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Leasing A Phone: What You Need to Know

4 months ago
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by Jorge Gaitan
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1 month ago
Written by Jorge Gaitan

Renting vs. Buying a Phone: What You Need to Know

With the ever-evolving smartphone market, the decision between leasing and purchasing can be tough. If you’ve been debating whether to rent or buy the latest iPhone, you’ve come to the right place. Learn the benefits of leasing over buying and delve into FlexShopper’s phone leasing program so you can make an informed decision about your new phone.

How Phone Leasing Works

Phone leasing operates similarly to leasing a car; you make a fixed monthly payment in exchange for the right to use the phone for a specific duration. At the end of the lease term, you may have the option to purchase the phone or return it.

Monthly Payments and Payment Plans

The crux of your lease agreement revolves around your monthly payments. The amount you’ll be required to pay each month will vary depending on the specific phone model you choose and the length of your lease term. FlexShopper offers a variety of payment plans to suit different budgetary needs, allowing you to select an option that works best for you. Whether you prefer bi-weekly or monthly payments, FlexShopper provides the flexibility you need to manage your finances effectively.

Lease-to-Own Option With FlexShopper

One feature of FlexShopper’s phone leasing program is the lease-to-own option. This means that, at the end of the lease, you can decide to buyout the phone outright. The phone will cost more than if you bought it upfront, but spreading the payments over time can make high-end phones more accessible to people on a tight budget. This early purchase option offers the flexibility of ownership without the immediate financial burden.

Comparison With Traditional Retail Purchase

There are some notable differences between phone leasing and a traditional retail purchase. The upfront cost of buying a phone outright can be a significant expenditure, especially for flagship models like the latest Apple iPhone. On the other hand, leasing involves much lower initial costs since payments are spread out over the lease term. The downside is that you don’t own the phone until you’ve completed the lease term and chosen to buy it, making the total cost of ownership higher in the long run. Additionally, leasing allows you to upgrade to a new device more frequently without being tied to the retail price.

Available Phones for Lease on FlexShopper

As useful and convenient as leasing a new phone might be, it doesn’t matter much if there are no good phones to lease. Thankfully, that’s not a problem here. Although FlexShopper provides a broad range of smartphones from various brands to lease, we will focus on two of the most popular series: the iPhone and Samsung Galaxy series.

iPhone 15 Pro Max

The iPhone 15 Pro Max is the latest flagship from Apple, featuring the powerful A17 Bionic chip, ProMotion technology, and a stunning 6.7-inch Super Retina XDR display. With FlexShopper, you can lease this premium device with manageable payments, making it easier to access cutting-edge technology without a huge upfront cost.

iPhone 15

The iPhone 15, equipped with the A16 Bionic chip and an improved dual-camera system, offers remarkable performance at a more affordable price point. You can lease this phone through FlexShopper, allowing you to enjoy the latest iPhone without stretching your budget.

iPhone 14 Pro Max

The iPhone 14 Pro Max boasts a 6.7-inch Super Retina XDR display, powered by the A16 Bionic chip, and comes with a triple-camera system for pro-level photography. This phone is available for lease on FlexShopper, offering a more flexible way to experience this top-tier device.

iPhone 14

For those who want solid performance at a more reasonable cost, the iPhone 14 delivers with the A15 Bionic chip and 5G capabilities. It offers high-end features without the price tag of newer models, making it a cost-effective option for leasing.

iPhone 13

The iPhone 13 is an excellent phone from Apple, offering features such as the A15 Bionic chip, Pro Camera system, and Super Retina XDR display. You can obtain this high-end device through FlexShopper’s phone leasing program, with no massive down payment involved. This option is ideal for those looking to experience the functionality of a flagship Apple iPhone without the immediate financial strain.

iPhone 12

Despite being an older model, the iPhone 12 still delivers outstanding performance with its A14 Bionic chip, dual-camera system, and 5G capabilities. It could be a cost-effective alternative if you’re looking for high-end features without the latest model’s price. The lease amount for this model is typically lower, making it an attractive option for those on a budget.

Samsung Galaxy S23 Ultra

The Samsung Galaxy S23 Ultra is the newest flagship from Samsung, offering a Dynamic AMOLED 2X display, 200 MP camera, and Snapdragon 8 Gen 2 chip for powerful performance. FlexShopper offers this high-end device for lease, enabling you to experience its top-tier features through affordable monthly payments.

Samsung Galaxy S23+

The Galaxy S23+ provides a perfect blend of performance and design, featuring a 6.6-inch FHD+ AMOLED display, Snapdragon 8 Gen 2 chip, and a triple-camera setup. You can lease this phone through FlexShopper, offering an easy way to access premium features with low upfront costs.

Samsung Galaxy S23

The Samsung Galaxy S23, with a 6.1-inch Dynamic AMOLED 2X display, offers top-tier performance with the Snapdragon 8 Gen 2 processor and a 50 MP camera. Leasing this device through FlexShopper is a smart choice for those wanting flagship capabilities with flexible payment options.

Samsung Galaxy Z Fold 5

For those who seek innovation, the Galaxy Z Fold 5 provides a foldable 7.6-inch Dynamic AMOLED display, Snapdragon 8 Gen 2 chip, and multitasking capabilities. Leasing this cutting-edge device is made easier with FlexShopper’s payment plans, offering a convenient way to experience foldable technology.

