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In brief: Microsoft won’t be the only company to offer financing options for next-gen consoles. GameStop in its second quarter financial report confirmed that it’ll also offer expanded payment options when new consoles hit the market later this year.
The layaway option will let buyers make payments toward the purchase of a new console over time. Once the full amount is paid, they can take the system home.
With the rent-to-own option, customers can take home a console with minimum upfront cost and pay off their purchase over the span of a year (or sooner, should they choose). Customers will also have the option to turn their purchase back in at any time during the 12-month period.
Microsoft will offer its own financing program for its next-gen system through Xbox All Access. Gamers will be able to get an Xbox Series S console and two years of Xbox Game Pass Unlimited for $24.99 per month for 24 months. The same offer is available for the Xbox Series X for an extra $10 per month.
Sony has yet to reveal a launch date and pricing for its upcoming PlayStation 5, although we've heard plenty of rumors on the subject. Given Microsoft’s latest moves, it is very possible that Sony could follow suit and offer financing for its system as well.
Masthead credit: Jonathan Weiss