Why Finance Your Mobile Phone Purchase?
High-end smartphones such as the latest iPhone or the Samsung Galaxy phones are packed with awesome features, equipped with the fastest processors and are just simply better than most mobile phones available in the market. With great features, however, come a hefty price tag. The latest iPhone 7 has a starting price of £599 for a 32GB storage. Most people can’t afford to pay for said phone upfront. This is where contract phone deals and mobile phone financing options come into play.
If you want the best handset and you know that you’ll be able to get the most value out of your iPhone or Samsung Galaxy, it makes sense to buy the phone that you want with a financing plan. When you buy a mobile phone on finance, you’ll only pay a monthly instalment, which is often more manageable than spending £599 in one payment.
If you’re considering mobile phone financing but are not fully decided yet, here are some advantages why this financing move may be good for you:
1. 0% APR
As long as you stick with a 12-month or 24-month financing plan, you’ll likely enjoy 0% APR on your deal. You’ll get the phone that you want and pay a reasonable price for it over a certain period. No unreasonable interest rates and steep charges to worry about. You just need to make sure that you are eligible for a financing plan and that you stick with a shorter repayment period.
2. Manageable Monthly Instalments
As opposed to buying a mobile phone upfront, mobile phone financing lets you spread the cost of your device over time. For most people who doesn’t have any spare cash to buy a new phone, this type of financing option is advantageous in a number of ways. As long as you pick a phone you can afford, you only have to worry about paying a monthly instalment that won’t take a toll on your budget.
3. Option to Upgrade
Most financing plan providers may also offer you an option to upgrade your mobile phone at some point in the contract. As long as you paid your monthly instalments on time, you may be eligible for an upgrade option where you can pick a better phone at cheaper rates. Upgrades are usually available if your financing plan is almost completed.