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Theres no doubt that it is the age of the smartphone.
Phones have never really been cheap, but nowadays many top models easily exceed $1,000.
This is a massive barrier to entry for the majority of shoppers.
Now, I have personal experience with financing, having recently bought agaming laptop.
How does financing work?
Financing isn’t complicated, but there is more than one pop in of plan.
However, they all follow the same basic principle.
In the simplest terms, financing means that you dont pay for something straight away.
There are also several different types of installment plans.
For instance, my laptop requires me to pay the set amount within a year with no interest.
However, If I dont, then I will have to pay through a direct debit with attached interest.
Companies should always make it clear how long the finance option is, and how much the interest is.
It is worth noting that the interest charged on financed items can often be pretty high.
That means youll be paying $158.33 plus the interest a month.
That means you’ll have to keep making the payments, even if the phone is lost or stolen.
Finally, you’re gonna wanna be aware of what to do when things go wrong.
However, as the last point stated, I was still on the hook for payments.
Always keep all the details and contact everyone.
So, is financing right for you?
The main thing to note is that, for the majority of products, they arent going anywhere.
Some of the best phones and especially thebest foldablesare all pretty pricey, but there are options.
You just need to be sure they are right for you.
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