Today, purchasing goods in installments is becoming increasingly popular. This is primarily due to the convenience of this type of payment, as well as its accessibility. At the moment, you can buy everything in installments, from household appliances to cars and even real estate. But what is an installment plan? How does it differ from standard bank loans? And what are its advantages?
About installment plans in a nutshell
According to the general concept, installment payment represents certain services and goods. It provides for payment not immediately, but after a certain period of time. In this case, all payments are made in installments. And the principle of calculating these amounts is regulated by the installment agreement and Article 489 of the Civil Code of the Russian Federation.
What is the difference between an installment plan and a loan?
Unlike a regular bank loan, installment payment is issued on an interest-free basis, or the interest is much lower than on a loan. In addition, there is no service fee. Often a certain percentage (for installments) is already included in the price of the product itself.
Also, some companies approve the so-called risk percentage (most often it applies only to those customers who visit a particular store for the first time). For example, this is exactly what the Westfalika chain of shoe stores, women's bags and accessories does. Customers who came here for the first time in order to receive goods in installments can buy products for an amount of up to 18,000 rubles, which will be paid over 3-5 months. In this case, the share of the so-called insurance will be 3% of the total amount.
Unlike a loan, an installment plan is issued not by a bank, but directly by the seller (manufacturer) of the product. Accordingly, the entire procedure takes place at the retail outlet where you buy the product. An installment plan at a bank is already a loan. That is, it is the installment plan that does not imply the presence of any intermediary between the seller and the buyer. Pay attention to this fact.
Like a loan, installment plans allow the buyer to make payments in installments. However, unlike bank loans. it is issued for a short period: from 1 to 10 months. Less commonly, the period can be extended to 1-2 years. At the same time, just like a loan, installment plans may include making a down payment. Its size is 10-50% of the total cost of the selected product or service. The terms of the installment plan assume that you will pay the amount monthly in equal installments.
Among other things, the loan requires collateral. Installment plans do not require this, since in this case the goods themselves, issued in the store, automatically act as the subject of collateral.
Finally, the procedure for applying for a loan is quite lengthy and complex; it requires the borrower to have a positive credit history. You also need to provide a lot of documents. Getting an installment plan is much easier and faster.
Where can I purchase goods in installments?
It’s not enough to know what an installment plan is. It is necessary to obtain comprehensive information about where you can apply for it. In most cases, installment plans can be arranged directly at the point of sale. For example, it could be a supermarket, furniture store, car dealership, real estate agency, etc.
You can also receive installments online. For example, this is exactly what regular or new clients of the Eldorado retail chain can do.
How to apply for installments online?
A virtual installment agreement or an application for it can be completed in real time. For this purpose, as a rule, you need to log on to the official website of the retail chain and perform the following steps (their set may vary depending on the policy of the company and the credit institution):
- study the current rules for applying for installments;
- select items of goods that are covered by installment plans (usually they have special marks);
- add selected items to cart;
- choose a payment and delivery method (for example, payment by card and pickup);
- go to the “Organization in installments” tab;
- fill out the established application template indicating your full name, mobile phone number and other personal information;
- confirm your choice by pressing the appropriate key.
Then, if your application for installment payment is approved by the store, the product you selected in the retail network is put aside and prepared for purchase. Once it is ready, a message will be sent to your mobile phone. Additionally, this notification may contain a reminder about the execution of the passport agreement. And at the final stage, the buyer, as a rule, arrives at the pickup point with a passport, approaches and, after completing the documents, goes to the cashier and receives the deferred goods.
What documents are needed to apply for an installment plan?
Each seller compiles a list of documents independently. Typically, installment payment provides for the execution of an agreement only with a passport. Less often, to obtain this alternative type of consumer loans, representatives of trading companies require additional documents for personal identification. For example, this could be an original driver's license, military ID, or international passport. In addition, some organizations need to provide other documents:
- original certificate of family composition (issued at the place of registration);
- original certificate of employment (it indicates the name of the client’s position and the amount of wages for the last 3-6 months);
- marriage or divorce certificate.
