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Today’s lifestyle has evolved exponentially compared to before. Now, you can entertain yourself and keep in contact with work just with the touch of your phone. Another factor is the need to upgrade your device to the latest technology. The average cost for premium smartphone models reaches as high as $1,000, although the global average smartphone selling price in 2021 costs $363 as of 2020.

There are several ways that you can pay for your smartphone. Smartphone financing, in a nutshell, allows you to make payments over time without paying a large amount of money all at once. This frees your budget up for other necessities. 

Different Offers

For a phone installment, there are many ways. As stated earlier, there are many ways that you can buy and pay for your smartphone without giving away a large amount of cash on hand all at once. There are four common ways. These common ways are the following:

• Cellphone manufacturer financing
• Retail
• Buy now, Pay later
• Cellphone company smartphone financing 

Buying your new smartphone through retail is your first option for purchasing a phone. The different options have different requirements, which can vary depending on the form of purchase and payment you will choose for your smartphone. Choosing the right offer depends on you, especially considering your current situation. 

You Can Lease Cellphones

iPhones and Samsung smartphones offer to lease. The former offers a lease period of at least 12 months, although it also has plans for 24 and 36 months, while the latter has a period of 24 months for leasing. 

Apple offers two financing offers – Fair Market Value and a $1 Buyout. For both options, the minimum purchase order must be $4000, and up to 25% of the amount is financed. You must either return, refresh, or purchase the unit at fair market value to end the lease term. For a $1 Buyout, you only need to pay an amount of $1 to own the smartphone. The Apple leasing option is available especially for businesses to provide them with a simpler and more cost-effective way of owning Apple products.

The leasing process for Samsung smartphones is more convenient and simpler. However, you will need to provide your vendor with proof of your identity and pay a security deposit so you can lease on an RMI (Rental Monthly Installment). 

Installment Processes

The process of installment purchase is extremely simple. It requires a credit and debit check. Before, one needed to visit the stores to complete the entire process. Nowadays, this can be easily conducted online. 

It would be advisable if you had a simple registration and profile verification on their website to understand you are an authentic business. Once done with this, you must choose your preferred smartphone and apply for an installment. 

After your application has been verified or approved, you must make an initial downpayment of some amount, although it highly depends on the company’s financing policy. 

Many smartphone manufacturers do not involve and require downpayments. You can get an option to choose the period within which you want to pay the amount in full monthly. The period ranges around 3-36 months generally. An interest fee will be applicable if you fail to pay the amount within this period. 

Requirements

With installments and buying, you can pay the entire amount in one go. However, it also requires identity verification and a credit history check before you can check your smartphone. 

Author’s Bio:

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.