Smartphone Financing – Ways to get your hands on the latest iPhone

Smartphone Financing – Ways to get your hands on the latest iPhone

As smartphones are getting expensive day by day, payment options have also increased over time. If you’re about to get your hands on your favorite Apple iPhone or the latest Samsung Galaxy, there are several options for financing a cell phone purchase transaction. If you don’t have enough money 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 for the transaction. Instead of paying in cash, smartphone financing ( offers many benefits, such as getting credit card rewards, getting good credit, and getting more time to pay it off. Before you begin, you need to do proper research to determine which method is appropriate and beneficial for you.

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

Financing via a new carrier

If you’re excited to enjoy the advanced features of a newly launched smartphone and don’t mind switching carriers, you can finance a new cell phone through a new carrier sign-up deal. Depending on the smartphone maker and service provider, you can get the full price of a covered phone or take advantage of a low, affordable monthly payment plan. Before switching, carefully understand the offer and check the benefits you will receive by signing up for a new carrier. Some operators also offer new customers benefits other than financing, such as free internet, calls and SMS.

Builder financing

Financing an unlocked smartphone is easier with manufacturer financing, as giant smartphone manufacturers 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 conjunction with TD Bank, and Apple is working with Citizen One to introduce smartphone financing programs. Some manufacturers are also working with credit card companies to reduce the total cost of their smartphones for their new customers. However, one must have good credit to qualify for such plans.

Get a personal loan

Getting a personal loan is one of the best and most efficient ways to finance a smartphone purchase transaction. There are several companies like Payday LV who 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 that you submit 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 according to your budget.

Retail financing

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

Credit card

If you don’t want to switch carriers or aren’t interested in a personal loan, you can always finance a smartphone with your credit card. Since credit cards are known as the most expensive form of smartphone financing, some credit card providers are working with smartphone manufacturers to offer great deals like 0% introductory APR or financing plans of smartphone without interest. However, one must choose the right credit card with enticing benefits to finance a new mobile phone. Getting a card with 0% APR with an introductory period of 16-24 months is a great way to cover the costs of your new smartphone.


In this world full of funding 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 the personal credit score and financial capabilities, one should opt for an affordable financing solution with better repayment terms.

Amanda P. Whitten