When your current cash flow is tight and you need to upgrade your smartphone, a good option to turn to is phone installments. By leasing your smartphone, you can upgrade your phone and stay on top of the latest phone releases.
Table of Contents
What Installment For Phone Is All About
An installment for the phone lets you slowly but surely make your payments over time. First, you choose the smartphone that fits your lifestyle, work, style, and personal preferences. After that, you apply for financing. If you receive approval, depending on your chosen smartphone unit, you may have to pay a certain amount for the downpayment of your phone. Other smartphone units (especially those on the lower end) do not require downpayments.
Financing terms for phone installments depend on where you will purchase your phone and how much you pay. For some people, financing can take as long as 2-3 years..
Other institutions, such as financial institutions and telco networks, require credit checks for you to qualify for phone installment.
Buy Now, Pay Later
The Buy Now, Pay Later phone installment financing offers a new and growing trend in financing. The BNPL financing is also referred to as “point-of-sale installment loans.” Buy Now, Pay Later phone installment loans allow you to buy things using a small downpayment and then proceed to pay them off in four or more installments.
This kind of installment financing can save you money because some of these services do not have exact fees or interest rates. A consideration you have to consider, however, is that not every cellphone and telco company works with Buy Now Pay Later platforms.
Cellphone manufacturer financing
You can get your smartphone financed directly from the manufacturer of your cellphone. Both Samsung and Apple offer cellphone manufacturer financing. For Samsung, you must pass a simple identity verification before selecting your smartphone. After your identity verification, you need to pay a security amount to lease the smartphone on a Monthly Rental Installment.
Retail smartphone financing
Another great option to finance your smartphone is through your cellphone service provider. Globe and Verizon provide deals that cater to specific budgets and, in addition, have additional perks for the budget preference and smartphone package you choose. Depending on your telco provider, you can have a contract as long as 1-2 years to take advantage of this benefit.
Phone installment is a sensible decision, especially if one is tight on cash and unable to purchase a new smartphone out of your pocket directly. As a result, keeping up with the latest technology for mobile entertainment and communication becomes easier and more convenient.
Before you go ahead and purchase a smartphone alongside a phone installment, make sure to do your diligent research and comparison of available deals on the market so that you can compare and decide which phone and deals suit your budget, lifestyle, and needs best.
Be resourceful – find out what other financial products you have on your person that you can use to make buying your new smartphone easier. For example, you can use a rewards card on purchases to finance your new smartphone. Your regards card with a 0% APR can help you. You can earn rewards on your phone using your rewards card and not rely solely on installments.
Frank is an energetic salesman. On his free days, he spends his time writing and reading about financial plans and educational loans to help the parents and the next generation gain more insight about multiple educational opportunities.