close up of business person holding phone

Rent-To-Own for iPhones

The increasingly available choice of rent-to-own iPhones gives consumers more options than ever before. Accessing the products you love becomes more feasible with rent-to-own options, especially if you have low or no credit. Read on to learn the answers to these important questions about getting rent-to-own iPhones:

  • What is Rent-To-Own iPhones?
  • How Does Rent-To-Own Work for iPhones?
  • What Kinds of iPhones Can You Lease?
  • Who Offers Rent-To-Own for iPhones?
  • FAQs About Rent-To-Own iPhones

 

What are Rent-To-Own iPhones?

The rent-to-own process helps you acquire iPhones by making manageable periodic payments. By signing a lease agreement, you may be able to access and use the iPhone as your own without paying the total price upfront. This makes rent-to-own iPhones a flexible solution for consumers with low or no credit who want to obtain an Apple iPhone.

 

How Does Rent-To-Own Work for iPhones?

A rent-to-own iPhone agreement is a rental contract between you and the lease-to-own retailer. It’s ideal for customers with low income, no savings, or bad credit history because it allows them to acquire a new device without needing to qualify for traditional financing options. For example, unlike in-store credit, the rent-to-own iPhone model is not a loan and accrues no interest.† To qualify for in-store credit, you need to have a high credit score.

†See the full disclaimer at end of the article.

 

Suppose you want to ditch your old phone and acquire a new iPhone XS Max, but you have a low credit score and no savings. Traditional financing may not be an option for you, so a rent-to-own iPhone agreement is an attractive solution.

Alternative lenders often offer a few options to consider when a borrower is looking for a rent-to-own iPhone. And many of these lenders offer differing contractual terms that allow you to reduce the cost of the rental.

American First Finance (AFF) offers a few options to reduce the cost of a rent-to-own iPhone agreement. If you would like to take ownership of the electronics you lease, you generally have three options. Here’s an example of what these options look like:

  • Early Buyout Option (EBO) – save on rental fees by paying off your RTO agreement in full early often within 90 or 101 days, and own the appliance earlier.^
  • Early Purchase Option (EPO) – pay off your RTO agreement after the EBO but before the end of your agreement term.
  • Full payment option – pay for the appliance for the entire term of your RTO agreement.

 

^An Early Buyout Option fee applies when exercising the Early Buyout Option.

Perks of Rent-To-Own iPhones

There are many perks of having an RTO iPhone. Here are the main benefits of renting to own a new iPhone:

  • Access to New iPhones – You may be able to acquire a new product through a rent-to-own agreement, including cell phones like the iPhone with flexible payment options. The total cost will be calculated by the terms within your rental contract and may be spread over several months to make it more affordable.
  • No Need for Perfect Credit – Rent-to-own iPhone agreements may allow you to obtain select iPhone models with less-than-perfect credit. Your credit may be checked, but may not be the only defining factor for obtaining an RTO agreement.
store display of smart phones

Incentive for Rent-To-Own iPhones

The rent-to-own industry is often able to offer flexible alternative payment options for customers who do not wish to pay for their iPhones upfront.✝ In fact, 23 percent of American families lack a credit card, and 7.8 million households are unbanked, making it difficult for consumers to obtain the loans for the necessary financing to upgrade their old phones.

As a result, alternative lending has become an attractive option for borrowers with low incomes, credit histories, and little collateral. Because rent-to-own offers numerous advantages, stores participating in this model have become more prevalent. Close to 5 million consumers shop at over 9,000 rent-to-own stores every year.

†See the full disclaimer at end of the article.

 

What Kinds of iPhones Can You Rent-To-Own?

You may be able to rent-to-own any iPhone manufactured by Apple, including iPhones 13, 12, X, and iPhone SE. All of the latest models are LTE and wifi capable.

Rent-to-own iPhones help you to enhance your lifestyle, experience new technologies, and keep up with the newest iPhone trends and technologies. This flexible ownership option lets you upgrade your phone within 90-101 days through affordable weekly payments.

 

Available Rent-To-Own iPhones

Apple’s quality iPhone models have made it a game-changer in the cell phone industry. Each model has more advanced features and capabilities than its predecessor. Below you will find a list of available iPhone models you may be able to rent to own, including their average prices and notable stores to select from.

Type of iPhones: iPhone 13 Mini, iPhone 13 Pro, and iPhone 13 Pro Max

Average Price**: $799 – $1,499

Find a Store*

 

Type of iPhones: iPhone 12 Mini, iPhone 12 Pro, and iPhone 12 Pro Max

Average Price**: $765 – $1,235

Find a Store*

 

Type of iPhones: iPhone 11 Mini, iPhone 11 Pro, and iPhone 11 Pro Max

Average Price**: $500 – $1,149

Find a Store*

Type of iPhones: iPhone X, iPhone XR, iPhone XS, and iPhone XS Max

Average Price**: $999 – $1,149

Find a Store*

 

Type of iPhones: iPhone 8 and iPhone 8 Plus

Average Price**: $699 – $900

Find a Store*

*Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or cash purchase solution you intend to apply for.

**Retail prices may vary based on extras and the type of appliance you purchase. For example, a simple oven can have a retail price as low as $500, however, a double oven may have a retail price upwards of $2,500.

