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Cassey · Aug 21, 2006, 02:23 AM

Hello! I hope this works here, if not, i apologise.

In just a couple days I'm planning on ordering a Mac Pro, to replace my aging PC. I'm naturally excited, but it's a huge investment, and not something i can afford right off, so I'm planning on financing it.

However, the canadian financing system has me confused. I am hoping someone could help answer these few questions.

1) It says business financing in many places, but looking through everything on their site, it never specifically states that it's only for businesses. Is this the case, or can someone personally purchase it?

What also leads me to this conclusion is going into the educational store it still shows all the leasing numbers there.

2) I'm still young and living at home, but my mum is a teacher so she is eligable for the educational discounts and promo's.

I have no idea how financing works, could i still get the discount and put the financing under my name? (that is assuming #1 is yes), or does it have to go all through my mum?

Thanks for your time.

Chuckit · Aug 21, 2006, 02:42 AM

Don't know about the financing, but Apple does absolutely nothing to ensure that you're actually involved in education when buying from their Web site. (Annoyingly, they made me come back with a pay stub when I bought from a physical store, though.)

Kyros · Aug 21, 2006, 02:00 PM

Absolutely do not use Apple's financing. Get it somewhere else if you need to, but you will end up paying way way too much through Apple.

discotronic · Aug 21, 2006, 02:16 PM

A few years ago I did the Apple Education loan because it was a great deal up front. 6 months same as cash. I paid it off within the 6 months to avoid interest fees and etc.

Well, after I did this, I received a letter from MBNA stating that they had revolked my credit account because my credit was not good enough. My credit was over 700 easy and it apparently wasn't good enough? Seems to me they where upset that they didn't make a profit on interest because I paid it off.

If you absolutely need to finance, go through someone else. The companies that they use are crap. If you can pay cash you are better off.

Cassey · Aug 22, 2006, 03:10 AM

Since no one has truly answered my question, i'll point out a few things.

1) Credit laws are MUCH stricter here in Canada. MBNA does not control the financing arm of apple here. It's called Apple Financial Services here.

2) To do a Fair Market Value lease of the machine for 3 years, I will end up paying only about $300 more than if i bought the machine out. Its about 8.7% rate, which is likely what i'll end up getting anywhere else.

While it has its drawbacks, mainly me not owning the machine, it has its advantages, like credit towards an upgrade when i want it.

So, my main questions still stand.

n8236 · Aug 22, 2006, 03:21 AM

I agree. Do not use Apple's Financing, their APR is as high as the Heavens. Ask ur parents to see if they have any credit cards w/ low to no apr and use that to finance. U can do it too if you have those offers. I pay my pops a monthly payment for my mbp and the cc he used incurs hardly any apr.

Cassey · Aug 22, 2006, 04:10 AM

After thinking about it, that might be the best way to go. I'll have to talk to my parents, but I think I can locate enough money somewhere for that.

Various places offer line of credits, which I will be paying interest on, but it could be under my name and it will help my credit rating in the end. I use my parents card, and then once my line of credit goes through, pay their huge bill plus interest, then I can take advantage of my mums educational discount and get it for even cheaper.

Thanks for the suggestions, I'll look into it.

DeathMan · Aug 24, 2006, 02:18 PM

There are lots of sad stories involving financed Macs. You may think of it as an investment, but in reality its a liability, one that will never increase in value. Just remember that. Even if it enables you to make money, you're still going to have to pay for it. I'm sure you know this already, its just that I have a friend who still owes money on dual 500mhz G4 sawtooth. Pretty sad. Fortunately that little box is still good to go, it was editing video up until just a few months ago.

Apple2Mac · Sep 7, 2006, 05:04 PM

For those of you in the states I run a apple user group whose sole purpose is to help finance new mac purchases. We have much better rates than Apples Financing and better rates than long term credit card financing. I welcome all questions about our group:
Group Home Page Mac Lenders
Financing Group Page Apple User Group on Prosper