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Monthly payment on a Macbook, please help!

K

Kinkokoro

macrumors member
Original poster
Apr 12, 2007
48
0
Hey everyone.

Basically, I really want a Macbook, however I'm currently dead broke due to my Japanese vacation. I'm turning 18 tomorrow, and I really could use a laptop for the up coming semester. However, there is no way I can pay my expenses, and save up on the side, 2,000, and expect to get it before the school years end.

So.
I know I have to very none-cost-friendly options.
One being, The Juniper card, now, I don't even know If I can apply to get anything, again, I'm 18 tomorrow. Advise?
Also, COMPUSA has some deal, I'm sure it involves applying and being accepted to obtain their CompUSA credit card, then doing things that way.

Advise?

Josh
 
Kinkokoro said:
Hey everyone.

Basically, I really want a Macbook, however I'm currently dead broke due to my Japanese vacation. I'm turning 18 tomorrow, and I really could use a laptop for the up coming semester. However, there is no way I can pay my expenses, and save up on the side, 2,000, and expect to get it before the school years end.

So.
I know I have to very none-cost-friendly options.
One being, The Juniper card, now, I don't even know If I can apply to get anything, again, I'm 18 tomorrow. Advise?
Also, COMPUSA has some deal, I'm sure it involves applying and being accepted to obtain their CompUSA credit card, then doing things that way.

Advise?

Josh
Click to expand...

amd4me said:
It's Juniper like the plant not Jupiter like the planet
Click to expand...
LOL..Thanks man.
Anyone?
 
I want to assume you have a job because you have expenses for which you already struggle to pay. You now want to add another expense. I am not sure there is clear logic there, but it could just be me.

Perhaps you pay your expenses but cannot save $2000 before the school years end. That tells me that the minimum monthly payments even as low as $42 are going to be hard for you. If you can't save $2000 in 9 months (school year) I can see that. But you have to ask yourself why it is that you cannot save $200? Is it that you already have too many expenses?

My theory on buying technology on a credit card is this. If you cannot pay off the item in 3-6 months then you shouldn't buy it. You will undoubtedly pay up to 2x the actual cost of something if you drag it out too long. (interest) If you can't save $200 a month by the school years end then perhaps there is a larger problem here. Perhaps it is this said Japanese Vacation?

It seems to me that you want a laptop for the up coming semester but you went to Japan instead. You needed to go to Japan or you need a laptop? Do you have a laptop now? Is it just not shinny and pretty like a mac and you need a mac?

Well ok here it is.
You will most likely be approved for minimum $1500. That'll get you a pretty sweet macbook. I bet you want the pro right? I mean why stop at the macbook when you can't afford either right? Go for the pro if you're going to be in debt!

Your interest rate can be 13% to 24% ? Right? Let's say it is 18%. You have to pay 18% on that cash you borrow. The longer you take to pay it off the worst it gets.

Personally, I've bought few things on credit. I ended up (back in 2000) paying $4000 for a $2800 tv. High interest rate and I simply did not care because I had to have it. I had a tv by the way. It took me 4 years give or take to pay it off. I also bought a pc on a credit card once. I built it myself so everything was bought a some computer warehouse. I paid it off in 2 months and paid zero interest. Good choice on my part.

In the end you will do what you want to do. You can apply tomorrow on your 18th bday. Have fun and perhaps you should finance a trip to the financial section of your nearest bookstore or order something online from your new macbook pro.
 
Kinkokoro said:
LOL..Thanks man.
Anyone?
Click to expand...

I hope your trip to Japan was sick, I want to go there but my parents don't. But, wow the Juniper...it would take about 3-4 years to pay off....then we bring in tax and that stuff. I would just look on eBay at the cheapest price. Does your college offer something? I know at some schools they offer plans on new computers but it might not be a mac. Does it have to be a MacBook?? You could always get a nice PowerBook G4 for about $400-$900.
 
jessica. said:
I want to assume you have a job because you have expenses for which you already struggle to pay. You now want to add another expense. I am not sure there is clear logic there, but it could just be me.

Perhaps you pay your expenses but cannot save $2000 before the school years end. That tells me that the minimum monthly payments even as low as $42 are going to be hard for you. If you can't save $2000 in 9 months (school year) I can see that. But you have to ask yourself why it is that you cannot save $200? Is it that you already have too many expenses?

My theory on buying technology on a credit card is this. If you cannot pay off the item in 3-6 months then you shouldn't buy it. You will undoubtedly pay up to 2x the actual cost of something if you drag it out too long. (interest) If you can't save $200 a month by the school years end then perhaps there is a larger problem here. Perhaps it is this said Japanese Vacation?

It seems to me that you want a laptop for the up coming semester but you went to Japan instead. You needed to go to Japan or you need a laptop? Do you have a laptop now? Is it just not shinny and pretty like a mac and you need a mac?

Well ok here it is.
You will most likely be approved for minimum $1500. That'll get you a pretty sweet macbook. I bet you want the pro right? I mean why stop at the macbook when you can't afford either right? Go for the pro if you're going to be in debt!

