Buzz
With a price tag equivalent to a scooter, purchasing iPhone 13 requires a significant investment for many users. However, given its benefits, iPhone 13 prompts many to make the purchase even without sufficient financial means. In such cases, buying iPhone 13 on installment becomes a lifesaver for those in need of the device but lacking the funds.
Based on our research, there are currently 2 popular installment purchase options available to users.
1. Installment purchase through financial institutions (FE Credit, Home Credit)
This method is prevalent in electronic stores and supermarkets in the current market, and almost all authorized distributors of iPhone 13 offer this option.
– Advantages
One of the advantages of purchasing iPhone 13 series through financial institutions is that the procedures are quite straightforward. Sales representatives will handle all the paperwork for you. When you go to buy, you only need to bring your ID card/driver's license and Household registration book. The rest of the installment buying procedures will be taken care of by the staff.
– Disadvantages
Although the procedures are relatively simple, buying iPhone 13 through financial institutions has certain drawbacks. Specifically:
+ Installment purchase price is THE LISTED PRICE.
For instance, the current price of iPhone 13 128GB at an authorized Apple dealer is only 22.59 million VND – cheaper than the listed price of 24.99 million VND. However, if you opt for installment purchase, you'll have to buy at the listed price, which is 24.99 million VND. Thus, you end up spending over 2 million VND more than the straight purchase method.
+ Installment purchases usually come with fees
Typically, the installment interest rate will be calculated at 2.8 – 3.5% of the total loan amount. Therefore, depending on the amount you finance as well as the installment period, you may incur an additional cost of 2-4 million VND for the installment.
+ Installment purchases require confirmation from relatives, friends
In the installment buying process, the buyer will have to provide the names and phone numbers of 2 relatives for identity verification. Before completing the procedure, the seller will call one of the 2 relatives for confirmation. Some people may not like this as they do not want others to know they are purchasing on installment.
Can you buy iPhone 13 on installment with 0% interest?
The answer is YES
However, the 0% interest rate is typically only applicable under specific conditions, such as: paying 50% of the product price upfront, and with an installment period of within 8 months. Therefore, to save money, you may consider choosing this option to save 2-3 million VND compared to other methods.
2. Purchase iPhone 13 on installment through credit card
The installment purchase via credit card is often applied when you buy online, such as on Tiki Trading, Shopee Mall, Lazada Mall.
Advantages of installment via credit card include:
– No additional installment fees
– The installment price is the current selling price (including discounts)
– No need for confirmation from relatives
– All procedures are conducted entirely online
– Increase credit limit if you repay on time
Therefore, compared to buying on installment through financial institutions at stores, purchasing on installment through credit card helps you save money and the procedures are also simpler.
However, the downside of purchasing iPhone 13 on installment via credit card is that you will not be eligible for discount codes, other offers when paying through e-wallets, bank cards…thus, in reality, buying on installment via credit card still costs you an additional few hundred thousand to millions of VND compared to straight purchase.
So, depending on your needs and conditions, you should consider whether or not to buy iPhone 13 on installment.
