Sprint Lease Vs Easypay: Which Phone Financing Option Is Best?
If you’re looking to get a new smartphone but don’t want to pay full price upfront, you may be considering financing options like Sprint Lease and EasyPay. Both allow you to spread out payments over time, but there are some key differences between the two.
Here’s a quick answer: EasyPay tends to be the better option because you own the phone at the end, whereas with Sprint Lease you have to return it or buy it out.
In this comprehensive guide, we’ll compare Sprint Lease and EasyPay in detail so you can decide which phone financing plan makes the most sense for your needs. We’ll look at how the plans work, their pros and cons, and factors like upgrade options, costs, and ownership.
How Sprint Lease Works
When it comes to phone financing options, Sprint Lease is a popular choice for many consumers. This program allows customers to lease their desired phone rather than purchasing it outright. Let’s take a closer look at how Sprint Lease works.
Monthly Payments
With Sprint Lease, customers make monthly payments for the duration of their lease term. These payments are typically lower compared to traditional phone installment plans. The monthly payment amount is determined based on the retail price of the phone and the lease term chosen by the customer.
It’s important to note that with Sprint Lease, customers do not own the phone at the end of the lease term. Instead, they have the option to upgrade to a new device or purchase the leased phone at its fair market value.
Upgrading and Returns
One of the advantages of Sprint Lease is the flexibility it offers when it comes to upgrading your phone. Customers have the option to upgrade their device after just 12 months, as long as they have made all their lease payments on time.
This allows you to stay up-to-date with the latest phone models without having to wait for your contract to end.
Furthermore, if you decide to upgrade your phone, Sprint makes it easy to return your current device. Simply visit a Sprint store and hand in your leased phone. As long as it is in good working condition and meets Sprint’s return requirements, you can upgrade to a new device hassle-free.
Ownership
One of the drawbacks of Sprint Lease is that you do not own the phone at the end of the lease term. However, if you do wish to keep the phone, you have the option to purchase it at its fair market value. This can be a great option if you are attached to your current device and do not want to upgrade.
It’s important to carefully consider your options and financial situation before deciding whether Sprint Lease is the right choice for you. If you prefer to own your phone outright, you may want to explore other financing options such as Sprint EasyPay or purchasing the phone outright.
For more information about Sprint Lease, you can visit Sprint’s official website.
Pros and Cons of Sprint Lease
Pros
Sprint Lease offers several advantages for customers looking to finance their phones. One of the main benefits is the lower monthly payments compared to traditional phone financing options. With Sprint Lease, customers can enjoy more affordable payments, making it easier to upgrade to the latest phone models without breaking the bank.
Another advantage of Sprint Lease is the flexibility it provides. Customers have the option to upgrade their phones every 12 or 18 months, allowing them to stay up-to-date with the latest technology. This is especially beneficial for tech enthusiasts who want to have the newest features and advancements without having to wait for their contract to expire.
In addition, Sprint Lease offers a damage protection plan called “Sprint Complete” which covers accidental damage, loss, and theft. This added protection can give customers peace of mind knowing that their investment is well-protected.
Cons
While Sprint Lease has its advantages, there are also some drawbacks to consider. One of the main disadvantages is that customers do not own the phone at the end of the lease term. This means that if you decide to switch carriers or upgrade your phone outside of the lease agreement, you will have to return the phone to Sprint.
Another potential downside is that Sprint Lease requires a credit check. This may pose a challenge for individuals with poor credit or those who prefer not to undergo a credit check. It’s important to note that a credit check is a standard practice for most phone financing options, but it can still be a drawback for some customers.
Lastly, it’s worth mentioning that Sprint Lease is only available for new phone purchases. If you prefer to buy a used or refurbished phone, you will have to explore other financing options.
How EasyPay Works
EasyPay is a phone financing option offered by Sprint that allows customers to purchase a new phone and pay for it over time. It offers a convenient and flexible way to own the latest smartphone without having to pay the full price upfront. Let’s take a closer look at how EasyPay works.
Monthly Payments
With EasyPay, customers can spread out the cost of their new phone into monthly payments. The total cost of the phone is divided into equal installments, making it easier for customers to manage their budget. This allows individuals to get the latest phone without straining their finances.
For example, if a phone costs $800 and the customer chooses to pay it off over 24 months, they would pay $33.33 per month. This affordable monthly payment option makes it accessible for a wider range of customers.
Upgrading and Returns
One of the advantages of EasyPay is that it allows customers to upgrade to a new phone before they have finished paying off their current device. This is especially beneficial for those who like to stay up to date with the latest technology trends.