What types of installment plans are there?
- household appliances;
- furniture;
- audio and video equipment;
- computers, tablets and laptops;
- cameras and phones;
- inverters, household generators and other electrical appliances;
- dishes;
- sports supplies (e.g. mats, exercise equipment, equipment);
- baths, saunas, jacuzzi;
- kitchen and garden equipment;
- equipment for home, cottage, office;
- clothing and accessories;
- chandeliers and curtains;
- windows and doors;
- real estate objects;
- motor transport;
- farm animals, etc.
Also, some companies provide certain services in installments (for example, installation of plastic windows).
Who can get an installment plan?
Don’t know what an installment plan is, but have never encountered it? Then you just need to find out who can claim it. Citizens of the Russian Federation between the ages of 23 and 70 who have a registration and permanent place of residence, work, and also receive a regular income can apply for an installment plan.
Sometimes sellers prefer to play it safe, and therefore citizens over the maximum age are offered - in addition to the main package of documents - to provide collateral or a guarantor.
What does an installment agreement contain?
As we said earlier, installment plans presuppose the conclusion of an agreement (similar to a credit agreement). What items are included in this document and on what terms is it concluded?
Each installment agreement contains:
- contact information of the parties (full name of the buyer, legal name and address of the organization providing goods in installments);
- and obligations of the parties;
- the price of goods provided in installments;
- cost of services (storage, packaging, etc.);
- liability of the parties;
- signatures of the parties.
You can pay in installments over the Internet, at bank cash desks, or through terminals.
Large stores often offer to buy something in installments. In essence, this is an ordinary consumer loan: the bank issues a loan, and the store makes a discount on the product for the amount of interest on the loan.
For example, I take out an iPhone X on credit under this offer. The next day I go and pay the full amount of the loan. It turns out that I bought an iPhone at a discount equal to the cost of the loan - that is, the interest on it.
Does early repayment of such loans lead to a deterioration in credit history? And is it even possible to do this?
Ivan, indeed, everything works as you wrote. But there are nuances with credit history. Let's start with an example.
Michelle Korzhova
financial consultant at Tinkoff Bank
On the Re-store website, a 64 GB iPhone X now costs 79,990 rubles. Let’s round up to 80,000 rubles to make it easier to calculate:
Some bank N says to Apple: “Let us reduce the cost of iPhone X to 60,000 rubles, and we will attract buyers for the phone in installments? For buyers, the cost of an iPhone will be 80,000 rubles, we’ll take 20,000 for ourselves, and 60,000 for you, is that okay?” Let's say it goes.
Here's what happens next. Masha comes to the Re-store to get an iPhone. She has 80,000 rubles, but she doesn’t want to give the whole amount at once. The store employee tells her that the phone can be bought in installments, sends a loan application to Bank N, and the bank offers Masha to pay 8,000 rubles for 10 months.
Masha is happy: she will receive the phone and will not pay interest. ALLEGEDLY! But then she will look at the bank’s printed offer and see: 60,000 rubles is the cost of the phone, 20,000 rubles is interest. But everything together seems to be without interest.
Masha agrees to the terms, arranges an installment plan, and the next day repays the loan ahead of schedule - after all, she already has the money. Masha receives a phone and a 20,000 ruble discount.
It's legal.
And now the nuances.
Is early repayment of a loan always possible?
The law does not prohibit the borrower from repaying the loan early or repaying it in large amounts with interest recalculation. You must notify the lender in advance. By law, you need to notify 30 days before payment, but the contract may contain an earlier deadline - read the contract carefully.
Some creditors simply need to call the hotline number, while others ask for a written request or a visit to the bank’s office. Please check. Simply bringing a ton of money and repaying the loan will not always work.
Does early repayment affect your credit history?
If you close the loan early, the credit history will contain information that the client closed the loan without violations. Overall, this is a positive characteristic of the client.
But different banks analyze the credit history of a potential borrower differently. Some pay attention to how long the client has been using credit products. In the credit history, each loan has columns with the date of opening and repayment of the loan. Banks will know that you repaid the loan the next day.
