Who took out a loan to buy the X?

Discussion in 'iPhone' started by nyc999, Oct 27, 2017.

?

How did you pay for the X?

  1. Paid in full

    67.2%
  2. Took out a loan/monthly payments

    32.8%
  1. nyc999 macrumors regular

    Joined:
    Sep 6, 2011
    #1
    Seems like a wild concept to me to take out a loan to buy a phone but appears that some people are doing it...are you one of them? I am not necessarily referring to the monthly payment plan but more so to a pure loan from friends/family/bank/lender etc.
     
  2. Chupa Chupa macrumors G5

    Chupa Chupa

    Joined:
    Jul 16, 2002
    #2
    Why would you take out a loan? You either pay in full if you have the free cash and don't want to be tethered for a second or you utilized the interest free installment plan. No one is borrowing money to pay for the phone.
     
  3. myscrnnm macrumors 65816

    myscrnnm

    Joined:
    Sep 16, 2014
    Location:
    Seattle, WA
    #3
    Paid in full. Never cared for installment plans. People who go for them always say they can use the money elsewhere in the meantime. But it's only a few hundred dollars. Are you really putting that to better use, like investing it? If you were, you'd have enough money saved for that already. Seems like people who do monthly payments are typically people who shouldn't be buying a new smartphone in the first place.

    Exceptions being monthly payments to lease the phone. I know for most people there's no point in keeping old phones once you've upgraded, and it saves you the hassle of having to sell it yourself.
     
  4. I’mpaced Suspended

    I’mpaced

    Joined:
    Sep 26, 2017
  5. stulaw11 Suspended

    Joined:
    Jan 25, 2012
    #5
    I would say the vast majority have a carrier/Apple Upgrade Program "loan" but it's 0% interest so why part with cash up front?

    And if I want to upgrade to the fall 2018 model after 12 payments, I dont have to worry about private selling it. The carrier/Apple takes it back even if its worth less than what you owe on it.
     
  6. nyc999 thread starter macrumors regular

    Joined:
    Sep 6, 2011
    #6
    You could say that about half the threads here.
     
  7. bpeeps macrumors 68030

    bpeeps

    Joined:
    May 6, 2011
    #7
    So the best response is to double down and make more nonsense posts, right.
     
  8. riverfreak macrumors 65816

    riverfreak

    Joined:
    Jan 10, 2005
    Location:
    Thonglor, Bangkok
    #8
    As a business expense to qualify in the current fiscal year? That’s one reason to pay up front.
     
  9. JayIsAwesome macrumors 65832

    JayIsAwesome

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    Sep 8, 2013
    Location:
    Texas
  10. dumastudetto macrumors 68040

    Joined:
    Aug 28, 2013
    #10
    I remortgaged my home to finance my purchases today. No regrets.
     
  11. Renho macrumors 68000

    Renho

    Joined:
    Sep 15, 2014
    Location:
    SR, CA
    #11
    Wow really, people who do installments shouldnt be getting one anyways!? If there wasn’t installments more than half wouldn’t be getting them. That’s abnoxious thing to say!
     
  12. KingslayerG5 Suspended

    KingslayerG5

    Joined:
    Oct 16, 2017
    #12
    I donated both kidneys, half my brain, an arm and a leg and I'm surprised I can even type this post right now. ;)

    Nah, will use credit card and it will be outright with no monthly installments. If I can't or don't want it to get something else, then will cancel the pre-order.
     
  13. Ntombi macrumors 68040

    Ntombi

    Joined:
    Jul 1, 2008
    Location:
    Bostonian exiled in SoCal
    #13
    This.

    0% interest is free money. Anyone telling you it’s a bad financial decision doesn’t understand how it works.
     
  14. Mlrollin91 macrumors G5

    Mlrollin91

    Joined:
    Nov 20, 2008
    Location:
    Ventura County
    #14
    Exactly. I can pay $1000 up front now. Or pay $50 a month and keep the other balance in my bank collecting interest. Plus because the value of a dollar is likely to change over the next 2 years, $1000 today is likely worth more than $1000 2 years from now. So, if you pay in full instead of 24 months, you are actually throwing money away. Even if you plan on keeping it for years to come.
     
