or risk late fees/penalties, which is the real trap of credit (though you most likely won't be charged until the computer ships). A $2500 computer can easily become $3500 by paying over time. Similarly, using a loan to pay off credit can save you money on interest, but you're still paying more than the sticker price. I agree with most of the people on this board about being less ambitious on buying a top of the line machine to start, but it's your decision. If you do go the credit route, just keep track of the interest payments and add those to the cost of the machine once you pay it all off to see if it's something you'd do again in future.

Edit: why wait? Just enter the numbers into this to see how much extra you pay; FYI, most minimum repayments are 5% of the balance now.
http://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx