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iPhone financing in Canada

From Apple financing in Canada to in-store offers and credit cards, learn about your 5 iPhone financing options in Canada for good or bad credit.

With Apple having the largest mobile phone market share in Canada at a whopping 56.93%, it looks like many Canadians are finding a way around Apple’s steep price tag to get that user-friendly iOS. If you don’t have the money in cash to buy an iPhone, there are many options for iPhone financing in Canada whether you have good or bad credit.

From 0% Apple financing in Canada to personal loans and credit cards, we’ve outlined the various types of iPhone financing here, plus tips to help you save when you buy your next iPhone.

How can I finance an iPhone in Canada?

As one of the bestselling items in the world, lenders aren’t newcomers to customers asking for a loan to finance the latest model Apple iPhones. See your options in Canada below.

1. Apple financing in Canada

Checking out Apple Canada financing is a great place to start when you want to buy an iPhone in Canada. It offers iPhone financing options on its latest models, older models and even certified refurbished iPhones. Apple fiCanada offers $0 down phone financing through PayBright when you shop directly on its website.

When you buy an iPhone online using Apple financing in Canada, you’ll get an instant approval decision. Approved financing comes with 0% interest for 24 months (on a minimum $99 purchase) and no additional financing fees. Your Apple payment plan will then be setup so you can pay off your iPhone in 24 equal monthly payments.

You have the option to trade in your old iPhone and have the trade-in value instantly applied as a discount to the total cost on your new one. If you’re approved for a higher amount of financing than you need to buy your new iPhone, you’ll be able to use the remaining amount towards any future purchases at Apple Canada.

Pros of buying an iPhone with Apple financing in Canada

  • Pay no interest for up to 24 months
  • Apply online and get a decision fast
  • Trade in your existing Apple device for instant credit
  • Use your spending limit now or on future orders
  • Pay in installments
  • You can finance other Apple Canada products with your approved iPhone financing, like a Mac or iPad

Cons of buying an iPhone with Apple financing in Canada

  • 0% financing may be subject to approved credit
  • Interest may apply after the loan term of the 0% offer

Shop iPhones with Apple financing in Canada now

    2. Personal loans for iPhone financing in Canada

    You can get a personal loan from a bank, credit union or online lender to buy an iPhone in Canada on a payment plan. A personal loan allows for longer terms, and it is available to borrowers with good and bad credit. Personal loans for iPhone financing can come with interest rates ranging anywhere between 6.99% to 46.96% depending on factors like your credit score and income.

    Pros

    • More flexibility for payments with longer terms
    • Use it to pay for any legitimate purpose, including an iPhone
    • Available to borrowers with bad credit
    • Finance an iPhone in installments
    • Not locked into a contract with a carrier

    What to watch out for

    • Borrowers with bad credit face higher interest rates
    • Some lenders don’t offer loans less than $1,000

      Compare personal loans for iPhone financing in Canada

      1 - 6 of 6
      Name Product Interest Rate Loan Amount Loan Term Requirements
      Loans Canada Personal Loan
      6.99% - 46.96%
      $300 - $50,000
      4 - 60 months
      Requirements: min. credit score 300
      Spring Financial Personal Loan
      9.99% - 46.96%
      $500 - $35,000
      6 - 60 months
      Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
      SkyCap Financial Personal Loan
      19.99% - 39.99%
      $500 - $15,000
      9 - 60 months
      Requirements: min. income $3,333/month, full time employment/pension, min. credit score 600, no bankruptcy
      LoanConnect Personal Loan
      6.99% - 46.96%
      $100 - $50,000
      3 - 120 months
      Requirements: min. credit score 300
      Mogo Personal Loan
      9.90% - 46.96%
      $200 - $35,000
      6 - 60 months
      Requirements: min. income $13,000/year, min. credit score 500
      Fairstone Secured Personal Loan
      19.99% - 24.49%
      $5,000 - $50,000
      36 - 120 months
      Requirements: must be a homeowner, min. credit score 560
      loading

      3. Carrier iPhone financing in Canada

      If your current phone plan is up and you don’t mind changing service providers, you might be able to qualify for a sign-up deal when you buy an iPhone by switching carriers. Wireless telecoms such as Bell and Rogers offer installment plans with 0% APR after signing a 2-year contract. You may also have the option of paying the remaining balance on the device mid-contract if you want to upgrade your phone earlier.

      Pros

      • Offered with big name telecoms
      • Easy to walk into the store and pick up your new iPhone that day
      • You can get a discount if you trade in an old iPhone

      What to watch out for

      • Locked into a 2-year contract, unless you pay the remaining balance early
      • You will likely have to pay an activation fee when you first get the iPhone
      • 0% APR is subject to approved credit, so you may not qualify if you have bad credit

      Typical cell phone financing plans from popular Canadian carriers

      To help you compare your iPhone financing options, we’ve summarized financing plans offered by some of Canada’s most popular carriers. Often these financing offers can vary based on the iPhone model, and are usually only available when you sign up for a monthly or yearly usage plan with the carrier.