What else do you need to know?
Read the terms of the contract carefully. Often, when making such purchases on credit, you will be offered additional insurance or the purchase of additional accessories. This will negate all benefits.
If you want to save money, don’t be afraid of anything and close the loan early.
If you want to improve your credit history, it is better to close the loan not immediately or use other loan products for this. For example, you can pay for purchases with a credit card during the interest-free period.
If you have a question about personal finance, luxury purchases or family budgeting, write to: [email protected]. We will answer the most interesting questions in the magazine.
Many citizens are interested in the question of what an installment plan is, because often large stores offer such a service to all their customers. From the outside it seems that this is not the same as taking goods on credit. But you can find out what features the installment plan has and why it is attractive to clients if you read this article.
Now many large stores offer installment plans for their customers. It comes in two types. The first is a “promotional gimmick,” which is actually a bank loan to purchase products from a store. But the second type of loan is rare in practice, and it represents a deferment of the payment schedule for a certain period of time agreed upon between the parties.
What is the difference between an installment plan and a loan?
Often, installment plans are offered by stores that sell their products to customers. It is important to understand that a loan is an amount of funds that customers have the right to borrow from any bank branch for a certain period and at a set monthly interest rate. But installment payment is a way of purchasing products, which must be paid not immediately in full, but in small installments specified in the contract. In addition, such an agreement does not provide for clauses that stipulate that clients pay a commission for the use of funds. After all, it is already included in the price of the product. It turns out that the main difference between a loan and an installment plan is the interest that customers need to pay along with the debt.
You can clearly see that paying for goods in installments does not carry any interest. But in fact, they are hidden in the price of the product or act as a percentage for the risks that the seller bears when the buyer does not pay for the product on time. Often this percentage is no more than 3% of the price of the purchased product.
For this reason, many unscrupulous sellers hide interest by increasing the price of the purchased product. Therefore, at first glance, you might think that such loans are really issued without paying interest. Large stores often resort to such deception. Despite this, it should be understood that installment plans are more profitable than taking out a consumer loan. These interest rates are invisible, so buyers think that installments are the best way to quickly buy the chosen product.
It is important to understand that loans for the purchase of goods are issued only on the territory of the store where the buyer wanted to make a transaction. Therefore, the main difference between a loan and an installment plan is that there is no intermediary in the form of a bank between the parties. Transactions are carried out directly only between the buyer and seller.
Installment payment is not the prerogative of banks, as it is an effective weapon for companies in the fight between competing stores. Therefore, it is up to them to decide whether they are ready to provide a loan to clients or not. Stores set their own interest rates. But many companies do not provide it. If there is interest, it is so small that it is only enough to cover inflation.
It is important to know that if customers do not pay even one installment, then the store has the right to take its products back. Clients must strictly adhere to the repayment schedule. Since stores make concessions to customers, they also do not need to be let down. In fact, the purchased item becomes the client’s possession only after he has fully purchased it.
List of documents to be provided and contents of the agreement
To purchase products in installments, a loan agreement is concluded between customers and the store, which contains this information:
- Personal information about the two parties to the transaction.
- Buyer and seller contact information.
- Obligations of the parties.
- The price of the product.
- Terms and amounts of payments that will need to be repaid.
- Responsibility of the parties.
- Signatures.
To obtain an installment plan, clients need to provide much less paperwork than banks require for issuing a loan. Therefore, many are interested in what documents are needed to carry out such a procedure. Although each seller puts forward his own significant requirements for his buyers, in most cases, only a single passport is sufficient to conclude an agreement.
Sometimes during registration you may need other documents that confirm the client’s identity, for example a driver’s license. There are stores that want to make sure that the client is working and has a regular income. And sometimes some sellers are interested in the client’s marital status and the composition of his family.
You can purchase your favorite product in installments in the store using the following instructions:
- The advantages of receiving installment plans for products are very obvious. Customers need to select a product, pay an agreed percentage, which is within 30% of the price. After payment, clients receive a check, with the help of which the contract is further drawn up. Based on this agreement, customers will have to deposit an agreed amount of money into the store’s cash register over a specified period of time.
