Verizon has two options for customers looking to purchase a new smartphone--they can either purchase the gadget right away or sign up for monthly installments for three straight years.
Verizon's Three Year Installments for Smartphones
According to Android Police, the telecommunications company no longer offers 24-month and 30-month installment plans for its smartphones, smartwatches, and hot spots. From now on, Verizon only has a 36-month plan.
The good news is that there is no interest attached to the three-year plan. Customers can choose to pay off the smartphone in full whenever they want, and they don't need to wait for three years to complete the payment.
However, customers can't pay more than the fixed monthly installment. Unless customers can pay off the entire amount of the smartphone, they will have to follow the set installment rate.
Customers who are already signed up for a 24-month or 30-month plan won't be affected by the change. The new rule was rolled out by Verizon on Feb. 3, according to The Verge.
Smartphones are getting more expensive, which means installment plans are not uncommon, so it helps customers get the model they want without shelling out thousands of dollars.
Several phone manufacturers like Samsung and Apple release updates years after a phone's release, removing the need to purchase a new model.
Samsung, for example, rolls out security updates that add four more years to the phone. Meanwhile, Apple gives updates on devices for 5 to 7 years, and Google updates Pixel 6 and Pixel 6 Pro for 5 years.
However, not all smartphone companies are generous, like Motorola, so it is best to look into the phone's software update policy before getting one and committing to a three-year contract.
Verizon is a bit late in giving customers longer contracts. AT&T has already offered these types of contracts since last year.
Meanwhile, its rival T-Mobile began experimenting with the 36-month contract in 2018 but went back to offering 24-month and 30-month plans.
Verizon's iPhone 13 Deal
If you are looking to get the latest iPhone 13, you can take advantage of Verizon's deal. You can get up to $1,000 off on your second phone if you sign up for monthly installments for the first one and buy an unlimited data service plan.
According to Tom's Guide, the deal is available for a limited time only. The deal will let you get an iPhone 13, iPhone 13 mini, or iPhone 13 Pro for no additional cost. The deal applies to all iPhone 13 models.
The iPhone 13 is named by tech experts as one of the best smartphones on the market. The phone is expensive if you purchase it in Apple Stores, as it costs $899. The iPhone 13 Pro is even more expensive as it costs $1,199.
Luckily, Verizon's deal can give people a chance to get the model at a much more affordable price. Customers can even choose between an iPhone 13, an iPhone 13 Pro, an iPhone 13 Pro Max, and an iPhone 13 Mini. All phones have great cameras, fast performance, and improved battery life.
Related Article: Verizon Will Let You Keep Your Unlimited Data Plan - For A Price
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Written by Sophie Webster
