Just pay it off and be done with it, life is too short to spend time every month making payments. Do you buy bubblegum on an installment plan too?
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So why would you NOT buy a phone using an installment plan?
- Thread starter andyACEcandy
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How can you be late on your installments if you are using the iPhone upgrade program? Afterall, your credit card is being charged so the financers are guaranteed their money.
You still pay the full amount, if not more. If you have the cash and it’s not going to cause any financially strain, why not just get it over with and not have to worry about it? The phone will be fully yours and paid for, and not cost you another dime.
If you haven't got the money saved to buy it outright then keep saving. Debt is for mugs.
^THIS. And, the fact that you’re essentially “leasing” the phone until it’s paid off is crazy to me. I just want to pay for it and get it over with.
I like to own an unlocked phone outright so I can switch to other network if I choose to.
This is a really old thread, so not sure why bumped. The same principles apply though.
In my opinion just pay it off and be done with it.
When you make minimal payments per month you feel the total price less, which can cause you to overspend or buy things you can't really afford in the first place. When you pay in full you hopefully put more thought into your purchases, since $1000 is typically more significant than $30+ per month.
In my opinion just pay it off and be done with it.
When you make minimal payments per month you feel the total price less, which can cause you to overspend or buy things you can't really afford in the first place. When you pay in full you hopefully put more thought into your purchases, since $1000 is typically more significant than $30+ per month.
It’s the difference between pulling off a bandaid slowly, or just ripping it off fast and getting it over with.
I strongly disagree with this. You are financing the phone at 0% interest. You should ALWAYS take 0% interest payments over a lump sum, simply due to inflation if nothing else.
If you buy the phone because you CANNOT afford the lump sum, and view the monthly payments as a way to “afford” it, then i see your point. You should not do that.
But if you can buy it outright, you should take the payment plan.
The difference is you dont own the phone. If you upgrade every year then you are overpaying on tax. But the awesome part of this plan is that you are eligible to upgrade as soon as you pay 50% of the financed amount.
Also if you pay all of it up front, and you are a person who upgrades every year, why do you want to go through the hassle of selling the phone and buying another? Its much easier to pay half the retail price over 12 months, upgrade every year, and just return the old phone to apple.
My wife has a 6s and is not interested in upgrading. She was paying the monthly payments but now its been 2 years and she owns it. She still is not interested in upgrading so now our monthly bill is lower
This plan works both ways.
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If you are disciplined it makes sense, but people get caught up in the no interest plans and before they know it have 6 or 7 no interest plans.
I get the latest iPhone every year, so an installment plan is the best deal imo and the easiest way to trade my old phone back in and upgrade.
living with no debt (other than a very long term home loan) allows you to see, month to month, very clearly what you can afford.
paying for things upfront allows you to buy things you want immediately, rather than having to wait until you finish paying off something a year or two from now.
it also gives you the opportunity to have larger lump sums of money available to fund larger expense items such as a new small business or longer holiday in spain or sudden health expenses.
paying for things upfront allows you to buy things you want immediately, rather than having to wait until you finish paying off something a year or two from now.
it also gives you the opportunity to have larger lump sums of money available to fund larger expense items such as a new small business or longer holiday in spain or sudden health expenses.
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It is checked and most say it is a,hard pull of your credit. What I do not like is a consumer credit company being on my credit record, period. It would be equal to having a KMart card and is generally not looked on positively by the credit industry.
Why would I not do the installment plan? $0 down and free financing? Basically pay $27/month for 24 months ($648)... with the option of paying it off if I want.
As opposed to dropping the $648 all up-front now...
Am I missing something here?[/QUOTE]
For me it's because when I move back to a larger city, I'm going to want to switch from Verizon to T-mobile. By continually buying with payments to Verizon, I'm always a slave to their expensive plan....which I need as a long haul truck driver.
As opposed to dropping the $648 all up-front now...
Am I missing something here?[/QUOTE]
For me it's because when I move back to a larger city, I'm going to want to switch from Verizon to T-mobile. By continually buying with payments to Verizon, I'm always a slave to their expensive plan....which I need as a long haul truck driver.
Do you really?
So miss a monthly payment, and you are on the hook for more? What if you are late?
Silly talk. For starters, any kind of credit requires you to give your SSN to a future leaker thereby increasing that risk. Every company that you provide financial info to will be compromised and you will be further at risk.
Second, your ability to track multiple payments requires time. Time is money. If you miss a payment then you are sucker punched by default finance rate. It all increases your risk.
This doesn’t even bother to address the old question of the individual making money off the 0% rate via market playing. Sure you might be good at that but typical debtors are not.
Debt is for mugs. Don’t be caught up in it.
It leasing it. Apple and Citizens Bank are making a lot of money from people playing the phone merry go round game.
Some people keep their credit cards maxed out... if you're at that point when the next installment is due, BAM! Over your limit (bank fees) or declined charge, BAM! late fees.
I don’t because I have the $, want an unlocked phone from the start, and don’t like being tied down with an agreement. I get nothing out of the installment plan other than less hassle dumping my old phone. But I’ve never had trouble with that in 16 years of using smartphones and the cellcos/Apple trade in procedure isn’t 100% PITA free.