- To purchase goods using installments, customers must have a passport of a Russian citizen and another document confirming the client’s identity. At the same time, buyers do not need to bring a certificate of income, as many banks require when applying for a loan. Clients do not need to confirm personal work experience. Therefore it is quite convenient. After all, you can save time and money.
- The installment agreement is drawn up in 2 copies for the buyer and seller. This agreement specifies all the conditions of the store, the amount, loan repayment terms, details and contact numbers.
- Interest for using the provided installment plan may be completely absent or very low (no more than 10%). Clients are required to deposit the required amount of funds into the account specified in the agreement within the agreed period. Buyers can also pay off the contract early, because stores do not prevent this.
- When customers pay the full amount for the goods, the contract is canceled and the buyer is given a receipt confirming full payment.
It is important to know that if customers do not comply with payment deadlines, the seller can file a claim in court to ask to return the goods or pay the resulting debt.
The concept of “installment plan” has the following features:
The features of the installment plan are:
- Often a series of expensive goods that not many people can afford in cash are sold in installments.
- The price of the product is set at the personal request of the seller. In this case, it can be much higher than that of competitors and include the risks of the store. But the real price and the one offered in installments do not differ from each other.
- Stores often limit the term and number of payments. This refers to a loan for a period of 1-6 months. In addition, they can be granted for a period of up to two years.
- In almost all cases, a down payment is required. It is at least 30% of the cost of the goods.
This is the difference between installment plans and purchasing goods using credit.
Every resident of Russia who has reached the age of 23 can take out a loan for the purchase of any product. After all, it is citizens of this age who already have a main job and a regular income with which they can pay off the debt. But stores may refuse services to citizens over 70 years of age.
The main requirement for working clients is that they have a permanent place of residence and registration. Stores often provide deferred payments for goods to those citizens who have a stable salary. As a rule, the size of their income does not matter much.
In the event that, having taken the goods, buyers cannot obtain a loan due to the fact that they do not meet the specified requirements of the seller, they can still obtain this service if they themselves provide collateral or guarantors. These services are rare, but practice confirms the fact that they really help reduce the lender’s risks.
At the end of the article, it can be noted that installment plans without interest are much more profitable for clients, since buyers do not need to pay interest for such a service. It is important to pay attention to the cost of the product - whether it is high, and to the presence of other mandatory payments, such as insurance.
Recently, with the development of the banking sector, installment payments are becoming increasingly popular. Simplicity of registration, the absence of a monthly commission and the opportunity to purchase goods right now make this service in demand and popular among Russian citizens. What is an installment plan and what design features are present in this banking product, we will discuss in this article.
Features of installment plan
Installment payment is a fairly simple concept that implies the purchase of a product or service on an interest-free basis.
The seller allows the client to pay for the goods in installments, gradually repaying the debt, the amounts, without overpayment. As a rule, installments are used when paying for retail goods in chain stores. If the price of a product is 5 thousand rubles, then the client will pay that much for it, regardless of how long the Seller has provided the installment plan.
Given the similarity of two banking products, credit and installment plans, many clients confuse these two concepts. At the same time, they differ from each other.
Unlike a standard loan, installments are issued on an interest-free basis and involve payment of goods in installments. Another significant difference between installments is the absence of a service fee.
Differences between loan and installment plan
In order to understand the main differences between a loan and an installment plan, it is enough to familiarize yourself with the features of this financial transaction.
Consumer lending involves issuing a loan at a certain interest rate. There are three parties involved in this scheme: the seller, the bank and the borrower.
Payment in installments is an opportunity to purchase goods or services on an interest-free basis. In this case, three parties (bank, store, borrower) or two parties (store and borrower) can participate in this scheme.
In the latter case, the store itself acts as a lender, providing an interest-free installment plan.
What should you consider when applying for an installment plan?
The buyer, before concluding an installment agreement, should take into account the following nuances:
- Conditions for returning purchased goods. Will it be possible to make a replacement or refund during the warranty period?