  15. stulaw11 Suspended

    Joined:
    Jan 25, 2012
    #15
    Or why drop $1,000 right now just because? You'll make more money before next year (I would hope) to pay the $41/month payment and frees up $1,000 now to do something else with.

    Same reason people finance cars at 0%, free money is free money.

    Now if there was any interest I wouldve thought twice and bought it outright.
     
  16. Oridus macrumors 6502a

    Oridus

    Joined:
    Oct 8, 2012
    #16

    I am more than capable of funding the phone full retail price several times over and not flinch, yet I do the installments for ease of trade in instead of personal resale. But since I did installments, I shouldn’t have been getting a new smartphone? That’s an incredibly obtuse assessment of how people spend their money on electronics.
     
  17. Renho macrumors 68000

    Renho

    Joined:
    Sep 15, 2014
    Location:
    SR, CA
    #17
    But its never worth less, i am going to sell my 7+ for $600. pay off $380 AND PUT $220 towards the X. If you turn it in you only get what you owe back...Its always the better option to private sell...
     
  18. myscrnnm macrumors 65816

    myscrnnm

    Joined:
    Sep 16, 2014
    Location:
    Seattle, WA
    #18
    Okay, you clearly didn't read my comment in its entirety. I think it's obtuse of you to make an assessment of my comment without having comprehended it.
     
  19. stulaw11 Suspended

    Joined:
    Jan 25, 2012
    #19
    So far to date that hold true.

    This year wasnt worth it to me. The risk with paypal scams etc wasn't worth the small profit on my 7 Plus 128gb.

    Owe $434 to ATT, could get $550 n swappa right now looking at recent sales, minus $20 to them, 2.9% plus $.30 to paypal, and shipping cost with enough insurance and tracking (say $10-12). Would net all of $65 to take on all the risk of a chargeback scam.

    That time into my business working is worth more than $65.
     
  20. Renho macrumors 68000

    Renho

    Joined:
    Sep 15, 2014
    Location:
    SR, CA
    #20
    Ya i use to do paypal, i wont anymore they want too much. I do Craigslist now everytime and just meet at police station parking lot. i get $600 cash and dont have to ship.....Craigslist police station parking lot!!
     
  21. djdownhill macrumors regular

    djdownhill

    Joined:
    Sep 23, 2017
    Location:
    Los Angeles
    #21
    Paid in full

    For both. Need to get rid of one now though.....:confused:
     
  22. Oridus macrumors 6502a

    Oridus

    Joined:
    Oct 8, 2012
    #22
    This is the portion I was regarding. I don’t know how else to interpret this statement.
     
  23. tifa_mo macrumors regular

    tifa_mo

    Joined:
    Sep 20, 2016
    #23
    What does that even mean....I'm on the IUP so technically I'm on a loan with Citizen One. But do you really consider that a loan?....

    Also I was actually about to just end the IUP, pay off left-overs, trade it in, and get the new phone. I have about 10 months left. In the end the remaining loan was higher than the trade in value.

    So I'm glad I didn't pay everything up front. Otherwise I don't have the option to just turn it my phone and be done with the remaining amount. IUP saved me money.
     
  24. myscrnnm macrumors 65816

    myscrnnm

    Joined:
    Sep 16, 2014
    Location:
    Seattle, WA
    #24
    Please learn how to read. You even quoted the portion in your original comment. Also typical =/= always.
     
  25. Oridus macrumors 6502a

    Oridus

    Joined:
    Oct 8, 2012
    #25
    It technically is a loan... however I feel that people get lost on the fact that it’s a n “interest free installment loan”.
    --- Post Merged, Oct 27, 2017 ---

    I’m perfectly capable of reading, so the direct insults are not needed. Instead of the direct insult, maybe you can try to clarify your position instead of being particularly vague in your defense to my statement.

    Regardless of my pereference to trade in or not, you clearly made the statement saying that people who pay monthly shouldn’t be getting a new phone.
     

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73 October 27, 2017