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Author: LTLisa One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308665  
Subject: No Interest until June 2004 Date: 11/24/2003 12:08 PM
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I'm buying a laptop this week, and the manufacturer has "no interest until June" financing.

I've been saving up for this so I have the cash in savings. I'm getting laid off this week so I won't have reliable income for a while. Should I just pay cash or should I make payments until June and then pay off the balance?

thanks!
lisa
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Author: karenlj Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 173860 of 308665
Subject: Re: No Interest until June 2004 Date: 11/24/2003 12:21 PM
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I'm buying a laptop this week, and the manufacturer has "no interest until June" financing.

I've been saving up for this so I have the cash in savings. I'm getting laid off this week so I won't have reliable income for a while. Should I just pay cash or should I make payments until June and then pay off the balance?

thanks!
lisa


My recommendation would be to wait to buy your laptop until you have a new job. You might need that money for living expenses.

Karen

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Author: reikiman Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 173861 of 308665
Subject: Re: No Interest until June 2004 Date: 11/24/2003 12:26 PM
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Be careful about the requirements. For example - is it "no interest" only so long as you pay the minimum payments?

If you're going to play this game, play it very carefully, as it's always carefully constructed to have traps people can fall into (all very legal traps).

Also, being unemployed, how will you raise the money to pay it off by June?

- David

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Author: windyelliott Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 173862 of 308665
Subject: Re: No Interest until June 2004 Date: 11/24/2003 1:09 PM
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Also, being unemployed, how will you raise the money to pay it off by June?


She said she already saved up for it. Personally, I would read the fine print very closely on the credit contract to make sure that you will be able to pay it off before the interest rate kicks in. Then I would go head and get it but put the money to pay for it in an interest baring account. Then I would pay it off the month before the interest hits.

Of course, the question you really need to be asking yourself right now is "do I really need a laptop right now?". If I was getting laid off, the very last thing I would do would be to spend a dime that wasn't absolutely necessary for my survival.

I would put the money in the bank and get the laptop only when I have a new job.

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Author: Aranknitter Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 173863 of 308665
Subject: Re: No Interest until June 2004 Date: 11/24/2003 1:14 PM
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You're getting laid-off?

Forget about a new laptop till you have a new job.

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Author: LTLisa One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 173869 of 308665
Subject: Re: No Interest until June 2004 Date: 11/24/2003 2:13 PM
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If anyone has any suggestions on how to effectively search for a job in the IT/software industry without a computer, I would love to hear them. Moving to a different library every 30 minutes doesn't sound like a good use of time but maybe there's another way.

FWIW, the laptop is because I will more than likely be moving to another state and I'm trying to reduce the amount of stuff I have to pay to move/store. I'm selling two desktops and consolidating to the laptop.

I've never used any of the "no interest until XXXX" offers so I'm just curious whether they're worth it if I have the cash in hand. It kind of sounds like it's not - Not having to worry about whether the payment is one day late (at which point they'd probably nail me at 25% interest!) seems like a good tradeoff for the few bucks I'd earn interest.



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Author: agg97 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 173870 of 308665
Subject: Re: No Interest until June 2004 Date: 11/24/2003 2:25 PM
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LTLisa said: If anyone has any suggestions on how to effectively search for a job in the IT/software industry without a computer, I would love to hear them.

And later said:I'm selling two desktops and consolidating to the laptop.

Your new laptop just moved from the "need" column to the "want" column. Just about any computer made in the last 7 years is fast enough to search the internet for a job. The only reason you have given to upgrade is so your future move will be easier. IMHO, that's not much of a reason when you're staring unemployment in the face.

-Agg97

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Author: SaveFarscape Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 173872 of 308665
Subject: Re: No Interest until June 2004 Date: 11/24/2003 3:05 PM
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Augh! People seem to keep confusing this board with the LBYM board!

IMHO, I think it's better to keep your cash in savings earning interest, rather than taking it out. This is using credit wisely. The unwise move would be to buy the laptop on credit, then spend the money you have saved somewhere else. As long as you can be sure and keep the money in savings, earning interest, the no interest until June payment plan sounds like the better deal. As other posters have advised, read the fine print to make sure there are no additional purchase requirements, and, if you do happen to make a late payment, you can pay it all off without incurring any extra finance charge.

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Author: Frydaze1 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 173873 of 308665
Subject: Re: No Interest until June 2004 Date: 11/24/2003 3:19 PM
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If anyone has any suggestions on how to effectively search for a job in the IT/software industry without a computer, I would love to hear them. Moving to a different library every 30 minutes doesn't sound like a good use of time but maybe there's another way.

As someone who is IN the IT/Software industry, I can tell you that having email is very important, but that most of the online job searches aren't very effective.

