Smartphone Financing – Ways To Get Your Hands On The Latest iPhone

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As smartphones are getting expensive day by day, the options to pay for them have also grown with the passage of time. If you are about to get hands-on with your favorite Apple iPhone or latest Samsung Galaxy, there are several options you can finance a cellphone purchase transaction. If you don’t have enough cash to pay for a new smartphone, you can pay for it over an agreed period of time via monthly installments or use your credit card to charge the transaction. Instead of paying via cash, smartphone financing (https://en.wikipedia.org/wiki/Loan) offers multiple benefits like earning credit card rewards, building good credit, and getting more time to pay for it. Before you get started, you should do proper research to determine which method is suitable and advantageous for you.

There are several ways to make a smartphone purchase more affordable if you don’t have enough money to pay upfront and some of the best smartphone financing options are given below in this article.

Financing through a new carrier

If you are excited to enjoy the advanced features of a newly launched smartphone and don’t mind switching the carrier, you can finance a new cellphone via a signup deal through a new carrier. Depending on the smartphone manufacturer and the service provider, you can get the full price of a phone covered or can enjoy a reduced and affordable monthly installment plan. Before you switch, understand the offer carefully and check what benefits you will be enjoying by signing up for a new carrier. Some carriers also offer their new customers other benefits than financing such as free internet, calls, and SMS.


Manufacturer financing

Financing an unlocked smartphone is easier with manufacturer financing as giant smartphone makers like Apple and Samsung offer affordable financing plans to their customers. They work with different financial institutes and banks to offer interest-free installment plans. Samsung offers such plans in collaboration with TD bank and Apple works with Citizen One to introduce smartphone financing programs. Some manufacturer also works with credit card companies to reduce the total cost of their smartphones for their new customers. However, one must have good credit to be eligible for such plans.

Obtaining a Personal loan

Obtaining a personal loan is one of the best and most effective ways to finance a smartphone purchase transaction. There are several companies like Payday LV that offer personal loans on better terms. A good credit score can help you get competitive interest rates and easier repayment terms. Before applying for a loan, make sure you are submitting a loan application to a lender who offers a low enough loan amount that can be used to cover the cost of a smartphone. You can also compare different lenders and banks to choose the right option as per your budget.

Retailer Financing

Some eCommerce stores and retailers like Best Buy also offer smartphone financing programs to help people buy their favorite smartphones without facing financial issues. They usually offer interest-free promo periods for up to 2 years or more to pay off the cost of a smartphone. Some also help consumers obtain personal loans on better terms so they can easily finance a cell phone with a lower interest rate. Consumers with strong credit history can easily qualify for 0% APR financing programs.


Credit Cards

If you don’t want to switch your carrier or are not interested in getting a personal loan, you can still finance a smartphone using your credit card. Since credit cards are known as the most expensive form of smartphone financing, some credit card providers collaborate with smartphone manufacturers to introduce exciting offers like 0% introductory APR or interest-free smartphone financing plans. However, one should choose the right credit card with enticing perks to finance a new cell phone. Getting a card with 0% APR with an introductory period of 16 to 24 months is a great way to cover the costs of your new smartphone.


In this world full of financing opportunities, anyone can buy a new smartphone full of advanced features. However, choosing the right smartphone financing option can be daunting for beginners. Depending on personal credit score and financial capabilities, one should opt for an affordable financing solution with better repayment terms.