Get an Interest-Free Loan from Apple - with Extra Steps

Yes, this is a click-bait title.

But, it might also be an idea/solution.

This idea is from a random thought that flashed through my mind while I was stuck on the Apple website, thinking about which MacBook should I buy (which I'm happy to know if you have a suggestion for me -> M1 or M2 MacBook Air?).

Source: Apple

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The Idea in 4 Steps

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1. Pre-Sell an Apple product on a second-hand market.

2. Buy said Apple Product at a physical Apple store.

3. Choose the interest-free 24-month payment option.

4. Complete the second-hand market transaction.

Voilà, you just got a 24-month interest-free loan from Apple.

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Recommended Read: Why We Still Need Insurance Agent

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Case Study: iPhone 13 Pro Max Alpine Green 256GB

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Source: Apple

It cost $1969.00 to buy it, or $82.04/month for 24 months (which works out to $1968.96, a 4-cents discount 😉).

Re-selling it on a second-hand market, one can earn back $1758.00.

It is a $211, or 12% discount.

If you think about it, it can sort of be interpreted as a 12% interest loan, but technically it is interest-free if you can sell it without offering a discount on the product.

Nonetheless, it is still cheaper than the 24% interest on your credit card, excluding the late fees or cash-withdrawal fees slapped on top of it, or a cashline loan.

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Things to Note/Caveat:

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1) Get something popular, it needs to be sell-able

You are buying a product. If you can buy it but can't sell it, you are stuck with an Apple product and a 24-month loan.

Typically, the more sellable/higher demand for the product, the lower the discount.

2) It needs to be high value

Because re-selling the product on the second-hand market requires some discount, if you bought something low value (a few hundred dollars) and need to sell at a steep discount (like a $100 discount), the difference will be vast and costly.

3) You need to have one of these credit cards

Source: Apple

The instalment plan is partnered with these banks. So it only works if you have one of these credit cards.

And, as you can see, there are also terms and conditions that need to be abided by, such as minimum spend.

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Recommended Read: Why You Should Max Your CPF Retirement Sum Early

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Conclusion

Take this idea with a pinch of salt.

This is not financial advice, might not even be a good idea for you.

It is not foolproof, it comes with its own set of risks, and maybe you might just be better off not doing it.

This might just be another case of good to know, but not to do 😉.

Most importantly, I hope this article made you chuckle a little.

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