Your interest rate can be 13% to 24% ? Right? Let's say it is 18%. You have to pay 18% on that cash you borrow. The longer you take to pay it off the worst it gets.

Personally, I've bought few things on credit. I ended up (back in 2000) paying $4000 for a $2800 tv. High interest rate and I simply did not care because I had to have it. I had a tv by the way. It took me 4 years give or take to pay it off. I also bought a pc on a credit card once. I built it myself so everything was bought a some computer warehouse. I paid it off in 2 months and paid zero interest. Good choice on my part.

In the end you will do what you want to do. You can apply tomorrow on your 18th bday. Have fun and perhaps you should finance a trip to the financial section of your nearest bookstore or order something online from your new macbook pro.
Click to expand...

WOW, you didn't have to attack me. I'm sure you could have come up with a friendlier way to put that.

Anyway,
I don't have that many everyday expenses, I over shot that. I only make $10.30 an hour, and I won't be able to work many hours. That's the real problem.
But I can pay off a $2,000 item in 6 months, that won't be too hard of a problem.
Would you suggest I go ahead and do that?

I do appreciate your reply.

Josh
 
Depends where you live. In some jurisdictions you cannot have credit until you are 19.

Consumer credit cards are the absolute worst way to get into debt. (actually, I'm wrong. "Knuckles", who hangs out down on the corner of Fourth St. is worse)

If you must have the machine, wait until the last minute before school starts. Save as much of a down payment as you can. Buy through the Education store or your University. Ask a trusted family member to cosign on a loan for you through your local bank or credit union at 7% - 10% with no fees or penalties, instead of using the credit card.

If you are considering an in-store financing, even if it offers "12 months no interest", look very carefully to see what the penalties are for missing a payment, and whether there is an up-front "administration fee" -- which is a sneaky way of getting interest out of you. A $100 administration fee on 0% plan on a $2000 notebook that you pay off in 6 months is really over 10% interest (because you are paying it with present-value dollars). The fees plus the difference to the Education price may be more than it's worth.

Don;t buy any software until you know what price you can get Edu versions for through your school. Buy a stock configuration, not a BTO, don't buy RAM from Apple
 
Listen to Jessica, you will thank her later. Wish I had someone give me the same advice at 18.

Needing it now and getting it is a fleeting sense of satisfaction when you realize how long it may take to fully own it and if you do run in trouble those need to have it now feelings are quickly replaced with some other not so warm and fuzzy feelings.

Credit can be a good thing for people who can afford it. For those who cant its a temp fix that leads to nothing but trouble. I pay cash for all of my toys, not because I have money to throw around but because I was once 18 and needed some credit and bye bye birdie, thats all she wrote. I dont have a single credit card and never will again, car and house are all I will ever finance if I have to.
 
Kinkokoro said:
WOW, you didn't have to attack me. I'm sure you could have come up with a friendlier way to put that.

Anyway,
I don't have that many everyday expenses, I over shot that. I only make $10.30 an hour, and I won't be able to work many hours. That's the real problem.
But I can pay off a $2,000 item in 6 months, that won't be too hard of a problem.
Would you suggest I go ahead and do that?

I do appreciate your reply.

Josh
Click to expand...

Would you be working during school? Also, to save money buy Apple Refurb, or find something that offers you a mail-in-rebate. Amazon offers I think $150 off, and MacMall has some deals right now. Just keep your eyes opened for deals.

Do you currently have a computer?? For extra cash sell it on eBay. If it is a Windows computer, strip it down and sell the parts. If it is a mac, sell it whole. If I can get $866 for an iBook G4, you can get money for your current computer (that is if you have one).

Matt
 
noodle654 said:
Would you be working during school? Also, to save money buy Apple Refurb, or find something that offers you a mail-in-rebate. Amazon offers I think $150 off, and MacMall has some deals right now. Just keep your eyes opened for deals.

Do you currently have a computer?? For extra cash sell it on eBay. If it is a Windows computer, strip it down and sell the parts. If it is a mac, sell it whole. If I can get $866 for an iBook G4, you can get money for your current computer (that is if you have one).

Matt
Click to expand...
Yeah, but I won't be working many hours. That;s the problem, so at the most, expect $200 a week. But probably $150, range.

Josh
 
Kinkokoro said:
Yeah, but I won't be working many hours. That;s the problem, so at the most, expect $200 a week. But probably $150, range.

Josh
Click to expand...

I am sure that your school has a meal plan when your enroll?? I know my sister and brother have plans which are included in the tuition fee?

But do you have a current computer and what kind??
 
I know you could really use a new laptop, and I understand about not having the money to pay for one, but be very very careful. Too many people are charging large things (especially younger people) This is only going to get you in trouble. Take a good like at the interest rates on the Apple card, there insane.. This is no better then any other card offered by retailers. Also being that your just turning 18 it will be hard for you to get one. Not saying you can't though.

