Monthly Powerbook payments: a good idea?

[phreakout13]

I'm trying to convince my parents to help me get a Powerbook. Sadly i have no steady income but I could get enough money to make monthly payments through apple credit. If I saved up maybe $250 and gave my father a down payment for insurance, and payed monthly payments, my father probably wouldn't have to pay almost anything, he'd just have to kinda back me up. Is the apple credit idea Okay, or is the interest too high? Thanks

 

[iBert]

if you're thinking about the apple loan. be careful, verify how much interest you get. mine is kind of killing me. I'm paying every month what they charge in interest and double to get it down as soon as possible. if you can get a credit card with an interest rate pretty low, I'd say go with that. If you have a job that can help you paying it go for it, if income will be a problem think it over a lot. Hoep this help!

 

[rainman::|:|]

Monthly payments are never a good idea. I know how much you want a powerbook, but it's not worth it at this point (you sound young) to get into reoccuring debt. That said, if your dad is OK financially, and he's a nice guy, he may just wind up paying for it if you can't... But if he's not nice, it could strain things between you if you can't make payments for some reason.

You can see the interest rate on the application. I think it's high, yes. Remember this is a debt you're going to be paying for years...

paul

 

[phreakout13]

I know how much you want a powerbook, but it's not worth it at this point (you sound young)

I'm 30
Just kidding I see whatcha mean. It'll probably be worth saving up for a long time, but it'll get frustrating and I'm impatient. Perhaps I can work out a payment plan with my father instead.

 

[cheekyspanky]

I've been looking at the Apple finance as well, over here in the edu store they are doing 10 months 0% so it's pretty good at the moment.

Still don't know whether to go for it though, it's my last year at uni this year though so I have to take advantage of at least one student deal!

 

[wide]

Why not take a loan out from your father based on "trust". He pays for the computer initially, and then you pay him back over the course of a few years.

 

[phreakout13]

Why not take a loan out from your father based on "trust". He pays for the computer initially, and then you pay him back over the course of a few years.

That's a great idea. I'm sure he'll think about it, and I've always stuck with what I wanted to save up for. I could start him off by saving maybe $500 over a few months as a down payment.

 

[SolidGun]

You could alway apply for the loan through your parents good credit. If you get low enough interest it shouldn't be so bad. I got the highest possible rate, but applied for the Apple Loan because I had $1700 coming in from selling my older laptop (3months old). I am going to pay it off as soon as I get the first bill. At 23.99% APR, it would be crazy to just pay the interest for the next two years.

 

[starcrossed]

For myself, I talked my mom into opening a joint credit card with me so I could be approved since I don't have any credit established. I got approved for $5,000 with an interest rate of 9.99%, which isn't as bad as other credits like the Apple loan. So I bought a 15" Powerbook 1.5 Ghz with upgraded hard drive and VRAM, came about $2500-$2700 i believe with my education discount. So my personal estimate for paying off the Powerbook on the card in 2 years is about $125-$150 a month, so I would say your payments wouldn't be anymore than that.

 

[AliensAreFuzzy]

Well, What I'm going to do is actually save up all the money I need for it before I buy mine. It takes longer, but it ends up better in the end: you don't have to pay interest, you don't have to worry about monthly payments, and you get a better computer

 

[jsw]

If I could go back in time and beat one thing into my head, it would be to not charge anything.

Well, actually, it would be to ask out Peggy Rategan (well, assuming I could go back to before she met her current husband... which would be a long time ago). But the next thing would be to not charge anything.

 

[furrina]

Buying on credit -- assuming the terms are good -- when you're young is not necessarily a bad thing. IF you make all the payments on time it can actually help to establish a good credit rating for you if you don't currently have one. And it's good to do this while you have the backup of parents that can help out in a pinch. Just don't be irresponsible with it, because it can take years to undo credit screwups and can really mess you up if you want to get credit cards, rent an apartment, etc. If it's something you will really use, I say go for it. Just don't get into the habit of using credit as a way to "buy now pay later" on things you can't really afford at all.

I don't know the rate of Apple Loan at the moment, but the lowest interest credit card you can get is better if the Apple interest rate is high. Also try MacMall and other stores payment programs some of them offer lower rates.

 

[kerb]

my only problem would be is that:-

you take the loan out on a PowerBook to be paid over say 12-18 months in which time the PowerBook may have been revised and updated numerour times.

I'd be a bit bummed paying every month for "old" technology.

