Financing a Phone: Everything You Need to Know

Are you considering financing a phone but not sure how it works or if it's the right option for you? In this comprehensive guide, we'll cover everything you need to know about financing a phone, including how it works, its impact on credit, and much more.

Table of Contents

• How does financing work?
• How are taxes charged on financing?
• Where can I get financing?
• Which devices can I finance?
• What is the difference between Easy Pay, Edge Financing, and financing?
• How will my financing payments appear on my bill?
• Can I make an upfront down payment or lump sum payment with financing? How does it work?
• How do I check my outstanding financing balance?
• How many devices can I purchase on financing?
• Can I change my Rogers Infinite plan if I financed my device?
• I want to change or cancel my wireless service. How will this affect my financing agreement?
• What happens if I want to upgrade my phone?
• What if I change my mind? Is there a return policy for financed devices?
• Who is eligible for financing?
• Does Save & Return work with device financing?
• Can I trade in my old phone and apply the value to my new device cost?
• Can I get Device Protection or AppleCare+ for a financed phone?

How does financing work?

Financing a phone allows you to get the latest devices without paying the full price upfront. Instead, you make monthly payments over a specified period, typically ranging from 12 to 36 months. This makes high-end smartphones more affordable and accessible to a wider range of customers.

How are taxes charged on financing?

When you finance a phone, you may be required to pay taxes upfront or have them included in your monthly payments. The specific tax structure depends on your location and the financing program you choose.

Where can I get financing?

There are several options for obtaining phone financing. You can check with your wireless carrier, phone manufacturer, or even explore third-party credit card financing. Each option has its own terms and conditions, so it's essential to compare and choose the one that suits your needs best.

Which devices can I finance?

The devices eligible for financing may vary depending on the financing program you choose. Generally, you can finance smartphones, tablets, and smartwatches. It's important to check with the specific financing provider for the available device options.

What is the difference between Easy Pay, Edge Financing, and financing?

Easy Pay, Edge Financing, and financing are different financing options offered by specific carriers. Easy Pay and Edge Financing may have different terms and conditions compared to standard financing programs. It's recommended to review the details of each option to understand the differences and choose the one that aligns with your preferences.

How will my financing payments appear on my bill?

Your financing payments will typically appear as a separate line item on your monthly bill. It's important to review your bill carefully to understand the breakdown of charges, including the financing payments.

Can I make an upfront down payment or lump sum payment with financing? How does it work?

Depending on the financing program, you may have the option to make an upfront down payment or a lump sum payment. This can help reduce your monthly payments or shorten the duration of the financing period. The specifics of upfront payments vary, so it's advisable to consult with the financing provider for detailed information.

How do I check my outstanding financing balance?

To check your outstanding financing balance, you can usually log in to your account on the financing provider's website or contact their customer service. They will provide you with the necessary information regarding your remaining balance.

How many devices can I purchase on financing?

The number of devices you can purchase on financing may depend on the financing program and your creditworthiness. Some programs may have a limit on the number of devices you can finance, while others may allow multiple devices per account.

Can I change my Rogers Infinite plan if I financed my device?

If you have financed your device with Rogers Infinite plan, you may be able to change the plan depending on the terms and conditions of your financing agreement. It's recommended to review the details of your agreement or contact Rogers customer service for specific information.

I want to change or cancel my wireless service. How will this affect my financing agreement?

Changing or canceling your wireless service may have implications for your financing agreement. It's important to review the terms and conditions of your agreement and consult with the financing provider to understand how changes to your wireless service may impact your financing agreement.

What happens if I want to upgrade my phone?

If you want to upgrade your phone before the financing term is complete, you may have different options depending on the financing program. Some programs offer early upgrade options, while others may require you to pay off the remaining balance before upgrading. It's essential to review the terms of your financing agreement to understand the available options.

What if I change my mind? Is there a return policy for financed devices?

The return policy for financed devices varies depending on the financing provider and the specific terms of your agreement. It's recommended to review the return policy before making a purchase. Generally, there may be a specific timeframe within which you can return the device if you change your mind.

Who is eligible for financing?

The eligibility criteria for financing may vary depending on the financing provider. Typically, you will need to meet certain credit requirements, such as having a good credit score. It's important to check the specific eligibility criteria for each financing program.

Does Save & Return work with device financing?

Save & Return, a feature offered by certain financing providers, allows you to save your progress and return to complete your purchase later. However, the availability of this feature may vary depending on the financing program you choose. It's advisable to check with the financing provider for details.

Can I trade in my old phone and apply the value to my new device cost?

Many financing programs allow you to trade in your old phone and apply its value towards the cost of your new device. This can help reduce the overall amount you need to finance. It's recommended to check the trade-in options and their terms with the financing provider.

Can I get Device Protection or AppleCare+ for a financed phone?

Device Protection or AppleCare+ options may be available for financed phones, depending on the financing program and the device manufacturer. These protection plans can provide additional coverage for your device against accidental damage or other issues. It's advisable to review the available protection plans and their terms.

Financing a phone can be a convenient way to get the latest devices without a hefty upfront payment. However, it's crucial to understand the terms, conditions, and potential impact on your credit. By considering the information provided in this guide, you can make an informed decision about financing a phone that aligns with your financial goals and needs.