Pros And Cons Of Drone Financing Plans

Wanting to own a drone is one thing. Eventually owning the drone is another thing. As expected of such inspiring technology, they are quite expensive to own. They may look like toys –the Mavic for instance – but they are not as cheap as regular toys. After all, they are much more useful than they appear. The apparent cost, notwithstanding, people still acquire these flying toys periodically. How then do they manage to do this even when they are on a low budget? It is simple: drone payment plans.

Just about every drone manufacturer has an arrangement which sees their customers pay for the best drones in installments. They do this knowing that not every intending drone user can afford the machine. Again, most consumers, especially in western nations are used to the concept of buying just about anything through periodic but small payments. Though this arrangement helps you start using the drone almost immediately, billable interests will accrue if you pay over an extended period of time.

This has left some users wondering whether a drone financing plan is any good at all. But before we draw any conclusion, let us briefly look at the top advantages and disadvantages of this plan.

Here Are The Pros And Cons Of Drone Financing Plan

Pros of A Drone Payment Plan

Here are some of the advantages that you will enjoy when you stick with a plan:

1. Instant Access to the Drone

Payment plans make it possible for you to start using drones immediately even before completing payments. In the drone industry, this is a very important concept that many users have to appreciate. The simple reason is that every few months, newer models are released into the market. It is very possible that a better model could be released even before you save enough money for your drone of choice.  However, this arrangement gives you access to the best of these machines whether you have enough money or not.

2. Affordable and Convenient Payment Plans

Nothing beats paying for a product in installments especially when you are a low-income earner. With the right arrangement, you could end up paying for your flying toy over the course of some months at rates that are so small you barely notice you are making payments. However, you will have to reach a deal with the manufacturer. They will have to make sure you are credit worthy while you make sure you cut the best deal possible.

Disadvantages Of A Drone Payment Plan

On the other hand, there are a few issues you cannot avoid if you go with a plan. Here are some of them:

1. Accumulated Interest

Although a plan makes payment convenient, it eventually makes it more expensive. For instance, buying a quad at age could cost $1000. Purchasing the same quad via a plan of $170/month (for 10 months) will cost a total of $1,700. This means you almost paid double the amount the machine costs. While some users have don’t have a problem with this arrangement – especially those who need these machines urgently – some may not be comfortable with it.

2. Possible Inability to Pay

Things happen. People get sick or lose their jobs. There is a possibility that you may not be able to complete payment at some point; for one reason or the other. In the event that you do not meet up with the month’s payment, you will pay double the agreed amount the following month. This means you have still ended up in the frustration you sought to escape by choosing a plan. Depending on the terms of your agreement with the manufacturer, you could get into legal trouble.

Summarily

The decision of whether to opt for a plan or not is easy to make. Save up for the drone and avoid the interest that will accrue if the model is of no interest to you or if you have no urgent need for it. But if you urgently need them for business or other use, a plan your best bet, especially if you are on a low budget.