Keeping up with the trends would mean having the latest devices and smartphones, but this interest can also scratch your budget or bank account. However, there are new ways to obtain it now: mobile phone rental.
Renting a phone is more appealing than buying one since you may have the latest specs and features within your budget; yet, a leasing phone requires you to take responsibility because you are tied to the contract.
Understanding Smartphone Leasing
Mobile phone rental is similar to leasing a car or a house. You sign a lease with a smartphone leasing firm, which grants you the right to use the smartphone for a specified length of time. You make lease payments in exchange.
It is essential to clarify that leasing is not the same as purchasing a phone on an installment plan, which many cellular networks also provide to make cell phones more affordable.
For example, it lets you pay in 24 monthly installments and then own the phone outright. You have the choice, at the end of the lease period, to:
- Return the Phone and rent a new one.
- Renew your lease on the same smartphone.
- Purchase the smartphone you’ve been renting.
You might also be able to rent phone accessories like Bluetooth earpieces or car chargers. Anything you spend toward the lease covers the phone’s physical use; you must pay for telephone service separately.
Advantages Of Leasing A Phone
In some circumstances, leasing a smartphone may make more sense than buying one. It depends on your background, income, and interests.
Here are several advantages of renting a smartphone.
1. Upgrades Are Available Regularly: Smartphone technology is continuously growing and adapting, with new models being released regularly. If you’re a tech enthusiast, leasing a smartphone makes it easy to update when a new model comes out.
2. Credit May Not Be an Issue: Many cellular service providers do a credit check when applying for a cell phone contract. Poor credit score may not result in service denial, but you may be required to pay a higher payment to acquire a phone.
3. Some Contract Transactions May Be Less Expensive: You can stumble across a particularly excellent deal on a new phone plan that turns out to be less expensive than purchasing it outright.
These discounts are more popular on the most recent releases from major companies such as Samsung, Apple, and Google, so it’s a good idea to compare telecom carriers when the next giant cell phone hits the market.
4. You Can Benefit from Additional Rewards: You can work out a deal by looking for special offers such as more data or unlimited calls and texts to a broader choice.
Smartphones are becoming increasingly common and are altering the world we live in. However, if you don’t want to be tied to a single phone model, you could consider renting a smartphone in the long run.
It may also be a good practice to assess the cost differences between buying a new phone entirely and leasing it.
If mobile renting has its advantages, it has disadvantages too. If you return the smartphone in a damaged condition after the lease period ends, you could be charged extra fees. Before signing a mobile lease, make sure to carefully read the fine print to understand what you’ll be paying and what your alternatives are once the lease term finishes.