- Overpriced product. Many stores deliberately inflate the price of goods and offer to buy them in installments, attracting customers.
Typically, the characteristics of an interest-free installment plan in a store are the following criteria:
- no monthly fee for using the loan;
- The installment period can range from 6 to 36 months;
- down payment - according to the store's conditions.
The purchase and sale agreement contains the following clauses:
- detailed information about the seller and buyer;
- full name of the product (model, item number);
- Availability of a down payment (if necessary);
- payment schedule by month and total amount, including prepayment,
- full list of payment methods.
Considering that, as a rule, only two parties (the store and the client) are involved in the procedure for applying for an installment plan, information about the transaction is not sent to the Credit History Bureau (Credit History Bureau). Therefore, this information cannot be used against the client or influence his subsequent applications to the bank for a loan.
List of required documents
One of the advantages of installment plans is the ease of registration. Each store may have its own requirements, but, as a rule, one passport and identification code is enough to be able to conclude a deal.
If the cost of the goods is high, the store or bank (depending on who exactly is the Lender) may require you to provide a certificate from your place of work for the last 6 months about your salary in order to minimize financial risks.
Typically, a purchase and sale agreement contains:
- Personal data.
- Contact information.
- Subject of the agreement.
- Cost of goods.
- Established terms and amount of payments.
- Signature of the parties.
Advantages and disadvantages of installment plans
Due to the fact that installment payment is a simplified loan option, it has a number of advantages:
- Simplicity of design. To conclude a transaction, the store requires a minimum number of documents and the decision on issuing installments occurs within 5-10 minutes.
- No interest. This criterion often becomes the key when a client chooses a service and allows him to purchase an expensive product by paying the amount in installments.
- Possibility of returning or exchanging goods in the store itself.
The disadvantages include the following:
- Overpriced goods.
The specific parameters of the transaction depend on the store and the terms of the Seller.
- Another disadvantage of such a service as installment payment is what psychologists call “credit dependence.” The client has the opportunity to purchase goods without a down payment, and often people take out on credit things that they did not plan to purchase with cash.
We calculate installments using the example of the iPhone 7 Plus
The most interesting thing about this service is that if you pay off the entire debt ahead of schedule, you can even make money from it.
Let's look at this using the example of buying an iPhone 7 Plus.
The cost of this model in popular chain stores is approximately 70 thousand rubles. It is for this amount that the Seller offers the client to arrange an installment plan without overpayments.
Accordingly, the client has a reasonable question: what is the point of a store selling its goods in installments without earning anything from it? In fact, the scheme is simple.
The bank provides the client with an interest-free loan in the amount of 70 thousand rubles, but for the bank itself the cost of the goods will be 63-65 thousand rubles. This is exactly the discount the Lender will receive from the Store.
This is the main benefit for the bank. The Store would not provide such a discount to the client himself.
So it turns out that the bank actually provides interest-free installments to the client, but at the same time he makes money on the difference in this discount.
In the event that the Store itself is the Lender (as is often the case in large retail chains), it makes money on the difference between wholesale and retail sales. At the same time, the Store pursues two goals: increasing turnover and demonstrating loyalty to customers.
In addition, when arranging an installment plan for a client, the Lender receives the borrower’s personal data and can additionally offer one of the banking services. Additionally, the manager may offer to take out insurance, which will also bring profit to the Lender.
The life insurance service is one of the most popular services offered by the Lender. Registration of this service, firstly, significantly reduces the financial risk for the bank. And secondly, it provides the opportunity to earn additional income.
You must understand that you have the right to refuse this service. According to the law, medical coverage and general civil liability are subject to compulsory insurance.
All other types of insurance are carried out solely at your own request (they may not be carried out at all). To convince you of the need to take out such insurance, the loan officer may point out the corresponding clause in the contract, but most likely it is advisory in nature and not binding.
Feel free to insist on refusing insurance. After all, not a single store will agree to lose a profitable client just because of the refusal of this service.
