Paying for a computer by month?

zeppelin

So I'm thinking about purchasing a computer for the new school year. I have enough money to buy the computer (waaay more than enough) but I'm going to have a bunch of things going on like rent/cable etc. etc.

Is buying in on a XX/month plan alright? What's the catch?

If I don't pay what happens?

I want some money just incase something bad happens. I have a steady job lined up. Any helps would be greats.

urahonky

Well it depends are you talking about something like Rent-A-Center? Because those are terrible.

There are always great financing plans at Best Buy/Circuit City. 0% financing for 12-48 months or something of the sorts. That way you pay the minimum (which is usually like $20 a month) when you need the cash that week/month.

Otherwise you just sit down and calculate how much you need to pay a month in order to get it paid off.

Just be careful of NOT paying it before the free financing. It usually jumps up to somewhere around 20%+ interest rate, and that's for the total, not the remaining.

zeppelin

urahonky wrote: »

Well it depends are you talking about something like Rent-A-Center? Because those are terrible.

There are always great financing plans at Best Buy/Circuit City. 0% financing for 12-48 months or something of the sorts. That way you pay the minimum (which is usually like $20 a month) when you need the cash that week/month.

Otherwise you just sit down and calculate how much you need to pay a month in order to get it paid off.

Just be careful of NOT paying it before the free financing. It usually jumps up to somewhere around 20%+ interest rate, and that's for the total, not the remaining.

I'm talking straight from Dell/Alienware or some other site (Velocity Micro maybe... I still have to make that decision) but best buy is always a possibility. I think I have no credit history right now, too.

EDIT: I was with a friend when some guy from Rent-a-center came and she couldn't pay rent on her shitty inspiron laptop l o l. Dumb idea.

Monolithic_Dome

Also make sure you don't get tempted into spending way more than you would have because "well it's only xx more a month"

zeppelin

Monolithic_Dome wrote: »

Also make sure you don't get tempted into spending way more than you would have because "well it's only xx more a month"

Yeah my plan is to buy what I can actually pay for at the moment without screwing myself over. I've got to find out what my other costs will be but I'm going to try and pay for half up front then monthly the rest of it. Now...

What happens if I miss one payment, or several?

Daenris

If you miss a payment you'll immediately lose any potential benefits like 0% interest for X months that you may have, and the interest rate may possibly change to a higher default rate. In other words, don't miss payments.

Deathwing

What happens if I miss one payment, or several?

Well, as far as big places like Dell go, when you buy a computer like you're asking, they're basically opening a line of credit for you, which the computer's purchase price is then charged to.

If you miss payments, as Daenris said, you will most likely lose any special offers, they'll jack your interest rate up, and the fact that you made one or more late payments will also show up on your credit report. If there is a significant chance that you are going to have to miss several payments, you should not be buying the system in this fashion at all, really.

Crashtard

Do you have any knowledge of putting pc's together, or have a friend that does? If so you should check out places like newegg or tigerdirect and grab a barebones pc kit and just get any other needed components. Can get some great deals and save a lot of money if you can afford to dish out 5-600 bucks up front and then be done with it.

tsmvengy

I wouldn't do it unless you get 0% interest on it. Getting a loan to pay for something as cheap as a laptop means that the interest rates are usually pretty bad.

Do the math. See how much it's going to be in total when you multiply $XX/month by the length of the payment plan. Compare that to what you'd pay up front and see if it's worth it to pay more just for the convenience of not paying for it now.

Improvolone

How much are you looking to spend, out of curiosity? There are some very useable, cheap options out there.

Durandal Infinity

If you apply for the Visa Juniper card you can finance any apple computer PLUS you get student discounts off of every computer, an online rebate for a free printer, and an Online rebate for a Free iPod Touch 8GB. Total savings 500-600 dollars depending on machine plus financing if you pay with that card.

DeathPrawn

Crashtard wrote: »

Do you have any knowledge of putting pc's together, or have a friend that does? If so you should check out places like newegg or tigerdirect and grab a barebones pc kit and just get any other needed components. Can get some great deals and save a lot of money if you can afford to dish out 5-600 bucks up front and then be done with it.

I don't know what your financial situation is, but this option is nice because you can start out barebones and upgrade from there. Don't have the cash for a graphics card? Use your mobo's integrated chipset until you can afford a decent card.

zeppelin

As far as building my own computer... I'll be doing that but I'm waiting just a bit longer (once I'm outta school).

But everybody has given some great advice. Thanks to all.

Crashtard

In the meantime, if you're interested in a laptop check out tigerdirect. They have some super deals on refurbed machines. I bought a gateway and I love it. Dual core, etc, got it for 540. For around 600 you can get one with real good graphics.