Yes, PS5 Consoles Can Be Purchased With Payment Plans!
As a passionate gamer and content creator, I was both eager and anxious about getting my own PS5. I couldn‘t preorder in time before stock dried up. But financing options exist nowadays that make these expensive, high-demand consoles much more accessible for us gamers. In this post I‘ll provide the full breakdown on PS5 payment plan options to boost your chances of finally securing the next-gen machine we all crave!
Retailer Installment Plans
Major chains like Best Buy, Target and Walmart offer 0% APR financing promotions that let you split up the PS5‘s $400-$500 cost over 3, 6, or even 12 monthly payments. This spreads out the damage as PlayStation gaming bliss enters your life incrementally!
I compiled a comparison of the major retailer installment plans in this handy table:
| Retailer | Monthly Payments | Term Lengths | Upfront Fees |
|---|---|---|---|
| Best Buy | As low as $33/month | 3, 6, 12 months | None |
| Target | As low as $50/month | 3, 6 months | None |
| Walmart | As low as $42/month | 3, 6, 12 months | None |
The requirements are straightforward: decent credit and passing a basic eligibility check. I used the 12 month Best Buy plan myself and had zero issues. The terms state no deposit or downpayment is needed, and all installment payments are interest-free which is clutch!
Below I break down the monthly costs if you snagged the PS5 Digital Edition ($399) or Disc Version PS5 ($499) using 12 month financing:
- PS5 Digital: $33 per month for 12 months
- PS5 Disc Version: $42 per month for 12 months
That‘s just cutting your gaming budget by the cost of 1-2 new release titles per month. Definitely worth it!
The bottom line is major retailers know gamers can‘t wait when hot new hardware drops – so they dangle that sweet, sweet option of spreading costs over time rather than one lump sum.
Rent-To-Own and Leasing
Now, for the gamers out there skeptical about financing and credit checks, alternate options exist too! Companies like Rent-A-Center and Aaron‘s let you lease the PS5 over 12-24 months and eventually own it after all rental payments are made. Think of it like making monthly PS Plus payments, but eventually you score the actual console!
The two key advantages here are:
- No credit check or deposit is required upfront
- Monthly rental fees range from only $30-$60
The catch, of course, is that the total lease cost ends up being more than just buying the PS5 outright. You‘re essentially paying the extra premium for the flexibility of building toward ownership over time. Still, for people unable to afford that huge upfront cost it can be worthwhile.
A quick example:
- Leasing a $499 PS5 Disc Version through Rent-A-Center at $54.99 per month for 24 months = $1,319.76 total paid
So you‘ll shell out around $800 more than just buying the console…ouch! But for some, especially younger gamers, it‘smanageable if you consider it the price paid for instantly accessing next-gen gaming.
Third Party Financing
This last option is bigger picture: full-on financing of your PS5. Providers like Klarna, Affirm, PayPal Credit and Zip give you personal loan amounts covering the console‘s cost, and you simply repay the balance monthly like any credit or financing plan.
- The pros here are very flexible terms up to 2 years, plus no fees for early repayment
- The cons are much higher interest rates ranging from 0% to a whopping 30%!
Let‘s glance at an Affirm loan example:
- PS5 Disc Console = $499
- Affirm APR = 10%
- 24 month term
This would equate to around $24 per month owed. Now that seems doable! But look closer and you‘ll see over 24 months you end up repaying a total of $575 once interest accrues.
Still – the flexibility and building credit history can outweigh the costs when money is extremely tight. Just advise reading all terms and fine print!
And for those disciplined with money management, some providers like Affirm and Klarna do report your payment history to credit bureaus. So staying on-time with payments can strengthen your credit standing over time. That‘s one strategic benefit to keep in mind!
Latest Intel on PS5 Availability
I predict supply constraints and intense demand will make buying a PS5 at retail pricing near impossible through early 2024 based on production timelines. But many industry analysts estimate stock shortages finally easing up later next year.
Sony advised console availability should continue improving month-by-month through 2023. However most experts agree tight inventory will persist given complications like China‘s recent Covid surge that triggered more supply chain disruptions.
In the meantime these financing plans remain great options for securing your own PS5. Patience and persistence are still key – it took me nearly 6 months after launch before successfully ordering my PS5 using Best Buy‘s installment plan above.
My advice is to keep chasing restocks by monitoring PS5 in-stock trackers daily. And assuming you qualify, have your financing ready to roll so you can pounce on the next inventory drop!
Start Gaming Now, Not Later!
Hopefully this detailed guide better explains the legit payment plans helping us gamers gain access to PS5 consoles amidst the ongoing shortages.
Sure, waiting out the supply instability would be easier on our wallets short term. But us gamers literally live for that exciting new generation launch! We yearn to dive into the latest experiences on the bleeding edge platforms we love most.
So budget accordingly, have reasonable financing lined up in advance, and score your PS5 ASAP no matter the limited quantities. Because PS5 gaming glory awaits us now…not later!
What payment options worked for you? Have any other tips for fellow gamers? Let me know in comments below!
