In today’s world, we’re more connected than ever thanks to technology. No matter where we are, or what we’re doing, we make sure that we don’t miss a message from a friend, a breaking news headline, or the perfect photo opportunity. Our drive to be connected to what matters most to us has elevated the smartphone to be more than just a phone, but rather a reflection of who we are.
With these ideas instilled in us, it makes it more important than ever to have the best technology so we can keep up with our lives. But that technology can come at a hefty price, and not everyone can drop $1,000 on the newest phone each year. That’s why options like Lease-to-Own can be great alternatives to getting the phone you want at a price you can afford.
Lease to Own is a payment option that helps people overcome the high costs of top-rated smartphones by breaking costs into monthly payments. That way, you can always have the best technology without breaking the bank.
Do you think that lease-to-own sounds like a good option for you, but want to know what the full process is? Let’s review the simple process below:
- Find out if the retailer offers a lease-to-own program.
- Apply online for the LTO option or find a retailer and apply in-person.
- If you’re approved, you’ll receive the amount that you were approved for.
- Shop and select the phone you want to lease-to-own.
- Complete the necessary steps at checkout and make your first LTO payment.
- Take your phone home the same day or have it delivered.
The steps are very straightforward, but we want to make sure you fully understand the process in detail before moving forward with your application. Let’s review a few dos and don’ts so you can make sure you’re getting the most out of your Lease to Own program:
1. Review Your Lease-to-Own Agreement
Before you complete your Lease-to-Own agreement, make sure you take the time to read and understand the terms and conditions (or Ts & Cs) of your agreement. Make sure to understand what you’re signing and ask questions if you have any doubts. Before completing your transaction, you should be fully aware of the amount and date of your monthly payments, what the term is (number of months), and whether there are any fees or early buyout options.
2. Pay Attention to the Buyout Process
You never know when the latest phone will be released. With that in mind, make sure that you pay attention to the buyout options. Most Lease to Own programs will allow you to buy out of your agreement early so that you can upgrade to the latest smartphone.
3. Take Advantage of Early Payoff Options
Lease to Own programs sometimes offer early payoff options. If you’re able to, you may want to consider buying out of your lease early to avoid additional payments. Ask a store associate or Lease to Own representative about those options and see if they fit your budget.
4. Set Reminders on Payment Dates
Make sure that when you’re signing a lease, you’re also reviewing all the payment dates. If you feel comfortable with those dates, then make sure that you mark them on your calendar and set up your online account to avoid missing a payment.
5. Don’t Assume That All Leases are Created Equal
Do your homework – make sure that all parts of the lease make sense to you before signing. If you have any questions, call the lease-to-own provider’s customer service team so you have all the information you need before signing the agreement.
6. Don’t Let Your Lease Agreement Go Unmanaged
Most Lease-to-Own providers offer an online portal where you can self-manage your account. Online portals typically allow you to track your payments, approval amounts, and buyout options. Make sure you stay active in your Lease-to-Own agreement. If you have any changes in your financial situation – like canceling a credit card, starting a new job, or opening a new bank account – make sure you update your account, so you don’t miss a payment.
Lease to Own programs can work for you by providing a cost-effective way to get the phone you want with payments that fit your budget. SmartPay offers a no credit required lease-to-own program with a simple application, instant approvals, affordable monthly Lease to Own payments, and no long-term commitment. Plus, you can upgrade to the latest smartphone at any time. Don’t settle – discover the SmartPay advantage today!