Installment payment schedule: features
The payment plan for installments is quite simple and does not involve overpayment for the entire loan period. The payment schedule is a breakdown of the total cost of the goods by the number of months, according to the terms of the loan.
In this case, you have the right to make a down payment. When you deposit the starting amount, the loan specialist recalculates and provides you with a payment schedule, taking into account the amount paid. Payment schedule
The payment schedule is an addition to the main agreement, which contains the following data:
- maturity date;
- principal amount.
At the end there should be the amount of full repayment, which corresponds to the specified price tag of the product. It is this amount that you need to pay attention to; it is proof that, under the terms of the agreement, the client really does not pay interest on using the loan.
Regardless of how long the installment plan is issued, the final payment amount does not change. Only the monthly payment changes.
5 rules for profitable payment in installments
In order to make a profitable purchase and really not overpay the commission, follow the basic rules for completing the transaction:
- Choose an installment plan that does not provide for an interest rate, or implies a minimum interest rate;
- Pay attention to the store rules. Be careful, because according to them, the purchased product becomes completely yours only after the last payment.
- Read the terms of the contract carefully and pay attention to the amount of the monthly payment. Please note whether the Seller provides an additional commission for servicing the transaction, additional information service, membership for the loyalty program, etc.
- The seller has no right to insist on insurance. Therefore, you can safely refuse the additional service.
- Before you apply for an installment plan in this store, analyze the prices for this item from competitors. Often, stores deliberately inflate the cost of goods in installments, introducing financial risks into it.
For stores, this scheme is very profitable. This makes it possible to organize large and large promotions in order to attract as many buyers as possible and increase consumer demand. And the consumer, in turn, has the opportunity to buy the product he likes without paying any interest in installments.
The main thing is to remain careful and do not agree to additional services and insurance that a loan specialist will offer you.
The bank will receive very little benefit if it simply gives you the goods in installments, so the inspector is trying to add additional services and services to your loan. You just need to be extremely careful and not fall for any tricks of the bank employee. Be sure to read the agreement, carefully read the payment terms, find out whether there are penalties, and whether early repayment is possible.
Video. We offer favorable installment plans
It would seem that a loan and making a profit can have something in common. At the same time, if you know certain financial tricks, you can really make money by purchasing goods in installments.
For example, let’s take the same iPhone 7 Plus phone, the price of which in the store is 70 thousand rubles.
Previously, we talked about the fact that the seller of the goods provides the bank with a significant discount, which is the main income of the Lender for the interest-free installment plan service (5-10%).
If you have the entire amount with you to purchase goods, you can save in the following way. Ask the loan specialist who arranges the installment plan to show you the payment schedule.
The document will indicate the amount of the goods, which will differ from what you see on the price tag. This is the same discount that the bank receives, but at the same time you, as a retail buyer, cannot count on it.
So, if you draw up a loan agreement and repay it early the next day, you will have to pay not 70 thousand, but 63-65 thousand. The difference in the discount will be your earnings.
Video. How to make money buying in installments?
Who can get installments
If you want to purchase the selected product in a store in installments, it is important to consider that not every buyer can receive it. Due to the fact that this service carries great risks for the seller, stores are often very careful when applying for this type of loan.
It should be emphasized that the goods are not the property of the client until the amount of the debt is fully repaid. The goods cannot be transferred to a third party or alienated.
The standard age for applying for installment plans is 21-50 years. Despite the fact that stores often indicate the issuance of services upon reaching the age of majority, they are very reluctant to make a deal due to high financial risks.
The seller can purchase any product or service in installments (household appliances, repairs, furniture, children's products, cars).
For the seller, taking out an installment plan poses a certain financial risk, but, as a rule, the amount of this risk is already included in the price of the product.
In addition, by offering an interest-free installment plan, stores demonstrate their loyalty and increase turnover. Acting independently as a lender, stores often offer in installments goods that have not been sold for a long time, are out of fashion, seasonal goods, etc.
By collaborating with banks and acting as intermediaries in the transaction, the store can offer any product, even the most popular and in demand, through the installment plan.
