Anyone can buy new Apple products with no deposit using the Apple financing program. Apple manufacturers exclusive products like the MacBook, iPod, iPad and iPhone. Most of their products are sold exclusively through their own online and local retail outlets. This means that consumer financing options are somewhat limited. However, with financing through Apple’s website, credit cards, and other store credit cards, you can get these products through affordable monthly payment plans when purchased online at the Apple Store, at a local brick and mortar Apple Store, or an Apple reseller like Amazon.com.
How much can you expect to pay per month through monthly payment plans?
When you finance an Apple product using a small personal loan or credit card, you can expect to pay fairly low payments. Depending on your credit rating, (if you have bad credit you can expect to pay much more) you’ll pay lower or higher monthly payments. Some financing plans will include an annual fee or some sort of finance charge for using the credit service.
This is a list of monthly payments you might be paying for an Apple computer based on a 3 year (36 month) loan at 15% APR. These monthly payments are very similar to what you can expect from financing with a credit card. As with all loans, paying more per month will save you money by saving you from the cumulative affect of interest.
All of these Apple products can be financed easily from Amazon.com using their Rewards Visa Card (you don’t need to wait to use it if you’re approved and you earn 3x points when you buy stuff from Amazon with it). Or you can finance from the Apple store with the Barclaycard which has some special financing offers from 6+ months no interest depending on how much you spend.
Monthly Payment: $28.95
Monthly Payment: $83.20
Monthly Payment: $42.81
Monthly Payment: $37.44
As you can see from these example monthly payments (again calculated at 15% APR), these payments should be accessible to most people’s budgets even students or homemakers. To learn more about financing them through Amazon.com, click through the links above, check out the Apple product that most interests you, and apply for the card at checkout.
Apple Product Financing at Apple.com
Financing a purchase through Apple works a bit differently than it does at other computer manufacturers. Apple has teamed with Barclays, a reputable banking and lending institution to offer the Barclaycard. Backed by VISA, it can be used not only at the Apple store but anywhere that VISA cards are accepted. It is a fully functioning credit card that offers all the benefits and uses of a standard card. However, as it is issued in collaboration with Apple, it offers special incentives for making purchases through the Apple store, and bonus points that accrue as you use it to make purchases.
The terms that are offered with the Barclaycard are standard for the credit card industry. For most purchases, a 22.99% Annual Percentage Rate applies. This card does not, however, charge an annual fee, so when purchases are paid off within the billing period, users will not be subject to any additional fees. There is a special introductory offer that is valid for any first time purchases at the Apple store. When making a purchase whose total sale price is greater than $900, interest payments will be deferred for the first 12 months. This means that if the balance is completely paid off within a year of the initial purchase, no interest payments will be owed. If your first is less than $900, no interest will be charged as long as it is paid off within 6 months. Do be aware that interest will be retroactively applied if your balance carries over past the promotional period.
Deferred interest is not the only incentive that this card offers. Every dollar spent, whether at an Apple store or at any other retailer, earns iTunes points that can be cashed in for iTunes gift cards. These points can be earned exclusively through the Apple Barclaycard and are a great incentive for the regular Apple customer.
Those interested in applying for Apple financing can fill out an application through their website or in any Apple store. Applications may take a few days for approval, but as soon as you are approved, you can begin using it and earning points. After filling out an application, Apple allows you to track its status through its website with ease.
Apple financing is a bit different than that offered by most other computer manufacturers. It affords much more flexibility, allowing users to fill out one application to be approved for a line of credit that may be used anywhere.