I bet the loan is not that bad, maybe $100 a month or a little more.
You just will be paying for it forever.
You just will be paying for it forever.
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Loan for mac pro.
- Thread starter Macpropro80
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What will become of the OP's friend when the newer mac pros are out same time next year!!
edgew8
macrumors regular
Boneoh
macrumors 6502
Egads!
Egads, man!
Not a good idea.
Even the Apple Visa has a minimum interest rate of 11.74% after the first year.
For 4 years, thats about $200 per month.
For 3 years, thats over $250 per month.
If he has bad credit or misses a payment, the rate goes to 20.74% !!!!
For 4 years, thats almost $250 per month.
For 3 years, thats around $300 per month.
That $8,000 loan could cost him $12,000 in payments. 😱
That $8,000 on the credit card won't help him at all if he needs to get a loan to buy car, get a mortgate, etc.
By the time he pays it off, he will probably be very tired of seeing the bill come every month.
Don't EVER loan this guy money, cosign a loan, go into business with him, become a roommate, or let him sleep on your couch "for a few days, until I get back on my feet". I am getting older and maybe a bit wiser, but I had a friend like this once, we are no longer on good terms 🙁
Egads, man!
Not a good idea.
Even the Apple Visa has a minimum interest rate of 11.74% after the first year.
For 4 years, thats about $200 per month.
For 3 years, thats over $250 per month.
If he has bad credit or misses a payment, the rate goes to 20.74% !!!!
For 4 years, thats almost $250 per month.
For 3 years, thats around $300 per month.
That $8,000 loan could cost him $12,000 in payments. 😱
That $8,000 on the credit card won't help him at all if he needs to get a loan to buy car, get a mortgate, etc.
By the time he pays it off, he will probably be very tired of seeing the bill come every month.
Don't EVER loan this guy money, cosign a loan, go into business with him, become a roommate, or let him sleep on your couch "for a few days, until I get back on my feet". I am getting older and maybe a bit wiser, but I had a friend like this once, we are no longer on good terms 🙁