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Is it better to finance or lease a new phone?

When purchasing a cell phone, you have many different payment options. From purchasing the device outright to paying monthly installments, the price will vary between each carrier.

Financing your device allows you to pay a minimum price on the device each month over the course of a 24 month period. If you ever want to get out of your contract, you can pay the remaining balance on your device and plan. You will also be able to own your device after paying it off through your finance plan.

Leasing your device from a carrier will charge you a fee each month to "rent" the specific device you have in mind. Sprint is the only carrier on the market that offers leasing options for their devices.

Unfortunately, you will not own the device at the end of your lease. However, when leasing a device, you will have the option to early upgrade which allows you to switch devices earlier than your typical 24-month contract. If you want to get out of your lease, you will need to pay a large fee (remaining balance) in order to do so without penalty.

Its really up to you to decide whether leasing or financing is right for you - leasing will be slightly cheaper each month. You would not own the phone at the end though. Finance will be slightly more expensive each month but you will own the phone.

The question to ask is this - is it important to you that you own the phone at the end? Remember, by the time you finish the payment term, you will have a 2-year-old phone with no warranty. You will be able to switch to another carrier at that point (Bring Your Own Phone) and save money as you wouldn't need to finance a phone each month. On the flip-side, you may think it's better to pay less each month and then get a new phone after 2 years by signing another lease agreement. It really is up to you

I have provided 2 links below. The first link shows you all of the available devices under a finance plan. The second link shows you all of the available devices under a lease plan.


Click here to see the WhistleOut Monthly Installment Plans


Click here to see the Lease plans

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