      CarrierDown paymentInterest rateTerm length
      Bell
      • SmartPay
      $0 down0%24 months
      Rogers
      • Device financing
      $0 down0%24 months
      Telus
      • TELUS Easy Payment
      $0 down
      • Some devices require a down payment
      0%24 months
      Koodo
      • Tab
      $0 down
      • Optional down payment
      0%24 months
      Fido
      • Fido Payment Program
      $0 down
      • Some devices require a down payment
      0%24 months
      Virgin
      • Sweet Pay
      $0 down0%24 months

      4. Credit card for iPhone financing in Canada

      You can use your current credit card to finance an iPhone, but since credit cards tend to have higher interest rates at around 20%, it could end up being more expensive than a personal loan. Alternatively, you could apply for a low interest credit card, which typically come with interest rates ranging between 9% and 15%.

      Pros

      • Is a great way to quickly build up credit card rewards points
      • You own the iPhone outright, so won’t be tied to a carrier plan

      What to watch out for

      • Could be the most expensive option for good to excellent credit borrowers, since credit cards usually have higher rates than personal loans
      • Make sure the price of the iPhone doesn’t exceed your credit limit
      • Borrowers with bad credit may not get approved

      Popular low interest credit cards for iPhone financing in Canada

      Scotiabank Value Visa Card

      Scotiabank Value Visa Card logo
      Credit recommended (660-)
      Apply now
      on Scotiabank's secure site
      660
      Min. credit score
      $29 ongoing
      Annual fee
      12.99%
      Purchase Rate
      0% for 6 months, 12.99% thereafter
      Cash Advance Rate
      With no cash back or rewards points, the Scotiabank Value Visa Card doesn't come with a lot of extra perks – but it can be a great tool for saving money on iPhone financing. Get a 0% introductory interest rate on cash advances for the first 6 months. Plus, pay no annual fee in the first year. Apply by October 31, 2023.
      • Low interest rate. Low purchase and cash advance interest rates of 12.99%.
      • Balance transfer option.
      • Low ongoing interest rate. Once the promotional balance transfer period ends, any unpaid balance will incur the low rate of 12.99%.
      • Annual fee. This card has an annual fee of $29.
      • Limited benefits. No cash back or rewards.
      • Foreign transaction fee. This card has a foreign transaction fee of 2.5%.
      Annual fee $0 intro annual fee for the first year ($29 thereafter)
      Purchase APR 12.99%
      Balance transfer APR 12.99%
      Balance transfer fee $3.50
      Rewards Get an on-going low interest rate of 12.99% on eligible purchases.

      BMO Preferred Rate Mastercard

      BMO Preferred Rate Mastercard logo
      Credit recommended (660-)
      Apply now
      on BMO's secure site
      660
      Min. credit score
      $29 ongoing
      Annual fee
      13.99%
      Purchase Rate
      15.99%
      Cash Advance Rate
      The BMO Preferred Rate Mastercard is a simple, no-frills credit card with a low interest rate of 13.99% for purchases and 15.99% for cash advances. You won't earn any rewards points or cash back, but this card's low rate can help you save on iPhone financing in Canada. Get a rate of 0.99% on balance transfers for 9 months with a 2% transfer fee. Plus, get the $29 annual fee waived in the first year.
      • Low interest rate. Low APR of 13.99% for purchases and 15.99% for cash advances.
      • Intro offer. Get a rate of 0.99% on balance transfers for 9 months with a 2% transfer fee. Plus, get the $29 annual fee waived in the first year.
      • Coverage. Get Purchase Protection, Extended Warranty coverage and Zero Liability protection.
      • Annual fee. This card has an annual fee of $29.
      • Limited benefits. No cash back or rewards and no extra perks like complimentary travel insurance or car rental benefits.
      • Balance transfer fee. This card comes with a balance transfer fee of 2%.
      • Foreign transaction fee. This card has a foreign transaction fee of 2.5%.
      Annual fee $0 intro annual fee for the first year ($29 thereafter)
      Purchase APR 13.99%
      Balance transfer APR 0.99% intro for the first 9 months (then 15.99% )
      Balance transfer fee 2%
      Rewards N/A

      5. Retailer financing

      Retailers like Best Buy and The Source often offer iPhone financing when you buy an iPhone in Canada. Some offer financing through a store credit card that comes with a 0% APR promotional period. Others offer financing through third party lenders like PayBright. Retailers can also often offer gift cards to those who purchase an iPhone at their store as an incentive to buy with them.

      Pros

      • Easy to find at big box stores across Canada
      • Many offer 0% APR
      • You might get a gift card just for buying a new phone

      What to watch out for

      • The Apple financing in Canada may be through a third party lender
      • Third party service APR could go as high as 29.95%, depending on the lender
      • 0% APR is subject to approved credit, so you may not qualify if you have bad credit

      How in-store iPhone financing in Canada works

      When comparing in-store financing offers, be sure to check how long the promotional interest rate will last and ask about conditions and fees before you sign up.

