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any one tried dell financing?

post #1 of 21
4/3/04 at 1:53am
Thread Starter 
Topic says all...do u think they are a rip off?..id like to purchase a 9100 worth around 1.9K with that..is the interest really high for that?..i think i wanna avoid paying by credit cards as they charge alot of interest...regards...
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post #2 of 21
4/3/04 at 2:07am
I have pretty good credit, and the rate Dell Financing offered was a lot higher than my credit card APR, so I purchased with my credit card... ymmv.

Every now and then dell runs a promotion of 0% APR for a year... if you can get that, it might be a better deal, assuming you get it paid off in a year.
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post #3 of 21
4/3/04 at 2:09am
I was desperate for a computer last year so I got the Dell financing. The interest rate is crazy, like 27% Glad I paid it off early. Had no problems though
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post #4 of 21
4/3/04 at 2:09am
Yeah dell's financing interest rate is like 18% or something like that.
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post #5 of 21
4/3/04 at 2:48am
Avoid it like the plague if you can...
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post #6 of 21
4/3/04 at 8:31am
Yeah, the rate is ridiculous. Its better to get outside finance if you're having trouble, it may be cheaper.
stu
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post #7 of 21
4/3/04 at 9:16am
i hear that parents charge the most favorable interest rates
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post #8 of 21
4/3/04 at 9:34am
Lol, thats true. But you've gotta be lucky enough to have parents that can afford to lend you a couple big ones in the first place!
stu
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post #9 of 21
4/3/04 at 2:04pm
... especially on a "toy"
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post #10 of 21
4/3/04 at 4:02pm
dell financial services is absolute crap. if you are just a little late on on payment the indians call you at least 10 times a day harrassing you for payment. i was late because they did not send me a statement. i asked for late charges to be taken off and they lied to me over and over to get a payment over the phone, which costs 10 bucks by the way and they failed to inform me of the fact, long story short, F*CK DFS and do not use them for anything. one of the highest causes of escalations is stupid dfs.
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post #11 of 21
4/3/04 at 11:56pm
Thread Starter 
i think they are running a promo of 0% APR for a yr, but its for qualified customers,which i believe i am not...cant get from parents...and i dont have a credit card which such high limits..i think the new APR is around 13% now...what does that mean..u pay 13% of the total price a yr as interest or what?..i intend on paying my lappy off in 2 yrs time....and credit cards also charge around 13% APR..how exactly does that work?..im new to this credit stuff, any one who explains this to me...GOD WILL BLESS YOU lol
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post #12 of 21
4/4/04 at 12:34am
From what I gather from the Dell forum you have to have perfect credit and I mean perfect credit!!!!!to get the Web site APR promos.....many people are complaining about having very good credit but still being turned down for the low APR promos and offered only the high interest accounts typically 18 to 27% interest..so beware if they accept you read the fine print more than likely you will be charged huge interest rates......
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post #13 of 21
4/4/04 at 1:15am
Warlord is right, I've got good credit and they turned me down for 0% APR. The APR they offered me was like 22 or 23%. My credit card is 7.9%, so I went ahead and bought it with that.

Yes, APR stands for Annual Percentage Rate, or the percent of the balance you will pay each year... they actually determine your interest each month though, by taking your current balance, multiplied by your APR, and divided by 12, so if you pay your balance down fast, you end up saving a lot in interest payments.
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post #14 of 21
4/4/04 at 4:04pm
I had good enough credit to get the lowest rate when refinancing my house but dell wouldnt give me 0% only highest rate so I dont know how they figure their rates I just used CC.
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post #15 of 21
4/4/04 at 9:15pm
Thread Starter 
Quote:
Originally Posted by worthless
Warlord is right, I've got good credit and they turned me down for 0% APR. The APR they offered me was like 22 or 23%. My credit card is 7.9%, so I went ahead and bought it with that.

Yes, APR stands for Annual Percentage Rate, or the percent of the balance you will pay each year... they actually determine your interest each month though, by taking your current balance, multiplied by your APR, and divided by 12, so if you pay your balance down fast, you end up saving a lot in interest payments.

so this means dell financing is a rip off...sigh....ok...man i cant figure out how to calculate my monthly payment/interest..like if i get a credit card it will be around 13% APR...so thus....if i charge 1900$ to it, how exactly will it work and how much interest will i have to pay?..i tried ur formula but got outrageous figures
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post #16 of 21
4/5/04 at 7:57am
If you start with a balance of $1900 at 13% APR, the first month they will take the $1900 balance, multiply it by .13 (13%) and divide it by 12. That comes out to $20.58 in interest added to your balance for that month. So your new balance is $1920.58. If you pay $200, then your balance drops down to $1720.58.

The next month they will take your current balance of $1720.58, times it by your 13% APR, then divide it by 12. That comes out to $18.64 in interest added to your balance for the month, making your new balance $1739.22.

And so on till you pay it off.
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post #17 of 21
4/5/04 at 8:44am
If you can qualify for the 0% for 6 months, is it worth is (id pay it off in 5 months)
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post #18 of 21
4/5/04 at 1:37pm
I just bought a DELL Axim X3i and even though I have good credit and never have any problems qulifying for any loands DELL declined to give me the promo 0%, bastards I think it's just a big advertisement lie. So when I decide to buy a laptop soon I'll won't even consider their fianancing.
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post #19 of 21
4/5/04 at 1:46pm
DO NOT USE DFS!!!

They are horrible...I ordered my i8600 in February and still haven't received a statement. I called to find out what the deal was, and they told me I owed a a payment in two days. I knew I shouldn't have used them, but made the mistake of trusting that it would be a seemless process.

I made the payment, got charged a huge amount of finance charges, and will now pay the remainder off ASAP so I will be rid of them. Biggest mistake of this whole process...otherwise, I love the laptop.

Loki
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post #20 of 21
4/5/04 at 7:48pm
so dont use their financing? whats the lowest APR around... id pay it off it off in 4 months or so
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