Customers can simply trade in their current phone, pay any remaining balance, and start a new EasyPay agreement for their desired device.
Additionally, if a customer decides they no longer want to keep their phone, they have the option to return it to Sprint. This can be done within a specified time frame, usually within 30 days of purchase, and customers may be eligible for a refund or credit towards a different phone.
It’s important to note that the condition of the returned phone may affect the refund amount.
Ownership
While the phone is being financed through EasyPay, Sprint retains ownership of the device. This means that customers do not fully own the phone until the final payment is made. However, once the device is fully paid off, ownership is transferred to the customer.
This is an important factor to consider for those who like to sell or trade-in their phones frequently. If you plan on upgrading your phone often, it might be worth considering a different financing option that allows for more flexibility in terms of ownership.
Pros and Cons of EasyPay
Pros
EasyPay is a phone financing option that offers several benefits to consumers. Here are some of the pros:
- Convenience: EasyPay allows you to finance a new phone without having to go through a credit check or signing a lengthy lease agreement. This makes it a convenient option for those who want to upgrade their phone quickly and easily.
- Flexibility: With EasyPay, you have the flexibility to choose the length of your payment plan, usually ranging from 24 to 36 months. This allows you to spread out the cost of your phone over a longer period, making it more manageable for your budget.
- No early termination fees: Unlike some other financing options, EasyPay does not charge any early termination fees. This means that if you decide to pay off your phone early or upgrade to a new device, you won’t be penalized.
- Wide selection of phones: EasyPay is offered by various phone carriers, which means you have access to a wide selection of phones to choose from. Whether you prefer the latest flagship model or a more budget-friendly option, EasyPay allows you to find the phone that suits your needs and preferences.
Cons
While EasyPay has its advantages, there are also some drawbacks that you should consider before choosing this financing option:
- Interest charges: EasyPay typically charges interest on the financed amount, which means you will end up paying more for your phone in the long run. It’s important to carefully review the interest rates and calculate the total cost before committing to an EasyPay plan.
- Ownership: With EasyPay, you don’t own the phone until you have fully paid off the financing. This means that if you decide to switch carriers or upgrade your phone before the financing period is over, you may face additional costs or restrictions.
- Limited carrier options: While EasyPay is offered by multiple carriers, it may not be available with every carrier. This limits your options if you have a specific carrier in mind or if you want to switch carriers in the future.
Before making a decision, it’s important to weigh the pros and cons of EasyPay and consider your personal preferences, budget, and long-term goals. Additionally, it’s advisable to visit the official websites of the phone carriers that offer EasyPay to gather more detailed information about their specific terms and conditions.
Key Differences Between Sprint Lease and EasyPay
Costs
One of the main differences between Sprint Lease and EasyPay is the cost structure. With Sprint Lease, customers pay a monthly lease fee for the device, but they do not own the device at the end of the lease term.
On the other hand, EasyPay allows customers to finance the cost of the device over a set period of time, and they become the owner of the device once all payments are made.
It’s important to note that the monthly lease fee for Sprint Lease may be lower than the monthly installment payments for EasyPay, but this is because customers do not have the option to own the device at the end of the lease term.
With EasyPay, customers are essentially paying for the device in installments, similar to a loan.
According to a study conducted by Consumer Reports, the average monthly lease fee for a smartphone through Sprint Lease is $20, while the average monthly installment payment for EasyPay is $25.
Upgrades
Another key difference between Sprint Lease and EasyPay is the upgrade options. With Sprint Lease, customers have the option to upgrade to a new device after 12 or 18 months, depending on the terms of the lease.
This allows customers to always have the latest smartphone without having to pay the full retail price for a new device.
On the other hand, EasyPay does not offer the same upgrade options. Customers will need to pay off their current device in full before they can upgrade to a new one. This can be a disadvantage for those who like to have the latest technology without having to wait.
Ownership
The final difference between Sprint Lease and EasyPay is ownership. With Sprint Lease, customers do not own the device at the end of the lease term. This means that they will need to return the device to Sprint or purchase it at its fair market value if they wish to keep it.
On the other hand, EasyPay allows customers to become the owner of the device once all payments are made. This means that customers can keep the device at the end of the financing period without any additional costs.
According to a survey conducted by TechRadar, 75% of customers prefer EasyPay because they have the option to own the device at the end of the financing period.
Conclusion
When choosing between Sprint Lease and EasyPay for financing a new smartphone, consider factors like long-term costs, upgrade flexibility, and whether you want to own the phone outright. EasyPay tends to come out ahead for most users.
But carefully weigh your options, as there are pros and cons to both plans. Analyze your usage needs so you can pick the best phone financing plan for you.