      StoreApple financing programProgram detailsAdditional feesInterest after promotion
      Best Buy logoBest Buy Card through Fairstone
      • 0% interest for 3 months on purchases of $149.99 and up
      • 0% interest for 6 months on purchases of $299.99 and up
      • 0% interest for 12 months on purchases of $399.99 and up
      $29.99 – $119.99 administrative fee31.99%

      The Source Logo

      The Source partners with PayBright
      • 12 or 24 with equal monthly payments on purchases over $200
      N/A9.95% – 19.95%

      Simply Computing logo

      Simply Computing Apple financing or partnered with Klarna
      • 0% interest for up to 12 months (with a 48 month term) on purchases over $99
      • 0% interest on 4 equal monthly payments with Klarna
      $0 – $3/month0% – 17.9%

      Walmart Canada logo

      Walmart Rewards Mastercard
      • 0% interest on 6 equal payments on purchases of $199.99 and up
      2.5% set up fee19.89%

      Details in the table above last verified in June 2022

      How much does an iPhone cost to finance in Canada?

      iPhones can cost between $679 and $2,229 depending on the model and storage space. You also may be able to buy older iPhone models at Apple or other authorized resellers. However, the costs can vary and you might not be eligible for all Apple financing options in Canada. Here’s how much a new iPhone can cost as of June 2022 without a trade in:

      iPhone model64 GB128 GB256 GB512 GB1 TB
      iPhone 14 Pro MaxN/A$1,549$1,699$1,969$2,239
      iPhone 14 ProN/A$1,399$1,549$1,819$2,089
      iPhone 14 PlusN/A$1,249$1,399$1,669N/A
      iPhone 14N/A$1,099$1,249$1,519N/A
      iPhone 13N/A$999$1,149$1,419N/A
      iPhone 13 miniN/A$849$999$1,269N/A
      iPhone SE (3rd generation)$579$649$789N/AN/A
      iPhone 12$849$919$1,069N/AN/A

          How to buy an iPhone in Canada and save

          If you’re hoping to snag an iPhone deal or discount when you’re ready to buy an iPhone in Canada, it won’t be easy. Apple Canada rarely puts its new iPhones on sale. The biggest deal Apple offers on its products are usually available during its Black Friday sale, where they tend to offer an Apple Canada gift card when you buy an iPhone or other Apple product.

          One strategy you can use to score a discount when buying an iPhone during Apple Canada’s Black Friday sale is to buy a different Apple product at the regular price and use the gift card you receive for that purchase towards buying an iPhone – possibly saving over $200 off the amount of Apple financing you’ll need.

          You can also score an iPhone deal by either trading in your old iPhone or opting for a certified refurbished one. You might still be able to get years of use out of a certified refurbished iPhone for a fraction of the cost from Apple or other authorized retailers. Refurbished phones may not have the same iPhone financing options as a new phone.

          How to buy an iPhone in Canada using the trade-in program

          When buying directly from Apple, you can trade in your old phone for a discount on an upgrade. This service isn’t exclusive to iPhones – iPads, Macs, Apple Watches and other devices all eligible for the trade in program. Let’s look at an example of how trading in your old phone can help you save on iPhone financing through Apple Canada.

          The estimated trade-in value as of March 2022 for an iPhone 12 Pro Max was up to $770. So if you wanted to upgrade to an iPhone 13 Pro Max (256 GB), you may only have to pay $919 instead of $1,689. Then let’s say you used Apple financing in Canada, your monthly payments before the trade-in would be $70.38 over the 24 month term, or $38.29 with the trade in – that’s a savings of $32.09 every month!

          If you buy an iPhone in Canada directly from Apple, the trade-in value of your old iPhone will be instantly applied as a discount online to the total cost of your new phone. Keep in mind that if your old device is broken or beaten up, you may not be eligible for the discount, but Apple will still take your old iPhone and recycle it.

          5 tips for financing an iPhone

          From buying an older model to not overdoing it with storage, here are a few pointers for iPhone financing in Canada:

          • Trade in your old iPhone. Trading in your iPhone can lower the monthly or upfront cost of your financing. Plus, it could open you up to more 0% APR options.
          • Check your current contract. Make sure the type of financing you’re considering doesn’t conflict with the contract you have with your current carrier. If you’re not sure, call customer service. Otherwise, you could end up paying a fee.
          • Consider buying an older model. Last year’s model can typically cost much less than the current model. Prices fall even more the further back you go. Even just waiting until one new model comes out before you buy an iPhone in Canada can save you several hundred dollars.
          • Minimize storage space. Be realistic about how much storage space you need and stay within that amount. Going down even 1 storage level can shave hundreds of dollars off the price.

          Bottom line

          iPhone financing in Canada comes in many forms, from carrier financing to credit cards. Some iPhones come with 0% interest financing options, but they are subject to approved credit. As your thinking about which iPhone financing option is right for you, check out our full guide to cell phone financing to compare lenders and learn about how it works.

          Frequently asked questions about iPhone financing

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