Table of contents:
- The advantages
- Flexibility in payment
- Discounts: especially in the operators
- Do you want it at 3, 6, 12 or 24 months?
- In some cases you only need your ID
- Buying a mobile in installments with an operator can be a good option
- The cons of buying a mobile in installments
- Permanence with operators
- Beware of commissions
- And with the penalties
- Read the conditions well
Are you looking for a new mobile? Most high-end terminals exceed 800 euros, and this makes it difficult to acquire a terminal with these benefits, unless we choose to acquire it by means of an installment payment. Many online stores already offer this modality that allows us to pay the terminal monthly for a period of time. However, the financed purchase has its advantages and disadvantages. Is it worth paying for a mobile in installments? We review the pros and cons.
The advantages
We begin by talking about the advantages of acquiring a terminal through financing. That is, paying for a fee that is distributed in different months, until the total cost of the device is completed.
Flexibility in payment
Not only because of being able to pay in installments. Some stores allow flexibility of payment in installments . Therefore, if you want to pay the installment that you have for a month, plus the one that will arrive within 30 days, you can do so. You can also complete the payment whenever you want. For example, if you have 4 months left and you want to finish the payment now, you can choose this option.
Discounts: especially in the operators
On many occasions, with payment in installments we can benefit from different discounts or offers. Why is a mobile installment more discounted than when we buy it in cash? Mainly because this way the operators can apply the permanence, one of the drawbacks that I will talk about later. Or, because the financial company offers this discount to attract more customers. In addition, in some businesses there is no type of commission in the payment in installments.
Do you want it at 3, 6, 12 or 24 months?
Apple offers installment payments on its website without interest and with the possibility of choosing the fee.
We see this especially in the different online phone stores. One of the positive points is that we can choose the number of installments to pay our mobile. For example, pay in 3, 6, 12 or 24 months. Of course, depending on the fee, the price will be one or the other.
In some cases you only need your ID
If you think about buying a financed mobile, surely all the paperwork you have to do comes to mind: filling out contracts, showing your payroll, tax return models, certificates, etc. While it is true that some stores still do it, many of the financial companies have much simpler online forms. For example: in Amazon I have been able to buy a product with payment in installments and I only had to provide a photo of my ID on both sides. Then, I fill in the form with my contact information and put my card number so they can make the payment. As simple as that.
Buying a mobile in installments with an operator can be a good option
If you are interested in acquiring a mobile in installments with an operator, it can be a very interesting point. Mainly because many operators launch exclusive offers for customers who purchase a mobile with fractional payment. For example, in Y oigo we can buy the Xiaomi Mi Note 10 for 10 euros per month with the SinFin rate. With other rates the fee is up to 14 euros per month.
The cons of buying a mobile in installments
Of course, there are also cons when buying a mobile with installment payment. We go over the points.
Permanence with operators
Operators can give you a good price for your mobile in installments, yes, but they play with permanence. In most cases they require a stay of 24 months. That is, during the 24 months you must be with them and you cannot do a portability to another operator. In the event that you do, they can charge you a penalty.
Beware of commissions
At Amazon we can buy the iPhone 11 with financing, but for 82 euros more for commissions.
in many cases we find the famous financing commissions, opening commission, TIN, APR, etc. This causes the price to increase. For example, at Amazon we find installment payment options that incorporate commissions.
We searched for an iPhone 11 on Amazon. The cash terminal price is 820 euros. We have the possibility of paying it in installments for 24 months for 37.62 euros per month. However, at this price we have to add the TIN (nominal interest rate) of 9.57% and the APR (equivalent annual rate) of 10 percent. E Total l at the end of the installment payment is 902 euros. That is, 82 euros more than paying instantly.
And with the penalties
We are no longer talking about the penalty for operators, but about the financial companies themselves. If you cannot pay a fee, it will be charged the following month, along with the one that corresponds to that date. But not only will you see the price of the previous month, but they can also charge you a penalty for skipping that quota. The same happens if you decide to end the contract and pay the rest of the months in cash.
Read the conditions well
Buying a mobile in installments can be very tempting, but take a look at the conditions and find out before continuing with the purchase. In most cases, a financial institution (Banco Cetelem, Cofidis, FacilPay…) is in charge of financing. This causes the store to ignore some reasons. For example, if a wrong payment has been made or even if we have problems with the terminal and want to return it.
