FinancingPost Date: 2019-08-08 |
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bruceburr
Newbie Joined: 08 Aug 2019 Online Status: Offline Posts: 2 |
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Topic: Financing Posted: 08 Aug 2019 at 11:03pm |
I'm rather dumb and new to the adulting world and can't figure out a direct answer to this question online. If I were to finance a PC from digital storm, would I be able to pay it off in bigger amounts than listed or even pay it off much earlier?
Thanks! |
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Snaike
Moderator Group Just a dude trying to keep the spam away Joined: 23 Jan 2014 Online Status: Offline Posts: 9448 |
Quote Reply Posted: 09 Aug 2019 at 12:47am |
Depends on where you get your financing. If you're using the Bread service you could ask them directly. But honestly I have never met a finance company that didn't take larger payments. That's why it is always listed at "Minimum Payment Due".
More is usually better for you as well as you're not paying so much interest on the principle. |
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bruceburr
Newbie Joined: 08 Aug 2019 Online Status: Offline Posts: 2 |
Quote Reply Posted: 09 Aug 2019 at 12:51am |
one other question, do i get the product when i start financing, or when its paid off?
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Snaike
Moderator Group Just a dude trying to keep the spam away Joined: 23 Jan 2014 Online Status: Offline Posts: 9448 |
Quote Reply Posted: 09 Aug 2019 at 3:34am |
Under normal circumstances:
Financing - get product, promise to pay with product held in lien. With higher end items like cars, that means if you default on the loan to pay it back they come and take the item back (repossession). Lay-Away - Pay the entire balance up front before you can get the product. Usually with the proviso that if you stop making regular payments you lose not only the product but the monies you've put toward it. But, in this case, for Digital Storm, their financer is "Bread". You apply for the financing and when they approve you Digital Storm starts making your computer. They ship you the machine right around the due date of the first payment. (That's not planned, that's just the timing of both industries.) Then you have a computer and you continue to make monthly payments to Bread. Note that Digital Storm is not financing you... it's like your rich uncle Bread buys you the machine and you have to pay him back. DS has nothing to do with the payments or payment schedule. They get paid upfront either way you go. Hope this has been even a little bit helpful. My younger self would have loved to have known this to save me from some difficulties when I was just "starting to adult" as you say. Good luck!! |
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FknLeon
Newbie Joined: 09 Jul 2019 Online Status: Offline Posts: 44 |
Quote Reply Posted: 10 Aug 2019 at 7:45pm |
Hey, thought I would share my input. I just ordered a Bolt X and did financing through Bread.
My total build: $5,204.00 I paid $1204.00 up front and have $4000 financed at 24 months about $197 a month. There is an option to pay a higher amount when you do auto-pay but as of right now I am just paying the standard $197. You get the product once it ships, finance/payments start the second Digital Storm confirms your payment and order. Background on my purchase, I have the money on hand but I'm 25 with a 730 credit score with only two accounts on my credit. My first lease (paid off) and my second lease (about to end and be paid off). I used the financing option with Digital Storm to build my credit some more. Edited by FknLeon - 10 Aug 2019 at 7:46pm |
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Alci
Groupie Joined: 16 Apr 2010 Online Status: Offline Posts: 250 |
Quote Reply Posted: 19 Sep 2019 at 12:07pm |
Boost your credit by financing stuff with the option of paying early without penalty, not by actually paying 10% interest.
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