1. Investigate Available Plans

The first thing to do is to investigate what plans are available. On nearly any carrier — Verizon, AT&T or T-Mobile — customers can finance a phone over 24 to 36 months. And retailers of electronics and appliances such as Apple, Samsung and others frequently offer their own financing as well. Look around for terms, interest rates and eligibility offered by different providers.

2. Check Your Credit Score

Next, check your credit score. Most installment plans do require a credit check, so that they can approve you and set the terms. If you have a better credit score, you will accept to more considerations that can qualify you for lower interest rates and beneficial repayment terms. If your credit isn’t great, some stores offer no-credit-check plans — but they might carry a higher price or less favorable terms.

3. Read the Contract Carefully

Once you’ve chosen a plan, read the contract carefully. Concentrate on the down payment, monthly payments, interest rate, and what you will have paid when it’s all over. Ensure there’s no origination fee or penalty for paying off the loan early. You’ll also want to know what happens if you’re late with a payment — the rate of some companies is to charge late fees or even suspend your service.

4. Consider the Long-term Commitment

Finally, consider the long-term commitment. Though splitting the cost over time can make a phone more affordable, coverage used to be limited to one carrier or retailer until you finished paying for the product. If flexibility is more your style, you could look at other options such as a credit card with a period of zero-interest payments or saving ahead of time.