Samsung Galaxy Z Flip 5

The Galaxy Z Flip 5 delivers the novelty of a foldable phone with a 6.7-inch AMOLED display and a compact design. Equipped with the Snapdragon 8 Gen 2 chip and a versatile camera system, this phone is available for lease on FlexShopper, offering a stylish yet functional option for tech enthusiasts.

Samsung Galaxy S21

The Samsung Galaxy S21 is a flagship phone from Samsung, featuring exciting capabilities like the Dynamic AMOLED 2X, 5G, and pro-grade camera. Get your hands on this high-tech device by committing to affordable monthly payments with FlexShopper. With SmartPay integration, managing your lease payments becomes even more convenient, whether you prefer using a credit card or debit card.

Samsung Galaxy Note 20

The Samsung Galaxy Note 20 is a fantastic choice if you’re looking for a top-tier Android phone with a significant display and a stylus. Even though it’s not the latest model, it offers substantial value for your money with its features and performance. Leasing this phone could also come with payment options that suit your financial situation.

Why Leasing Phones With FlexShopper Is a Great Option

There are a ton of reasons why you might want to lease a phone instead of buying outright. Some of the best reasons to consider this are:

Flexible Payment Options

FlexShopper provides various payment options that cater to your individual financial scenario. This adaptability allows you to afford a leap to high-end smartphone models that may otherwise be out of reach. Whether you’re looking at Verizon, T-Mobile, or AT&T as your wireless service provider, FlexShopper’s leasing program gives you the flexibility to choose the plan that best fits your needs.

No Upfront Costs or Credit Score Considerations

You can lease a phone without any initial costs regardless of your credit score. This policy opens up a world of premium devices to consumers who may not have a perfect credit history or a large amount of disposable income. Unlike traditional financing options that often require a credit check, FlexShopper offers a more inclusive approach.

Early Purchase Option and Ownership Benefits

FlexShopper offers an early purchase option, allowing you to buy your leased phone before the lease term ends. This initiative combines the best of both worlds: low monthly payments and the potential for ownership. By choosing to own the phone early, you can save on leasing costs in the long run.

Understanding the Lease Agreement

Before you lease a phone, understand the lease term and your choices at the end of the lease. Depending on your needs, you can choose to return the phone, continue leasing it, or purchase it. FlexShopper provides various payment methods and an AutoPay feature to ensure timely payments and avoid late fees. Be aware that the lease does not include activation and wireless service plans and must be managed separately.

Rent or Buy a Great New Phone Today

Phone leasing, particularly through FlexShopper, offers several advantages over buying, including flexibility, lower upfront costs, and the potential for ownership. No matter what you intend to do, explore FlexShopper’s phone leasing options and find the perfect smartphone for you. Whether you’re interested in the latest iPhone Pro Max, a Samsung Galaxy, or even a Google Pixel, FlexShopper makes it possible to have the phone you want on your terms.

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* Prices and quantities are subject to change

1 If you are approved for a lease this is your estimated weekly lease payment. On this site, we use the terms "lease," "lease agreement," "rental-purchase agreement" and "agreement" the same. (We usually use the term "Lease.") Under your Lease, you can: (a) weekly, biweekly, or monthly payments or exercise an Early Purchase Option pursuant to your payment offer (not applicable in FL, NC and TX) and some restrictions may apply in CA to acquire Ownership of the rented goods or (b) rent the goods for at least the initial term and then end the lease when you want by making all required payments and returning the goods. In NC, the final payment required to purchase the rented goods will be an amount greater than 10% of the Cash Price. If you are approved for a loan the weekly payment is only an estimate. Please review the actual terms in your loan agreement if you are approved. Your rates, terms and payment schedule are subject to approval pursuant to underwriting criteria and may vary by state. FlexShopper provides offers for Lease to Own Options, however, we do not make any loan or credit decisions and are not representative, brokers or agents for any Lenders.

3 If approved by FlexShopper customers that reside in Florida, Texas and North Carolina, the Cash Price is the price we charge for a cash sale of the item. The Cash Price may be higher than the cash price you would pay if you were to purchase the item directly from the merchant shipping the merchandise on FlexShopper and/or affiliates behalf. If approved by another payment option provider the cash price is the invoice amount of the item excluding taxes, shipping and other fees.

5 Good credit is not necessary but not everyone with bad credit is approved. Our goal is to help consumers with not so perfect credit get goods they want through a payment offer that works for you.

7 An initial payment or security deposit and/or payment may be required before fulfillment.

8 If approved by FlexShopper customers that reside in Florida, Texas and North Carolina you will own the item(s) and not have to pay any additional amount if you pay the full Cash Price (the Cash Price is the price we charge for a cash sale of the item (or $50 more than the price the merchant you select charges) plus sales taxes and may be higher than the price you would pay if you were to purchase the item(s) directly; if you rent multiple items at the same time, we reduce the Cash Price (and increase the Cost of Rental) by $50 for the second and each subsequent item you rent, which makes it less expensive to purchase the items before the end of the term of the Lease). After 90 days, you also have an Early Purchase Option that allows you to own your item(s) for less. Simply refer to the table in your Lease to look up the Early Purchase Option amount after each payment date. If approved by another payment option provider please refer to the terms and conditions of your agreement.

9 All lease/loan decisions and rates and terms are subject to approval pursuant to underwriting criteria related to the applicant’s credit quality. Rates and terms may also vary depending upon the state where you reside.