Regarding the laptop: if you are consolidating to save space, fine. In general, unless you plan to have a docking station when you find a permanent home, a laptop is not as useful as a desktop PC. Especially not if you're doing development on it! If you must have portability, then I understand the need for the laptop. But if you're selling the 2 desktops, can't you use those funds to purchase the laptop? If it's going to cost you more than you're getting for your desktops, then you might be better off paying the storage fees for one of them, so it will be available for you as soon as you have a desk. Trust me, for those of us who use our keyboards every day, a laptop is NOT comfortable to use. The keys are smaller and not in the right places.

Good luck in your job search.

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Author: Aranknitter Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 173877 of 308665
Subject: Re: No Interest until June 2004 Date: 11/24/2003 3:46 PM
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If anyone has any suggestions on how to effectively search for a job in the IT/software industry without a computer, I would love to hear them.


Through the careers office of your university - they service alumni as well as current students.

Or, go to Barnes and Noble and browse the ads in the IT mags.

Or, through your technical/trade/professional organization.

Or, network through your local "Users Group" - a lot of techies go to these usually.

Or just keep one of your desktops and sacrifice image for practicality.

It's possible to get IT jobs in other routes than online - I did.

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Author: JustGeorge Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 173879 of 308665
Subject: Re: No Interest until June 2004 Date: 11/24/2003 3:50 PM
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I would pay cash for it and get it out of the way. Since you are gonna be laid off and you need the laptop get it and use the cash.

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Author: Booa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 173882 of 308665
Subject: Re: No Interest until June 2004 Date: 11/24/2003 4:09 PM
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Keep a desktop, use the laptop money to live on if necessary, and when you have a new job, *then* buy a laptop if you still want one. Trust me, you don't want unemployment to run out and you're staring at a laptop, trying to calculate how many weeks of groceries you could have bought with it. Bite the bullet and move a desktop. Where are you going to be living, that you won't have room for a desktop? Yeah, they're huge and annoying to move, but I'd hang on it.

Good luck.


--Booa

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Author: DBAVelvet74 Big gold star, 5000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 173886 of 308665
Subject: Re: No Interest until June 2004 Date: 11/24/2003 4:43 PM
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If you are as computer savy as you sound, and are comfortable with online banking I say go for it.

I did a very similar thing with my mattres. When I got the first statement I looked at the total that had to be paid off in 11 months (1 month had passed since I got it so that took off one of the 12 months) and I divided that by 10.

I set up automatic payments from my bank in that exact amount. That way I was done one month early and was free and clear.

Sometimes the caveat is that if you don't pay it off in time they charge the interest retroactively, and I would hate to have that happen because they are a little slow processing the last payment.

If I had the know-how back then that I do now, I would have paid just the minimum, made the rest of that 1/10th payment to an interest bearing account, and then paid the lump sum in the 10th month.

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Author: windyelliott Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 173910 of 308665
Subject: Re: No Interest until June 2004 Date: 11/24/2003 9:04 PM
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I agree with keeping the desktop. In fact, I would keep both desktops. I am constantly needing to test system to either run programs I am developing or to use a learning tools for a new system I am learning. They are also handy to keep around for spare parts. As I sit here now, I have my personal desktop, my business laptop, a small server that I am installing linux on so I can practice hacking and configuring routers, plus I have one system in the closet that I take parts out of when needed. You will never get your money's worth by selling them so you may as well keep them for future use, especially if you are in the IT field.

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Author: jennynoel Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 173917 of 308665
Subject: Re: No Interest until June 2004 Date: 11/24/2003 11:39 PM
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a laptop is not as useful as a desktop PC...a laptop is NOT comfortable to use. The keys are smaller and not in the right places.

Unless it's a Powerbook :-D

-jennynoel



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Author: TMF2Aruba Big funky green star, 20000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 173949 of 308665
Subject: Re: No Interest until June 2004 Date: 11/25/2003 6:39 PM
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I'm buying a laptop this week, and the manufacturer has "no interest until June" financing.

I've been saving up for this so I have the cash in savings. I'm getting laid off this week so I won't have reliable income for a while. Should I just pay cash or should I make payments until June and then pay off the balance?


Hi Lisa,

I'm assuming that you're buying this laptop because you really need it, and it's necessary for your future employment--otherwise, I'd have to ask why you'd be spending any non-essential funds (I'm sorry to hear of your layoff, btw).

Okay, if you're going to get that laptop anyway, I'd advise that you go ahead and buy it with cash. That will mean that you'll owe no one anything for that, and own it free and clear without that debt coming due later--at a time when your finances may be unclear due to the employment issue.

Another reason for this is because June really isn't that far away, and the amount of money you'll save is pretty neglible. On top of that, making payments could result in the "risk" that you may not be in a position that's liquid enough to pay later on. Even putting the money aside now would mean that risk would still be there should you find reason to have to use the funds for something else.

Yep, I'd say pay it now and enjoy the laptop. And best of luck in the job search!

Tony
...but I still am...

Off2Aruba

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