Motorola Financing

[pc747]

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You can now get financing to purchase a device through the Motorola website. $0 and 0% interest if paid in 18 months (if approved). This could be a good option for someone needing to buy a phone off contract without having the money up front.

Motorola - A Google Company

 

[zomnomnombie]

That is an amazing move. I think this could be what is needed to wean people off subsidized devices and create some competition to bring down plan prices.

 

[djspy]

Awesome news!

 

[MotoXGirl]

That's pretty cool. Too bad I don't have credit!

Sent from my XT1060 using Tapatalk

 

[kodiak799]

It's a good deal. That said, if you don't have $500-$600 for a phone you can't afford it.

Good for Moto for not taking advantage, but no one who was fiscally responsible would need or use such programs.

 

[leonard]

Why would it be fiscally irresponsible to use Motorola's money for 18 months?

 

[voodoodaddy]

Is it just me or does the apply now link not work?

 

[xeene]

Why would it be fiscally irresponsible to use Motorola's money for 18 months?

If you need financing to make $600 purchase, you have bigger issues to worry about then latest and greatest smartphone.

 

[bigmatt503]

Great point...


Sent from my ROOTED HTC DROID DNA - -

 

[johnomaz]

VERY nice. This is the kind of thing I'd use. To the people saying its irresponsible to finance a phone, why? A phone is something I'm going to have for a rather indefinite period of time. Why dump $600 down on a phone when you can pay it off slowly? Not only that, but for young people its a good way to build a little bit of credit. Also you don't have to take 18 months to pay the phone off. You can pay it off in 6 months. Spread the cost out a bit. I think its a smart move and I see the rest of the companies following right behind them too.

 

[Big Ry]

Yeah, I don't know if you can generalize financing as being fiscally irresponsible. Sure, there are plenty of people who will jump on this when they have no money. But then there are people who would rather put their extra money towards something else, such as paying down high interest student loans. Not to mention, who's to say what's a wise purchase or not? Maybe to you buying a $600 phone is considered a luxury that you may only do if you have extra money. To me, I live and breath tech, so smartphones are top of my list for expensive purchases. I don't mind driving my 11 year old accord with 150k miles and that leaks and burns oil. I'll run it till it dies, but I'll be damned if I don't have a high end smartphone. I live on this thing. Though I'd never personally finance because making payments on a 1.5 year old phone is just flat out depressing lol

Tapped from my G2

 

[TatDroid]

Good for Moto for not taking advantage, but no one who was fiscally responsible would need or use such programs.

I would say just the opposite is the case. Anyone familiar with the time value of money knows that $100 18 months from now is worth less than $100 today. A no - interest loan is a no-brainer.

Buy a $600 phone. Divide $600 by 17 (to make SURE it's paid off in 18 months), and set up an auto-payment for that amount each month.

I would do a car no-interest loan - even if I had the cash in the bank. I would do a furniture or appliance no-interest loan - even if I had the cash in my pocket. THAT is using your money wisely.

 

[Ophus]

Exactly right! I have enough cash to write a check for a car right now, but why would I take that money out from where it is earning me money, when the car company is willing to let me buy at no interest? smh

 

[nickb34]

I use no interest loans all the time. Not because I have to, but because they offer it. You want to loan me some free money? Yeah, sure, I'll take some of that. :biggrin:

 

[pc747]

It's a good deal. That said, if you don't have $500-$600 for a phone you can't afford it.

Good for Moto for not taking advantage, but no one who was fiscally responsible would need or use such programs.

Being a Dave Ramsey listener the fiscal side of me agree 100% I personally would rather wait 6 months and save that $100 and put it in a savings and then just pay cash for it.

But I do understand where Motorola is going with this and is a smart move.

By the way just to throw this out there but if you sign a contract with a carrier so you can buy a phone at 200 aren't you technically financing a phone?