Using financing on Apple.com for a Retina MacBook Pro

Discussion in 'MacBook Pro' started by jacob0622, Jul 16, 2012.

  1. jacob0622 macrumors newbie

    Joined:
    Jun 21, 2012
    #1
    I was thinking about using Apple's offer to use financing on an upcoming MacBook purchase, and was wondering if anyone has used it before. I would like some experiences that you all have had with it.
     
  2. pmmartin macrumors newbie

    pmmartin

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    #2
    Great way to purchase. Just make sure you pay it off on time.
     
  3. inlinevolvo macrumors 6502

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    Jul 11, 2012
    #3
    Instead of doing that, why don't you get a cash back credit card? Boa is offering their cash back card, 100 cash bonus, plus 12 months 0% financing. That beats Apple finance.
     
  4. Sambo110 macrumors 68000

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    Australia
    #4
    Eh, I think if you can't pay cash, you shouldn't be buying it. Better to not have a credit card, or anything like that at all (there are some obvious exceptions, like home loans etc).
     
  5. NMF, Jul 16, 2012
    Last edited: Jul 16, 2012

    NMF macrumors 6502a

    NMF

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    Oct 27, 2011
    #5
    If you're talking about the Barclay card, it's excellent, do it! Plan your payments out over 12 months and you'll pay for your Mac with zero interest.

    If you're talking about the new student financing thing, it's terrible and charges abysmal interest rates. If that's the only way you can pay for a new Mac then wait until you can afford one outright!
     
  6. mohsy90 macrumors 65816

    mohsy90

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    #6


    Agreed. Only thing I dislike about the Barclay card is that the financing offer for Apple is only available on the first purchase. Have had the card for 5+ years, use it often but have yet to receive additional finance deals.
     
  7. dccorona macrumors 68020

    dccorona

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    Jun 12, 2008
    #7
    you need credit though, so you'd want to maintain a credit card just to keep your credit score up. It's better to spend responsibly, and then you don't have to worry about having a credit card (NOTE: not implying the OP is irresponsible here...this is totally unrelated)
     
  8. Sambo110 macrumors 68000

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    #8
    Really? That sounds... annoying, to say the least. Thankfully it's not like that in Australia.
     
  9. Pupator macrumors member

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    Sep 30, 2008
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    North Carolina
    #9
    Really? You need credit? You need a good credit score?

    Only if you want to spend the rest of your life borrowing money. :D

    If you don't want to be in debt you don't need a credit score.
     
  10. beamer8912 macrumors 65816

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    May 30, 2009
    #10
    Most people don't have hundreds of thousands laying around to buy a house. You'll need good credit to get a low interest rate.
     
  11. dccorona macrumors 68020

    dccorona

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    Jun 12, 2008
    #11
    until it comes time to buy a house, or get a car without paying straight up, or many other things.

    I'm still in college, but I've already run into my first issue with not yet having credit. I went to open a fidelity account for investing, and had to wait 2 weeks for verification because I had no credit score.

    There's many reasons to need credit. Having credit doesn't mean you'll be borrowing money for the rest of their life...the people with the best credit scores are the ones who hardly ever borrow at all (except for using credit cards that is)
     
  12. mohsy90 macrumors 65816

    mohsy90

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    #12
    Personally I never carry cash and always use credit cards. That doesn't mean I'm in debt. I pay my cards off monthly only because I hate holding a balance and incurring interest. The sole reason I use credit cards is because it helps my credit score as well as giving me cash back and extra perks. If you buy a car, lease an apartment or get a home loan, you NEED good credit and credit cards are an excellent way to build your credit. So, lets stop making assumptions on other members financial situation and just answer the question they're asking.

    ----------

    How does buying a car work there, do they have a "credit" system that they check for someone looking to finance a car?
     
  13. gentlefury macrumors 68030

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    Jul 21, 2011
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    Los Angeles, CA
    #13
    You don't need good credit to buy a house! The more a bank can make by you defaulting the more likely they are to give you a loan! If you default on a house, not only can they collect the sum for the rest of your life, they can also take the house back...and not return a penny you paid into it!!! It's a great scam!
     
  14. deannnnn macrumors 68000

    deannnnn

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    New York City & South Florida
    #14
    Same. Credit cards can be very dangerous, but when used responsibly they are a great thing. The card I use most of the time has no annual fee, and I pay it off every month so I never have to pay any interest. Then they give me cash back just for using the card... so really I'm saving money by using it, while at the same time maintaining a good credit score.

    The point is, to the OP, definitely do it if you're sure you'll have the money to pay it off each month before the period of 0% interest ends. If you're not sure, then don't take the risk.
     
