With all of the options available for smartphone financing now, it is hard to navigate what the best choices are. The positive to all of this is that with more options comes more flexibility as to what you can use!
Finding the best option takes some work, but this article will help you find out what the best type of financing is for you.
Why Finance a Smartphone?
Smartphone financing started happening after cell phones started costing 100’s of dollars instead of reasonable prices. People began realizing they couldn’t pay all of that money upfront and needed to find other options.
Everyone wants the latest technology and something that works with a good battery. To get quality, sadly you have to pay for it. Financing is a great way to get the phone you want without having to save up close to $1,000 before you get it.
Options for Smartphone Financing
There are a number of options for financing, and all of the options currently in place give you a lot of flexibility regardless of your credit score or current cash on hand. Evaluate what the best choice is for you, and make sure you reach the contract before sighing above the dotted line.
Financing with Mobile Carrier
Everyone knows when they go to buy a phone, they are offered the option to finance with the cell phone carrier. This is a great option for some people, but these contracts entail staying with the carrier for the duration of the loan.
The carrier then has you pay very little on the phone to make your bill seem small and spread a 500-1000 dollar payment over a long period of time. The issue with this is that you are stuck with the same carrier, and most people aren’t aware of what they are actually paying.
If you plan to pay it off quickly, this is a good option, or if you plan to stay with the same mobile carrier for a long time, it is a good option.
Taking Out a Personal Loan
Personal loans can be great if you don’t want to be locked into a contract with the mobile carrier. These loans can range from a 6 percent interest rate to much more, but it is an ideal option if you’re looking to pay things off fast.
For easy loans that don’t take too much time to figure out, check out several different loan companies online.
Taking Out a Credit Card
Taking out a credit card is typically the last choice you want to make, but a lot of credit cards have 0% interest for a certain period of time. Due to this, a credit card could give you the option to not commit and get a low rate! The no interest only lasts for so long though, so watch out.
Choose What’s Best for You
Finding the right option isn’t always easy, and there are other options out there for financing. However, these three options are the most utilized. Always check the fine print before committing and don’t let smartphone financing slow you down!
Enjoy what you’re reading? Make sure to check out some more of our blog posts for even more great information.