 

iPhone 13

The iPhone 13 is Apple’s latest flagship phone with a sleek new design and advanced features. The iPhone 13 has become a sensation for people due to its unique design and features. It has a stunning 6.7-inch Super Retina XDR display, A13 Bionic chip, and three 12MP cameras on the back for breathtakingly high-quality photos.

iPhone 12

Introduced in 2020, the iPhone 12 adds a new tier to Apple’s lineup with the most iterative updates. This new phone has a Super Retina XDR display with an all-screen design, A12 Bionic chip, triple 12MP camera setup on the back, and upgraded face ID technology. It packs a LiDAR scanner on the back for perfect low-light shots.

woman using cell phone in store display

iPhone 11

The iPhone 11 delivers the most exciting updates since its release in 2019 with a better camera, faster performance, longer battery life, and more storage. It sports a triple 12MP camera on the back, sports a 6.5-inch Super Retina display that is perfect for multimedia consumption and comes in different storage capacities of 64, 128, and 256 GB.

 

Apply for a Rent-To-Own iPhone Near You

Most goods, including iPhones, require a full cash payment upfront or some form of credit. However, financial institutions and credit unions may consider it a challenge to work with people who have no or bad credit. Correspondingly, this becomes a challenge for most people looking for Apple iPhone financing. As a result, they are forced to cling to their old phones or refurbished second-hand phones. An RTO rental agreement provides them with a solution to access the latest iPhones without making substantial upfront cash payments.

With credit-challenged consumers in mind, American First Finance offers a solution by providing RTO for iPhones to people with no or bad credit.✝

†See the full disclaimer at end of the article.

 

Unlike other traditional financing options, AFF considers more than just your credit history or score. While your credit score will be checked, we consider additional factors when determining our approvals.

cell phone unboxing

Rent-To-Own iPhones Options in Summary

Rent-to-own is a flexible payment plan for those wanting an iPhone but can’t afford one due to lack of funds or access to traditional forms of credit. It allows you to make small weekly, bimonthly, or monthly payments instead.

 

Rent-to-own iPhone plans also offer a customer with less-than-perfect credit the option of acquiring an iPhone without having to pay a large sum of money upfront.

store display of smart phones

Apply for a Rent-To-Own iPhone Online

American First Finance partners with many well-known merchants across the United States, giving you the opportunity to rent-to-own iPhones.

You can apply for a rent-to-own option for iPhones right here on our website. To begin, use our merchant tool* to find a store near you and fill out our short online application.

*Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or cash purchase solution you intend to apply for.

†Subject to approval and standard underwriting criteria. Approval is possible without a credit score, but credit will be checked. The transaction advertised is a lease, lease-to-own or rent-to-own program, or rental-purchase agreement, which is different from a loan or credit card. For example, instead of paying interest, you will pay rental fees on top of the retail price. You will become the owner of the merchandise only after you pay the Total Cost of Ownership. The lessee will not own the property until the total amount necessary to acquire ownership is paid either by payment of the total of payments over the full term of the agreement or by prepayment as provided for by law. Other fees may apply, such as late fees, non-sufficient funds fees, delivery fees, and optional Liability Damage Waiver fees. The earlier in your lease that you pay the Total Cost of Ownership, the more you can save on rental fees, and the lower your Total Cost of Ownership will be. Acquiring ownership by leasing costs more than the retailer’s cash price. Leasing available at participating locations where permitted by law. Terms and conditions subject to change at any time without prior disclosure or notice.

Rent-To-Own iPhone FAQs

Having understood what and how the rent-to-own iPhone rental agreement works, it’s essential to look at the commonly asked questions about the rent-to-own iPhone:

 

Q: What Does Rent-To-Own Mean?

A:  Rent-to-own is a flexible payment method that can allow people with bad credit scores to access quality products without having to purchase upfront and in full. This can be an option that helps people with a challenged credit history still access products they need or want.

 

Q: What Credit Score Qualifies for Rent-To-Own?

A: A credit score isn’t generally the only consideration during an RTO application. If you apply with American First Finance, your credit will be checked, although bad credit won’t necessarily lead to a denial.

 

Q: Where’s the Best Place to Rent-To-Own an iPhone?

A: Where you’re able to shop generally depends on where you agree to a rent-to-own agreement.

 

 

Q: How Can I Apply for a Rent-To-Own iPhone?

A: You can apply for rent-to-own iPhone options right here on our website. It is not guaranteed that all applicants will be approved, but having bad credit does not mean you will automatically be denied. Your credit may be checked, but having no or a low credit score doesn’t necessarily disqualify you. First, select your preferred store near you, and you can apply right on our website.

 

Q: Where Can I Shop for a Rent-To-Own iPhone?

A: With AFF, there are hundreds of locations across the United States right on our site. Find a store near you to apply online* and get a decision in minutes.**

*Subject to approval and standard underwriting criteria. Applications may be for payment solutions through American First Finance or loans from FinWise Bank, a Utah-chartered bank, Member FDIC. Products may vary by location. Terms and conditions are subject to change at any time without prior disclosure or notice.

**Decisions and funding may take additional time and not be same-day, including if more information is needed to complete the application.