Today, more and more consumers prefer to buy large and small household appliances on credit. This innovation also affected smartphone owners who purchase phones in installments. Where is the best place to get a modern gadget? What is better - a loan or an installment plan? All this will be discussed in this article.
How does an installment plan differ from a loan?
When making purchases, you should think several times whether to pay for the selected product immediately or whether it is more convenient to make monthly payments. Also, before deciding where it is better to buy a phone in installments, you need to weigh the pros and cons.
A loan is the issuance of funds at interest. In this case, a corresponding agreement must be drawn up, which specifies the interest rate and responsibilities of the parties. You can get a loan both at a bank branch and in a store.
As a rule, the overpayment in this case ranges from 10% to 30% of the cost of the goods. If for some reason the borrower does not make the monthly payment within the period specified in the agreement, then a fine or penalty may be imposed on him. If the delay is longer, the penalties will be more aggressive and may even cover the original cost of the item.
If we are talking about installments, then we mean an interest-free loan, which is usually provided by stores, car dealerships and other organizations. In this case, the cost of the product is divided into several equal parts. Payments are made monthly, without additional interest. In case of delay in payment, the store has the right to take the goods back. Based on this, this method of purchasing products seems to be the most profitable. However, you shouldn’t rush to look for stores where you can buy a phone in installments. First, it’s worth considering the pros and cons of such a deal.
Pros and cons of installments
If we talk about the advantages of such transactions, it is worth highlighting:
- no interest rate;
- speed of completing the transaction (installment plans can be arranged directly in the store or online);
- a minimum package of documents (usually only a passport of a citizen of the Russian Federation is required);
- flexible debt repayment schemes;
- Collection offices do not take part in transactions.
However, when choosing where it is better to buy a phone in installments, some consumers are faced with the following disadvantages:
- payment terms are given too short;
- Not all phone models are sold in installments, so it’s not always possible to buy exactly what you want;
- You must immediately make a down payment;
- The goods become the full property of the buyer only after all payments have been made.
In addition, some sellers deliberately inflate prices for goods sold in installments. As a result, it turns out that the buyer still pays extra interest. Therefore, before looking for the best place to buy a phone in installments, it is recommended to study the market and the cost of the selected model in other stores.
Now let's look at trading companies that offer the most favorable conditions.
"Megaphone"
The cellular leader has been selling smartphones for a long time. Today, the Megafon company offers customers to purchase Galaxy smartphones on fairly favorable terms: 0%, 0%, 24 months. Although this deal is called “installment plan,” it is actually a credit offer. Yes, for a phone worth 55,000 you can actually pay off in 2 years by paying about 2,300 rubles every month. However, when making a purchase, customers are asked to sign an agreement stating that the loan is provided by a partner bank, and the interest rate will be 7.45% per annum (by the way, all this information can be found on the official website). Thus, it turns out that you will have to pay not 55,000, but 63,195 rubles for the phone.
However, if you look for the same smartphone model on other sites, it can cost about 65,000 rubles. Thus, it is more profitable to purchase a device on credit.
We continue to consider where it is best to buy a phone in installments or on credit.
"M Video"
The website of the famous cybermarket presents the same conditions: 0%, 0%, 24 months. However, in this case we are not talking about a narrow model range, but about all tablets and smartphones. Thanks to this, you can buy any phone you like in installments, or rather on credit.
If you find the same Samsung Galaxy model on the M. Video website, you can purchase it at a promotional rate, making payments within 36 months.
"Yulmart"
Continuing to consider where it is better to buy a phone in installments, one cannot ignore one of the largest trading platforms. In this case, the payment period is 6 months. Although this seems less profitable, it is worth considering that interest is paid annually, therefore, the shorter the period given for payments, the lower the interest rate will be.
Summing up
Based on all of the above, it becomes obvious that answering the question of where is the best place to buy a phone in installments is not so easy. The fact is that large stores and cybermarkets do not provide this service as such. If you make such a deal with a private seller, this can be fraught with consequences, so it’s easier to take out a loan or immediately pay the entire cost of the smartphone.
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