 

[thehuncamunca]

personally i think it's a horrible idea to use credit for something you don't need and a powerbook definately falls into this category

i'd save up or buy something lesser that you can afford
christmas is around the corner too so maybe you could get it then or some money towards a laptop then

 

[ITMediaCo]

The Apple Loan works out fine if you just pay it off quickly. I purchased my system with an Apple line of credit, and paid it off in a few months in $1000 increments - no interest.

It's tempting to spend, but like everyone else here has stated... it's best to have the money at hand first.

 

[jcook793]

If I could go back in time and beat one thing into my head, it would be to not charge anything.

Well, actually, it would be to ask out Peggy Rategan (well, assuming I could go back to before she met her current husband... which would be a long time ago). But the next thing would be to not charge anything.

This gets my vote as post of the year.

 

[iNetwork]

Ditto

Stay away from credit cards or consumer loans! They're evil and they rape you on interest. Additionally, they don't give you the good credit that normal bank loans give you. You'll end up paying lots more for less laptop. Your best bet is to save your money and let a bank pay you interest on your money. Never finance electronic equipment unless you're financially secure and they offer x months no interest and could pay it off on any day.

Well, What I'm going to do is actually save up all the money I need for it before I buy mine. It takes longer, but it ends up better in the end: you don't have to pay interest, you don't have to worry about monthly payments, and you get a better computer

 

[Brother Michael]

Do you necessarily need a powerbook?

I wanted one so bad, it drove me to work a terrible high paying job and save every dime. When the time came, as much as I hated to do it, I couldn't part with my money.

Instead I went out online and bought an old G3 iBook. It can run iMovie, iTunes, email, web, Word, AIM, etc etc. Hell it can even do Photoshop CS pretty good.

I spent 500 for the book including shipping. Another 70 on an Airport Card, and then another 130 on memory.

Here's the thing, with a new Mac you still have to spend money on RAM (no real loss there), and I was looking at getting an old PC laptop, so I would have still had to buy a Wi-Fi card. Thus no real money last there.

All I am getting at is I spent 700 MAX on my iBook...er ****, forgot I needed to buy a new copy of Panther, with edu that was 80...no biggie whatever. ok 780...AT ANY RATE...I have a computer that will provide me with the essential computing power I need at a fraction of the cost of a new (1200 w/ bluetooth and wifi), and the memory I didn't need, but I had the money and thought, "Sure why not?"

Look at what your needs compared to your wants and decide if you really really NEED a powerbook, or if you want one. I mean if you want a Mac and not a PC FINE! WE all share your opinion in computers, but get a cheaper Mac.

Mike

BTW: and what a Mac this is! Assuming that it doesnt suffer a catastrophic breakdown of some sort, I am keeping this thing for the next few years.

 

[phreakout13]

Thanks for all of your advice It's true, I definately don't need a Powerbook, but it would be sooo cool. Since I don't have anything else I really want, I'll just start saving, and if I decide I want something else when I have 2k, I'll buy something else.

 

[justinshiding]

I'd basically second what everyone else said above. Avoid paying for things with credit if at all possible. It's very easy to have an unplanned expense screw you over and stick you in debt. You'll pay less if you pay outright , and it would be slightly depressing (for me at least) to be paying for something that's out of date (after the next update.) That's just me though...

 

[Brother Michael]

Thanks for all of your advice It's true, I definately don't need a Powerbook, but it would be sooo cool. Since I don't have anything else I really want, I'll just start saving, and if I decide I want something else when I have 2k, I'll buy something else.

Ok that's cool. I was just making sure you weren'y coming into this with the mindset of Powerbook or bust.

Because I agree with you, they are super awsome.

Mike

 

[phreakout13]

Me and my father came up with an agreement, and I'll have to give him a 25% down payment to get the Powerbook, and then pay off the rest every month. I like our agreement

 

[wdlove]

Me and my father came up with an agreement, and I'll have to give him a 25% down payment to get the Powerbook, and then pay off the rest every month. I like our agreement

Sounds like you have a very understanding father. That you are willing to come up with the 25% shows your father that you are responsible. I agree with others that most of the time the Apple Credit interest rate is high. Your father helping you out is the best way.

 

[jsw]

If I could go back in time and beat one thing into my head, it would be to not charge anything.

Well, actually, it would be to ask out Peggy Rategan (well, assuming I could go back to before she met her current husband... which would be a long time ago). But the next thing would be to not charge anything.

This gets my vote as post of the year.

<Elvis>Thank ya. Thank ya verra much!</Elvis>

Sadly, though, it's true. Perhaps we need to start an "if only I'd..." thread....