Anyone ever lease from Dell or IBM?

[MrBond]

I've been thinking about getting a new laptop, although the only real way I can afford it is if I lease. I did some checking on IBM and Dell's websites, and I cant figure out if you can pay more then the monthly payment in order to pay the lease off faster (ie: pay $100 instead of $50 and pay it off in half the time). I'd save a ton on interest that way, and as long as I keep working, I should be able to afford it right through school. Anyone know if either IBM or Dell allows that? I'd much rather have a IBM laptop, but if dell can configure it cheaper, then I'll go with them.

 

[Rage187]

Why not just take out a personal loan at a bank, Gauranteed better interest rate...???

 

[MrBond]

I hadn't thought about a bank, might have to talk to them tomorrow and get some idea what it will run me there.

 

[Hoeboy]

Expect to get an interest rate of about 20%+ and at their suggested $54 or so dollars a month for 4 years, you will end up paying about $2600 for a $1600 laptop. From what I know, there is no prepayment penalty so you can pay more than what is required per month. I suggest you try to either get a bank loan or use a credit card. Either way, the interest rate would be much much lower.

 

[MrBond]

Yeah, their interest charges are crazy high. I priced an inspiron 8000 which would have had $100 in intrest tacked on. Too much for me, I'm checking out banks tomorrow.

 

[blueghost75]

i have a better solution. why don't you start saving money now, and you can buy something nicer for cheaper in a little while. You said that you work, so if you saved every penny that you could spare for a month or two, then you would have a laptop prety quick. Of course, if you really need it now, then that won't work....

 

[RossMAN]

Whatever you do, I would advise against leasing from IBM or Dell you're just throwing away money at high interest rates. Plus doesn't lease imply that you have to return the laptop after 1-3 years? Why not get a lower interest rate, build equity and eventually you will OWN the laptop. Definitely get a personal loan from your bank. If you're young and have no credit I would strongly advise getting a co-signer (parents, siblings, girlfriend, friends, co-worker, anyone who has good credit). Then when you are ready to buy a laptop search the Hot Deals forum for all posts made by IBM Auctions and you'll score a pretty incredible deal, like this one: IBM ThinkPad T20 for $1,309.

 

[MrBond]

I thought about that "save 'n wait" idea, which at the moment looks pretty good. Even though I'm fairly sure I'll qualify for a decent APR on a loan, I've got perfect credit so far. I may talk to the bank still and just crunch some numbers. In the end, I'll probably save here and there for the laptop, as if I bought it now, it'd severly hamper my "fun things fund" for the next 6 months or so.

 

[ToBeMe]

Don't lease.......buy!

 

[goodoptics]

Why lease? Why not finance to own?

 

[MrBond]

Thats what I orignally ment, finance to own.

I had my mother talk to the loan officer where she works today about getting me some figures on a $1500 loan. She gets decent deals working there, and will pass them along to me. We'll see, if she can get me a two year loan at 6% or so, I'll go ahead and order one of those thinkpads from IBM auctions.

 

[RossMAN]

Thats what I orignally ment, finance to own.

I had my mother talk to the loan officer where she works today about getting me some figures on a $1500 loan. She gets decent deals working there, and will pass them along to me. We'll see, if she can get me a two year loan at 6% or so, I'll go ahead and order one of those thinkpads from IBM auctions.

According these financial calculators a $1,500 loan at 6% for 2 years your monthly payments are only $66.48. Over the course of 2 years your total finance charge is only $95.52, not too shabby. Make sure to get either the IBM ThinkPad T20 or T21. Enjoy!

 

[MrBond]

I was thinking the A series, as it's going to doing a lot of desktop work as well (probably 67% desktop, 33% travel until I graduate) (on the weekends, when my primary pc is at school). I really wish I could get a Geforce2Go in it, but a guy can't have everything.

Now I just need IBM Auctions to stick some laptops up