Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
Has anyone ever done Apple Financing
- Thread starter mnothem
- Start date
- Sort by reaction score
My friend in college did it. It's as advertised - he got 12 Months no interest on his $2,000 MacBook Pro. He paid it off in full in 12 months and never got charged interest.
No disrespect but in this economy if you have to finance to get a laptop then you probably shouldn't get it until you can pay in cash. It is a great program but I'd use a personal credit card instead of an Apple one. Just my opinion.
Considering that any new computer is NOT an investment, if you are very careful, are certain you can live with the terms, then do it. Otherwise you're putting yourself in the hole.
Remember Cash is king and if you work on it, you can build some reserves, then do your buying. Once you get upside down you are going to have a hard time righting the ship.
I'd suggest you get an American Express Blue Card instead. It's just like the credit card that the apple financing bank gives you but with Amex they actually extend your warranty after your apple care runs out by another year (which WILL cover drops and accidents)
3 years ago, I bought my first Macbook through the 12 month financing card they offer (of course, back then, I had to buy it through my Moms credit)
Its exactly what they offer. 12 months, no interest - as long as you pay it off in FULL before the 12 months are up.
Recently I've purchased 2 apple computers through BML financing options - 6 months no interest.
However, if you plan on purchasing through financing, double and triple check that you're sure you'll have the money to pay it off in time. The interest will eat you up if you dont. I've noticed around here that quite a few people will suggest that you don't finance it, due to todays economy, but rather save up and pay for it with cash. Its up to you, but I personally see absolutely nothing wrong with financing a purchase like this, as long as you know for a FACT that you can and will pay it off in time. Don't do minimum payments, pay it off in full. Otherwise the interest will ruin it - the MBP is worth the price tag. But its not worth the price tag plus interest.
Good luck!
I'd suggest you get an American Express Blue Card instead. It's just like the credit card that the apple financing bank gives you but with Amex they actually extend your warranty after your apple care runs out by another year (which WILL cover drops and accidents)
Amex double manufacturer warranties for up to one year. For the first 90 days they have accidental damage and theft protection. You dont get drops and accidents unless covered under the manufacturer for the extended warranty which apple does not.
Still a good deal.
Financing isnt a bad idea if you can put the cash somewhere else and have it make money for you. Just make sure to make all your payments on time and pay it off before the free year is over. Otherwise you incur interest that is backdated since day 1.
I did the twelve month financing for my latest Macbook Pro 2011. I also did it for my first Macbook Pro in 2007. I made sure to make payments every month and whenever I had the money I'd throw a large chunk at the card. I already paid off my 2011 Macbook Pro and I am UNEMPLOYED and NO I'm not on unemployment. Just had a lot saved from before I got laid off from my office job. If I can finance the computer and finish payments within six months, ANYONE can do it within a year!
That's a pretty bad blanket statement. I have cash to buy several MacBook Pros at once but I'd still finance with the Barclay Card. Instead of using my $2,000 immediately & not financing, why not finance it & let that money gain interest until your 12 months is up?
If you decide to forgo financing, you're just throwing away money.
However, if you're financing because you just don't have the money, yes, I agree.
I used it for my Apple purchases (including iTunes) to earn the points. Just make sure you pay it off on time to avoid being stuck in the interest cycle.
It IS a personal credit card. They have partnered with Barclaycard. What you get is a credit card with 0 interest for 12 months. No different from using an existing card except you don't pay interest. Of course if you have the cash and you want to get points on your Amex or other, then do that. But if you are going to save up anyway, why not get it now and pay it off over a year?
Of course, if you aren't disciplined and screw up and make you payments late, your'e screwed. I you have online banking (and why wouldn't you) , it's a no-brainer to setup a payment plan that pays it off perfectly.
I did the Apple financing for my MBP, like everyone says it is simply a Barclaycard Visa credit card. You apply online right in the store and they instantly tell you if you're eligible and how much you can finance. It is 12 months interest free, you can even setup your payment online. Like everyone is saying, just make sure you are never late with your payment and pay it off before the 12 month period and you're good. Nothing wrong with using this method, keeps cash in your pocket for other things.
I'm a little confused by what you're saying here. You don't gain interest on your cash with a credit card. I don't think that's what you mean't but that's how I am reading it. If you can afford to buy a Mac and you already have a credit card it makes sense to use that to get the miles / points / other benefits (if your card offers that) and that's what I was after. I have the cash to buy a lot of Mac's as well and I'd never pay cash b/c acquiring miles for me is what I'm after.
I have no issues with someone getting the card and paying it off over the year if they can afford it and just want to get the iTunes card / points / etc. But the Barclay's card has a high interest rate after that year which makes no sense in getting since other "personal" credit cards offer better deals and a lower interest rate.
If you're saving up each month to afford a laptop and that savings is more than the monthly payment that is fine. If however you truly can't afford a Mac yet don't get a credit card to make it happen you only hurt yourself more.
That's the other thing as well, more than likely if you can't afford it your not financially ready for this type of purchase anyways and chances are you will screw up. If you're strapped for cash it's not wise to burn through the little you have even if it's on a CC.
It's one thing to finance when you know you can afford it, it's another thing to finance when you can't afford it and you're only doing it because you think you can make the payments. Credit Scores are a big deal in the US especially in this HORRIBLE economy. It's almost impossible for people right now to even purchase a home and renting is getting tougher as well. If the US looses it's AAA credit rating as well talk about an impossible time to get a credit card, a home, etc. So right now if you have to get a CC to get a Mac it probably isn't wise, everyone should be saving and paying down debt right now not financing for something nominal like a laptop. -- no offense
First, please don't ever use red text for an entire post again, it's incredibly annoying to read.
Second, you gain interest on the cash in the bank that you're not spending right away because you pay off the credit card a little at a time. Chances are it's not much on a computer purchase, so this advantage is questionable, but it's there. Points/miles are certainly a good consideration, but it can make sense to choose the no interest route.
jW
None taken. Makes sense when you look at the big picture. I suppose for some the big picture is getting their Mac ASAP lol.
Believe it or not there are actually honest people out there who have no problem paying back what they owe.
The argument about savings made more sense when you could get 4% or 5% on your savings. Now you're lucky to get 0.5%. Keeping $2000 in the bank for 1 year gains you a massive $10 in interest. And, you pay taxes on it.
I use the no-interest cards frequently, especially with big ticket items at Lowes and Home Depot. As long as you're responsible and pay them off in time they're a great way to go. If you miss even a single payment, or fail to pay it off in time, then you get murdered on interest.
Lower interest? 0% is about as low as you can go
Obviously, if you can't afford it, then this whole discussion is moot. But I see no problem doing this as I have it done several times with no problem.
So I say: if you can afford it and you have online banking where you can just set up an automatic payment plan to pay it off, go for it. However, if you are a little shaky with your bill paying skills and are occasionally late, forget-a-about-it!
Just curious as to why you're not collecting Unemployment Insurance. If you've paid into it, you're entitled to collect if you qualify.