You may have heard that Verizon doesn’t finance phones, or that they will only finance a phone if you sign a contract. Depending on your situation and needs, either of these statements can be true. Verizon’s ability to provide you with a phone financing plan depends on several things. Here we will see about Does Verizon finance phones?
If you need to finance a phone for whatever reason, likely, your network provider won’t let you. But fortunately, there are third-party financing companies that do offer the service. When you buy a phone at any of the major wireless carriers, most of them, require that you get their financing plan. This is because, to get a cheap price on the phone, the carrier wants to lock you into a long-term contract with monthly payments. If you’re not interested this plan, then the only other option is to pay for it. However, not everyone will qualify for Verizon financing. When it comes to finances, certain standards must be met, before getting approval for their financing plan.
Criteria for Verizon to finance your phones
The first thing we will look at is what you need to do to qualify for Verizon financing. We have outlined the most important criteria below:
- You must be a Verizon Wireless customer:- This is a basic requirement to qualify for their financing plan. If you are not a Verizon customer, then you will not be able to get their financing plan.
- You can only finance one phone per line:- This means that if you have two lines with Verizon, you can finance one phone for each line. However, you cannot combine two lines and get two phones financed.
- You must be on a two-year contract:- This is the most common length of contract that Verizon asks their customers to sign. If you have a contract that is longer than this, then you will not be able to qualify for the finance plan
- You’ll need a solid credit history if you plan on getting a phone on credit. If you need to borrow money, your credit score must be high because this is what guarantee your chances of being granted a loan.
- You must be at least 18 years old:- This is the legal age for purchasing cell phones. You can be younger than that, but you will have to have your parents apply for the financing plan on your behalf.
Verizon policy for phone finance
Verizon has a different policy of their financing plan, but they primarily come in 24,30, and 36-month terms:
- The 24-month policy:- This means that if you are financing a $350 phone, it will have a 24-month finance term. We have outlined the main details of the Verizon financing below: – 24-month – At the end of the 24 months, you will own the phone. However, if you want to upgrade to a new phone, you will need to pay off the remaining balance. This is why it is important to make sure that you are financially prepared for this eventuality.
- The 30-month policy:- At the end of the 30 months, the phone is yours. The remaining balance is added to your bill for the next two years. There will be an increase in your regular billing cycle that is equivalent to your outstanding sum. There is a fee if you want to switch to a new phone plan. This penalty is usually around 10% of the remaining balance. This means that if you have $100 left to pay off, you will have to pay an extra $10 as a penalty.
- The 36-month policy:- This is the latest policy in Verizon and the only payment plan available for you if you’re not paying upfront for the acquisition of your smartphone. This plan has canceled the two previous payment plans leaving you with just two choices of upfront payment or an extended payment period of 3ears
The inception of Verizon financing phones
Verizon started offering its financing plan in March 2017. This was the same time when Verizon acquired the company called Vessel. The vessel is a company that specializes in financing plans. Verizon has built the financing plan off of Vessel’s model. It is important to note that the financing plan was initially exclusive to the Samsung Galaxy S8 and S8 Plus. Verizon eventually extended it to more phones such as the iPhone XR, XS, XS Max, Pixel 3, and more.
Conclusion
Verizon will finance phones if you meet certain criteria. There are several various options available, and they will pay for a single phone per line. Consider Verizon Financing if you need a phone payment plan and have acceptable credit. Verizon customers now have the option of either paying the entire price upfront to purchase the phone outright or spreading the cost out over three years with no interest. During that time, you will also be making payments on your smartphone through one of Verizon’s monthly service plans.
Frequently asked questions
What is the policy for the new 36month payment plan?
Phones as low as $160 and as high as $1,000 are included in the policy’s scope.
Is there interest on the 36month Verizon payment plan?
The 36month Verizon payment plan is interest-free
