Draw Us Phone Lease For Free

Unsurprisingly, one of the biggest differentiators between leasing and buying a phone is pricing. And while you'll find that leasing a phone generally costs you less over the long-term, you have to remember that you won't own the phone at the end of the lease unless you pay a buyout cost.

Leasing a cell phone can be a good idea if you like to upgrade to a new phone every year (or thereabouts) and don't necessarily need to own your phone. Leasing a phone can be cheaper than paying off a phone in full (whether outright or via monthly installments) and you'll be able to get a new phone every 12-18 months.

To apply for SmartPay, you must: Be at least 18 years old. Have a monthly income of $1000 (before taxes and deductions) Have a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) Have a credit card or debit card associated with a standard US checking account.

If you can be content using the same phone for two years or longer, your better off just buying your phones outright. Overtime, lease payments could add up to far more than you would pay for the phone upfront assuming you don't trade your phone in every year or two.

Leasing company owns the phone On the other hand, when you purchase a smartphone, it's yours. That means that you can decide what to do with it, including whether to keep it or sell it to someone else. You don't have that option with leasing, unless you decide to buy the phone later.

If your budget is tight, a payment plan can be a great option, but if you don't want to manage another monthly payment, paying for the phone outright will better fit your needs.

Go with a prepaid plan or carrier There's also a growing crop of budget carriers that offer only prepaid service, including Mint Mobile, Visible and Boost Mobile. Their plans are often cheaper, more straightforward and don't require a credit check since you pay upfront.