The $499 Xbox Series X and $299 Xbox Series S will launch on November 10, but price-conscious gamers can finance either console starting at $25 per month thanks to the Xbox All Access program. Sony does not yet have an official financing program for the PS5, but it may be possible to get the next-generation console without paying a hefty upfront cost.

As VentureBeat reported, gaming retailer GameStop will offer multiple purchase options for the new console when it launches this fall. The company later confirmed these plans in its quarterly earnings report. These payment options include layaway payments, installment payment plans with third-party companies, and a rent-to-own system where customers lease and pay for the system over a period of 30 days to 12 months.

GameStop appears to be preparing for a holiday season in which consumer spending may be modest in the wake of the global pandemic. The company reported net sales of $942 million, down 26.7% from Q2 2019, with storefronts taking a hit as a result of the closures. However, the company's e-commerce sales are up 800%, and it appears poised to sell the PS5 and Xbox Series X in a variety of ways.

"We believe we are well-prepared to meet the anticipated surge in demand and expand our service and payment options to participate in a very significant way in the console launches later this year," GameStop CEO George Sherman said in a statement.

This expansion of payment plans is good news for those considering purchasing the PS5, which is expected to cost around $500 based on recent rumors and speculation. The introduction of layaway and rental schemes will allow customers to pay back the PS5 in smaller installments, which may make it less financially difficult for them to take the PS5 home at the end of this year.

Microsoft has already confirmed that the new console will be part of the Xbox All Access program, which allows customers to finance the Xbox Series X starting at $35 per month and the Xbox Series S at $25 per month. Both plans include 24 months of Xbox Game Pass Ultimate, which means access to the powerful next-generation console and more than 100 games for the price of one month.

The option to purchase the next-generation Xbox in monthly installments (not to mention the lower-priced Xbox Series S option) could give the Xbox family a serious ace in the hole against the PS5, which seems to be in much higher demand from gamers. However, with third-party retailers like GameStop also offering flexible pricing, the next-generation gaming console may be the easiest machine to jump on, no matter what your preferences are.