Buying PC Parts on finance, yay or nay

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  • ellyroo
    ellyroo Posts: 50 Forumite
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    unholyangel wrote: »
    It really is with any regularity - ie its okay to sell your old personal computer when you get a new one once in a blue moon, but actually obtaining something for the purpose of selling it places you as a business, even if you're only doing it once a month.

    :rotfl::rotfl: I wasnt that bad with debt - more just bad at budgeting/value for money. Earned loads but felt like I never had much to show for it. Now, I earn much less than I used to (cut my working hours significantly) but I have far more money (as strange as that sounds) and can easily buy anything I want upfront. The savings all mount up. Even £20 a week is £1000 a year - a holiday, or perhaps a new computer :)

    Okay so i thought about it some more

    1 i'm gonna wait for the new Nvidia cards to come out, and grab a 1170 or 1170Ti when it comes out, or 1180 if it's REALLY decent and not too bad, and maybe with a 8700K though i still feel super tempted to go X299

    IF i go for that computer that is

    i asked , and maybe instead of financing and that, i could try get this on a student loan? my dad recommended me it the other night :) , and i mean if i can pay about 80-100 a month for the next 3 years i'd be more than okay doing that as i can afford it witht he income i get :D
  • Bigphil1474
    Bigphil1474 Posts: 2,394 Forumite
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    OP, if you decide you really want/need this stuff, then look for the cheapest finance - not necessarily the finance from the supplier. There's loads on here about loans, balance transfer cards etc. but the suppliers finance (16%) sounds expensive.
    I had to get a new 2nd hand car last year, and the cheapest way to do it was to do a cash transfer from a credit card for 0% rate for 3 years, use the cash to buy the car, and repay the credit card over 35 months. The transfer cost me 3% overall. Cheaper than my bank (4.9%) and cheaper than a specialist loan company (about 7.5%). Have you asked your dad if he could lend you the money? Usually the cheapest option.
  • unholyangel
    unholyangel Posts: 16,863 Forumite
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    ellyroo wrote: »
    Okay so i thought about it some more

    1 i'm gonna wait for the new Nvidia cards to come out, and grab a 1170 or 1170Ti when it comes out, or 1180 if it's REALLY decent and not too bad, and maybe with a 8700K though i still feel super tempted to go X299

    IF i go for that computer that is

    i asked , and maybe instead of financing and that, i could try get this on a student loan? my dad recommended me it the other night :) , and i mean if i can pay about 80-100 a month for the next 3 years i'd be more than okay doing that as i can afford it witht he income i get :D

    Student loans are a much better interest rate. You're already ahead of other students by being this sensible already ;)
    You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride
  • ellyroo
    ellyroo Posts: 50 Forumite
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    unholyangel wrote: »
    Student loans are a much better interest rate. You're already ahead of other students by being this sensible already ;)

    Well!, what would i expect from a student loan? :)

    I checked out the dorm yesterday and it could do with one or two things, just to make it more homely and stuff rather than... empty :'D
  • unholyangel
    unholyangel Posts: 16,863 Forumite
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    ellyroo wrote: »
    Well!, what would i expect from a student loan? :)

    I checked out the dorm yesterday and it could do with one or two things, just to make it more homely and stuff rather than... empty :'D

    1-5% iirc. If you're going to be using any type of finance to buy things, try and make sure its for things you actually need rather than just things you want.

    You really don't want to start out your working life with heaps of debt that you didn't need to have.
    You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride
  • Bigphil1474
    Bigphil1474 Posts: 2,394 Forumite
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    Student loans will be 6.3% for the 2018/19 year - whilst studying. After your course, the rate depends on earnings - under £25k 3.3%, over £45k 6.3%. Not the cheapest finance option. On the other hand, you are only young once.
  • unholyangel
    unholyangel Posts: 16,863 Forumite
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    Bigphil1474 wrote: »
    Student loans will be 6.3% for the 2018/19 year - whilst studying. After your course, the rate depends on earnings - under £25k 3.3%, over £45k 6.3%. Not the cheapest finance option. On the other hand, you are only young once.

    Personal student loans are cheaper. Government backed loans are (at least from what I remember - we obviously have different rules up here in Scotland) only supposed to be for things that are course related.


    Even at a push, a personal loan would give better interest rates than that - but some banks will give preferential rates to students to reel them in while they're young.
    You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride
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