Using Apple's Pay Plan to buy an iMac

Discussion in 'Mac Basics and Help' started by chrismccorkle, Jun 15, 2006.

  1. chrismccorkle macrumors regular


    Jun 13, 2006
    I'm thinking about selling my Powerbook and putting it toward purchasing a new iMac.

    Has anyone ever used Apple's pay plan? according to the site, I'd be paying $40± per month (with interest of course).

    Has anyone found this beneficial?
  2. Jiddick ExRex macrumors 65816

    Jiddick ExRex

    May 14, 2006
    Roskilde, DK
    Is it beneficial? Won't you pay quite a lot more than if you bought it straight up? I personally would never use those kind of services even though I am in an economical situation where it would be beneficial.

    I know I am not helping, so just ignore me. I just wanted to give subjective advice on the matter :)
  3. medea macrumors 68030


    Aug 4, 2002
    Madison, Wi
    If you have good credit I would look into something with a lower interest rate as the APP is like 13% which is really high.
  4. celebrian23 macrumors 65816


    Mar 12, 2006
    Under the sun
    I wouldn't do it. Like stated, the interest will kill you. I don't like the idea of paying for a computer over a long time period- that kind of stuff should be saved for the big things you need- a car, a house, appliances.
  5. MonkeyHugger macrumors member


    Jun 11, 2006
    Birmingham, England
  6. CanadaRAM macrumors G5


    Oct 11, 2004
    On the Left Coast - Victoria BC Canada
    It is Finance company consumer credit, the most expensive way to rent money there is short of payday loans at the "FleeceMeNow Money DepotShop"

    1) Save up and pay cash
    2) If you MUST have it before you have the cash, go to your local bank or credit union and get a line of credit at much lower rates.
  7. cornerdealy macrumors regular

    May 30, 2006
    i did it for the imac i just ordered, but only because it gives you 90 days same as cash. I dont have the money right now, but i'll be able to pay it off before the 90 days are up and i have to start paying interest.
  8. twistedlegato macrumors 65816


    Jun 15, 2006
    i would NOT do it..with intrest and all you will be paying more for your imac:(
  9. EricNau Moderator emeritus


    Apr 27, 2005
    San Francisco, CA
    By the time you pay it off, they'll be a better imac out there (probably). Just save up and buy it when you have the money.

    Right now, you still have a perfectly good Mac, so there really isn't a hurry, is there?
  10. chrismccorkle thread starter macrumors regular


    Jun 13, 2006
    Thank you and thank everyone for helping me out with this!
  11. h0e0h macrumors 6502a


    Aug 30, 2004
    West Monroe, Louisiana
    i just bought my MBP with apple's financing. The next day i applied for and got a card from CitiBank with 0% APR for purchases and transfers for 12 months. so basically 12 MO Same as cash. The limit wasn't as high as the MBP cost, so i'm going to transfer the limit tomorrow to the Citi Card and then pay the remainder off w/ in the 90 days, and take advantage of the 12 MO SAC. Don't rule it out, if you plan it properly, you can use it effectively
  12. chosenwolf macrumors 6502a


    Feb 4, 2006
    Los Angeles
    I too bought my MBP with the apple credit card. If you are going to do it (3 months same as cash), make sure to pay it off before the 3 months date or interest will kill you. I was going to pay off my remaining $800 balance the day payment was due, but I noticed they already charged me interest. At 13%, it was a $50 finance charge. I should have known that they would probably add the finance charge the DAY BEFORE. :(
  13. Eniregnat macrumors 68000


    Jan 22, 2003
    In your head.
    Danger Will Robinson

    Apple farms it's loans out to other companies. Apple does not manage them. MBNA is one credit issuers, and has a leniency policy that includes doing anything it can to screw you. Technically you agree to the screwing. If you miss a payment, your rate may go up to %20 or greater, userary!!!! They routinely shorten payment periods, so instead of 30 days, you might end up with a 25 day grace period. And this shortening may happen with you being a good loan candidate.

    Something to think about is either a personal loan, or a secured loan. Personal loans are given rarely, but are worth applying for. The interest is usually fare, but the repayment period may be short, around a year. The advantage is that your credit score will improve much better with a bank loan v.s. Revolving debit, like a credit card. A secured loan is weird. In the end, you end up loosing money, but it works this way. You deposit all or part of the money, and the bank gives you a loan, secured against what you have deposited. Why would one pay for the privilege to borrow money? The interest rates are generally lower and their is usually more flexibility of payment plans. Other advantages are when your done, you have cash in the bank! Also, your credit score improves.

    MBNA can and will destroy your credit rating if you falter at all. They will sell your "debit" off to debit collectors that use awful techniques to get their money. Often, they will lie, break the law(heck your a deadbeat- who can trust you) and omit what ever information they can to get as much money out of you. A common tactic is to have you agree to pay a small amount, like 20$ on an ATM card, and then they take out a larger sum on a regular basis. I can relay stories from my friends, if you wish.

    Credit is a commodity, do you can to improve your score, but don't get your self in needless debit. Analyze weather you spending money on a need or a want.


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