Can I pay off my AT&T installment early?
Most people pay for their new phones via AT&T Internet under AT&T Installation Programs. Underpayment plans over 24, 30, or 36 months, lets you pay for your phone in installments instead of paying for it in whole at retail pricing. To own your phone in whole or to get a new device, you may choose to pay off your AT&T payment plan early. Can one pay ahead on an AT&T installment plan?
The short answer to this question is yes; you can prepay your AT&T installment balance at any time with no penalties. There are no penalties for early payment for your installment plan with AT&T. Once you are left with the balance your contract indicates you own the phone and you will be done with monthly device payments.
Why You Should Prepay Your AT&T Installment
You may choose to pay off your AT&T payment plan early on for a few main reasons: You may choose to pay off your AT&T payment plan early on for a few main reasons.
1. Save on interest: It is important to note that AT&T is currently offering 0% APR on installment agreements, meaning you won’t save on interest. While it is better to pay off the remaining balance early because you can save and earn interest on that money sooner.
2. Upgrade sooner: Whenever your current installment balance gets to 50% of the retail price paid, you are allowed an upgrade to a new cheaper phone under a new installment plan. The only rationale for paying off your current phone is to get to an upgrade window sooner.
3. Own your phone: This is the opposite of an installment plan where you pay off an amount and own the phone without the carrier. This gives you more flexibility if you ever wish to switch between carriers.
4. Lower monthly bills: Paying off an installment agreement is great because it gets rid of that monthly device payment on the wireless bill. This may help you save money on your expenses.
How to Pay Off AT&T Installment Balance Early
The process of completing an early payoff for your AT&T installment plan is simple. You have a few options: You have a few options:
1. One-time online payment: To pay off the remaining debt for the installment as a whole, visit the AT&T Wireless website and utilize the "My Account" tool for one-time online payment.
2. In-store payment: Visit any AT&T shop, talk with the staff about wanting to pay off the installment plan for the phone you acquired, and then make the payment.
3. Call AT&T: AT&T Wireless Customer Service at 800-331-0500 will help you pay off your payment plan early if you so choose.
In all situations, the account balance will be $0 upon AT&T processing that final payment; the phone will be paid off completely by you, and any associated monthly costs will stop.
What are the consequences of doing the opposite: paying off loans early?
Early pay off of your AT&T payment plan results Early pay off of your AT&T payment plan results in this:
- The phone is completely paid off and therefore belongs to you not ATT
- You will immediately cease to be charged the related monthly installment fee
- You can get a new phone at the soonest possible time the following day if an upgrade is eligible
- You can also ask AT&T to unlock your phone for use with other carriers.
Therefore, if you are financially capable, you should go ahead and pay off that installment plan early. Only be aware that any related device insurance, AT&T Next Up upgrade option, or other features on your account will be active unless you cancel them. Well, just paying off the installment balance itself only seizes your phone until the next upgrade.
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