MacBooks and iPhones are popular products whose prices can sometimes rise considerably. Did you know, for example, that a full spec MacBook Pro 16 inch currently costs €6,839? You obviously have a MacBook Pro with 8 terabytes of storage.
If you do not have sufficient savings, borrowing money can offer a solution. Buying on installments and overdrafting are often the best-known options, but unfortunately also the most expensive. For that reason, we would like to introduce you to three popular financing options such as: apply for a personal loan out.
In this article we used a MacBook as an example, but you can also use the loan forms to finance, for example, an iMac or a car.
Buying on installment
Buying on installments is one of the best-known loan forms. The loan is often offered when buying a car, but you also often see the option with Apple products such as a MacBook.
When purchasing on installments, the maximum statutory interest rates are usually applied. This has been maximized to 10% and there is a chance that it will then return to 14%. This form of financing is therefore often an expensive way of borrowing money (see calculation example under ‘Personal loan’). If you want to borrow cheaper, a personal loan or a revolving credit with a lower interest rate can be a good alternative.
Tip: Always check whether the product becomes your property immediately. In some cases, a lender’s product remains with or without a closing amount until the loan has been fully repaid.
Personal loan
A personal loan is a loan with a fixed interest rate and term. If your installment purchase does not have a fixed interest rate, a personal loan is extra interesting. With this loan you know exactly what you have to pay and when the loan is repaid.
The fixed term (how long the loan lasts) of a personal loan fits well with financing a MacBook. These don’t last forever. By aligning the term with the lifespan, you avoid a so-called residual debt (paying off something that is no longer in your possession). So responsible.
Nowadays you can apply for personal loans online. If you take it out online, you can often compare it with other personal loans. This ensures that you can find the cheapest loan for your personal situation.
Revolving credit
If you prefer more flexibility when borrowing money, a revolving credit may be an option. With this loan form it is possible to withdraw repaid amounts, but be careful; at a variable interest rate. The interest rate can therefore rise (loan becomes more expensive), but also fall (loan becomes cheaper).
If you use the overdraft on your bank account a lot or regularly buy with mail order credit, a revolving credit may be a cheaper alternative. Compare interest rates carefully and regularly to see whether a loan is cheaper.
Pay in installments
In summary, a MacBook on installment plan is not the only way to pay for your MacBook in installments. You could also take out a cheap personal loan and repay this loan in installments. The MacBook is then immediately your property and that means you can always sell it again.
Please note, borrowing money costs money.