The Ultimate Guide to Verizon Finance Check in 2023

Table of Contents

Verizon Finance Check: Everything You Need to Know

Verizon Finance Check allows Verizon Wireless customers to finance new devices over 24 months. It spreads the cost into affordable monthly payments. But is Verizon Finance Check right for you? This guide will explain everything you need to know.

How Does Verizon Finance Check Work?

With Verizon Finance Check, you can finance 100% of a new device over 24 months. Instead of paying the full cost upfront, you’ll make monthly payments over two years.

For example, if an iPhone costs $1,000, you could pay $41.67 per month over 24 months rather than $1,000 at once. There’s no down payment or annual fee required.

Verizon runs a credit check to determine your Finance Check eligibility when you purchase a new device. If approved, the monthly payments are added to your wireless bill.

Qualifying for Verizon Finance Check

To qualify for Verizon Finance Check, you’ll need:

  • Good credit (scores above 700 are preferred)
  • Active Verizon Wireless account
  • Government-issued photo ID
  • Social Security number

You’ll also need to authorize a credit check. Verizon may limit financing based on creditworthiness.

Those with poor credit scores below 550 may require a down payment. Customers with no credit history may be asked to provide an alternate form of payment.

Pros and Cons of Verizon Finance Check

Verizon Finance Check offers some nice perks but also has drawbacks to consider.

  • Pay over time – Avoid paying full cost upfront
  • Upfront savings – Use money you save for other expenses
  • Upgrade flexibility – Trade in device anytime after 30 days
  • Bundled billing – Finance charge appears on your wireless bill
  • Credit check required – Approval depends on your credit score
  • Interest charges – About 26.99% APR if not paid in full
  • Device lock – Phone remains locked until fully paid
  • Early payoff fee – $50 fee if paid off before 6 months

Alternatives to Verizon Finance Check

Verizon Finance Check isn’t your only option for financing devices. Here are a few alternatives to consider:

Paying Full Price

If you can afford it, buying a device outright avoids credit checks and interest charges. But it requires paying hundreds of dollars upfront.

Bringing Your Own Device

You may be able to bring your own compatible device to Verizon and avoid financing altogether. But you’ll miss out on new phone perks and deals.

Other Carrier Financing Options

Carriers like AT&T, T-Mobile and Sprint offer similar financing programs. Compare terms among carriers to find your best option.

Tips for Using Verizon Finance Check

If you opt for Verizon Finance Check, make sure you understand the requirements and use it wisely:

Understand the Terms

Read the fine print so you know the interest charges, early payoff fees, and when the device will be unlocked.

Make Payments on Time

Paying late can negatively impact your credit score and lead to extra fees from Verizon. Set payment reminders to stay on track.

Pay Off Early to Avoid Interest

Make extra payments when possible to pay off your device before the 24 month term ends. This minimizes interest paid.

FAQs about Verizon Finance Check

  • What credit score do I need for approval? You’ll need good credit, usually scores above 700. Those with poor credit below 550 may need a down payment.
  • Can I upgrade before paying off my device? Yes, you can upgrade after 30 days, but you’ll need to finance the remaining balance on your old device too.
  • What happens if I miss a payment? Missing payments hurts your credit score. Verizon may add late fees, suspend your service, or require you to immediately pay off the remaining balance.
  • Is there a penalty for paying off early? Verizon charges a $50 early termination fee if you pay off in under 6 months. After 6 months, there’s no penalty.
  • Does Verizon Finance Check require a down payment? Most customers can finance 100% without a down payment. But those with poor credit may need to make a down payment for approval.


Verizon Finance Check allows you to break up the cost of a new smartphone into affordable monthly payments. It’s easy to apply and convenient to manage payments through your wireless bill. But be sure to understand the interest charges and pay off the balance early when possible to avoid extra fees. Carefully compare all your financing options before deciding if Verizon Finance Check is right for your budget and needs.

Leave a Comment