If this is the route you are going to take, sit down and figure what the minimum payment you yourself can make every month, then half that. That IMO would be the safest way to go about if you get the card.
 
You can get the white macbook 2.16 ghz with 1 g ram on amazon.com for $1299.99, no shipping, no tax, - $75 rebate = $1224.99.

I'm not sure what you're going to college for, but if you think you can use a MBP to make money building web sites or doing photoshop work, etc., then you can get the baseline MBP from amazon.com for $1850 (with rebate factored in).

It's not necessarily a bad thing to have credit card debt so long as you never miss a payment and you are sure you can pay it off within 6 months or so, as someone suggested.

If you do this and do it right it will help to build good credit, and it's much smarter to buy a computer, in my opinion, which you can use to earn more money, than it is to spend it on things like CDs, DVDs, going out to eat, etc.

Good luck!
 
Have you seriously thought about what you need versus what you want? $2000 seems like a lot of money (which you don't have) to spend on a computer. Would a MB suffice? You could save enough money over two months and pay cash for a refurbished MB.
 
Kinkokoro said:
WOW, you didn't have to attack me. I'm sure you could have come up with a friendlier way to put that.

Anyway,
I don't have that many everyday expenses, I over shot that. I only make $10.30 an hour, and I won't be able to work many hours. That's the real problem.
But I can pay off a $2,000 item in 6 months, that won't be too hard of a problem.
Would you suggest I go ahead and do that?

I do appreciate your reply.

Josh
Click to expand...
Hardly an attack. If you can save 450 per month, then do it. Being in college doesn't mean you have to have a computer, its a great luxury, but with most colleges having computer labs you don't need your own.

If you can save 450 per month, in 3 months you should be able to afford a macbook with a student discount. 3 months isn't the end of the world.

Or you could look at this as a opportunity to build some credit. Apply for the card after saving for 1 or 2 months of saving. Then buy the macbook and pay off the balance before the interest charges come on, as I think they have some sort of no interest for 3 month policy.

Either way, it doesn't have to be new, a refurb CD macbook is only 799 at the store, plus tax. So thats only 2 months of work.
 
Obviously you already have a computer, what is wrong with it? I get the idea that the parents don't think you are in need of a new computer or they would be trying to help you out if they can so as keep you from going into severe debt.

So, what computer do you currently have?
 
Kinkokoro said:
I can safely make paymenys $450 a month. Roughly. Advise?
Click to expand...

If possible, go to the Bank of Mom and Dad, and say this:

1) "I'm being fiscally responsible, I'll put all my savings into paying this off, and if I pay it off in 3-4 months as a college student, I'll have an amazing credit score." Having a good credit score is a plus, as helps you become more independent post-college when you are looking to get a mortgage/rent/car payments.
2) "I was hoping that to get it started, I could get you guys to help me front a bit of deposit to take a bite out of interest payments. I promise I'll pay you back by start of second semester" (obviously add sugarcoating and stuff) Focus on "Loan, not Gift"
3) Scrap together every penny you can spare for the first payment.
4) Upgrade NOTHING at retail. You can buy RAM for cheaper than they upgrade it, and eBay/give away the current sticks (if you have a 2x512) Ditto HDDs, especially in the Macbook.

If you spend $1800 on a MBP (cheapest you can get it in US edu store) and have a $400 down-payment from Mom & Dad, you'll minimize your interest, have it all paid down by Christmas (3.5 * 450) and make $400 over Winter break to pay off your parents. Or, if you have a birthday anywhere between now and December, get them to make some of that up-front parental loan a gift. Then, if you want to upgrade the HDD or RAM, do it in March or April once you're all paid-down and stuff.
 
Hm interesting thread, im kinda in the same pickle as the original poster. except i have the money. Some said they got $866 for their ibook, does anyone have any idea how much i would be able to get for my compaq/hp nx 7010 at 1.5 GHZ?
Thanks very much
 
Kinkokoro said:
WOW, you didn't have to attack me. I'm sure you could have come up with a friendlier way to put that.

Anyway,
I don't have that many everyday expenses, I over shot that. I only make $10.30 an hour, and I won't be able to work many hours. That's the real problem.
But I can pay off a $2,000 item in 6 months, that won't be too hard of a problem.
Would you suggest I go ahead and do that?

I do appreciate your reply.

Josh
Click to expand...

I suggest instead of charging the computer on a credit card, you finance it through a fixed payment loan at a bank. The interest rates are lower and can't be changed at will, and you know exactly how much you must pay and at what time the computer will be paid for.

For example when I had to finance two computers for school (a laptop and a desktop for my graduate research) I took out a $4000 loan at 8% interest for two years with a monthly payment of $189. I will only end up paying about $300 more than the total loan amount over the course of that loan, which is fine, because the loan was taken partially for credit reasons.

A bank is also a bit more likely to extend you the appropriate amount of credit if you are young or have none.

Credit unions are your best bet. See if there is a local one you are eligible for, OR try to get a card with 6-12 months of 0% apr. Don't use the apple card. Not a good deal in credit card terms.
 
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