  15. Sambo110 macrumors 68000

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    Australia
    #15
    I'm no expert as I've never taken a loan out, but from what I know, you go to a bank, and if you earn enough each year, you can take a loan out. As long as you don't have bad credit, which you obviously get by not paying back loans etc.
     
  16. Pupator macrumors member

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    North Carolina
    #16
    I'm not bashing the OP and I'm not saying that you can never ever borrow money. But using credit to buy a laptop with the rationalization of "building credit so you can buy a house" is crazy talk. This is why the debt-to-savings ratio in this country is so atrocious.

    I own a house. I have a great interest rate on a 15 yr fixed mortgage. I didn't need to borrow money to buy a computer to get the rate.

    I'm not rich, but I know some folks who are. Most of them don't even have credit scores. ("Not enough credit history")
     
  17. mohsy90 macrumors 65816

    mohsy90

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    #17
    Indeed. That's one of the worst ways to set yourself in a trap. If you don't pay it off then whatever the interest term was, you'll be charged for that, which amounts to hundreds of dollars and many end up paying way more than the retail price.

    Best advice, if it's a 12 month term, divide the purchase price by 11 and set up automatic payments for that amount. It will ensure you have it paid off a month before just to be safe. If you think you can't make that payment every month then it's not worth the risk.
     
  18. gsugolfer macrumors 6502a

    gsugolfer

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    #18
    That's just absurd. If you can live on cash only, wonderful. My wife and I both have well-paying, stable jobs. We still have to borrow money for a house. We don't have any other debt, but good luck paying cash for a house without some awesome job (or crappy house).

    ...and this is even worse. A bank can't make you pay anything. They DO NOT WANT to take your house. If they do, they have to pay taxes, insurance, etc while they're waiting to sell it.

    If you haven't noticed, the housing market sucks. The bank doesn't want your house.

    Regarding not returning a penny paid in, if the bank forecloses on your house that you owe $100,000 on, and sells it for $150,000, they are obligated to return the $50,000 excess to you.

    That is "returning a penny (or 5,000,000) that you paid into it"
     
  19. mohsy90 macrumors 65816

    mohsy90

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    #19
    I agree, it shouldn't be the rationalization every time you buy something, especially if you know that you can't pay it off within the term or at the end of the month. For me, I use credit cards for everything, because I do have that mindset that the credit I'm building will help me in the future by helping me get a great interest loan on my next car/home loan. I spend wisely and fortunately I have enough saved to pay off what I borrowed for that month monthly.

    Also, you need to be fairly rich to not borrow something.
     
  20. Sambo110 macrumors 68000

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    #20
    So in America you're forced to own, and use, a credit card to be able to buy a house when you're older? ...wow
     
  21. gsugolfer macrumors 6502a

    gsugolfer

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    #21
    Not at all. You can elect not to prove your creditworthiness. You'll just pay a higher interest rate when you do purchase a home.
     
  22. mohsy90 macrumors 65816

    mohsy90

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    New York
    #22
    Sounds like the same system here. The benefit of credit is that you can use an excellent credit score to compensate for a lower income to help get financing. At the same time it can hurt someone that makes 100K but has awful credit, showing that the person doesn't use his money wisely and fails to make payments.

    ----------

    Not entirely, but it's the way the system is setup here. If you have a good credit score it shows you've borrowed money before and have made your payments on time. It allows banks to take a look at your financial history and see if you've stayed in good standing. Essentially allowing the bank to give you the loan being confident that you'll make the payments instead of them repossessing your house or car....a process that usually ends with the bank losing money.
     
  23. akshep macrumors member

    Joined:
    Dec 2, 2010
    #23
    I used Apple`s card to buy my mbp. Though I had the cash to buy it in the first place. I payed it off in 7 months and got a nice little boost in my credit rating.
     
  24. gsugolfer macrumors 6502a

    gsugolfer

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    #24
    Not to mention free use of their money for seven months.
     
  25. ixodes macrumors 601

    ixodes

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    Location:
    Pacific Coast, USA
    #25
    In America the credit card companies have very clever yet misleading commercials on TV. They have a big influence on our youth. Sadly they will do nearly anything, like offering cash back or zero interest to get people to use their cards. The amount of consumer credit card debt in the US, is at an all time high. It's very sad. Before many young people reach age 25, they are in over their head in debt. Usually with no way to pay it off. It's a widespread problem.

    As far as buying a house or car, I've always paid cash. No credit is required since you're paying the full amount on the spot. The amount of interest I've saved is simply unbelievable.

    It took until I was 30 yrs old to save the money for my house, but I feel it was well worth it. Patience and determination serve one very well.
     

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