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iPhone financing in Canada

Looking to finance an iPhone in installments? See your options here for good and bad credit.

The highest-end iPhone you can buy, the iPhone 12 Pro Max, starts at more than $1,500. These aren’t the types of purchases you make on a whim, and iPhone financing has become the norm.

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 of Apple’s flagship product. See your options in Canada below.

1. Finance through Apple

If you have good credit, you can get 0% iPhone financing in Canada for up to 24 months through Apple’s partnership with Paybright.

Pros

  • Pay no interest for a period of time
  • 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
  • In addition to the iPhone, you can finance a Mac or iPad

What to watch out for

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

    2. Personal loans

    You can get a personal loan from a bank, credit union or online lender to pay for an iPhone in Canada in installments. A personal loan allows for longer terms, and it is available to borrowers with good and bad credit.

    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

      Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
      Loans Canada Personal Loan
      Secured from 2.00%, Unsecured from 8.00% to 46.96%
      $300 - $50,000
      3 - 60 months
      No min. income or employment requirements
      Min. credit score: 300
      Go to site
      More Info
      An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
      Spring Financial Personal Loan
      17.99% - 46.96%
      $500 - $15,000
      9 - 48 months
      Min. income of $1,800 /month, 3+ months employed
      Min. credit score: 400
      Go to site
      More Info
      An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
      goPeer Personal Loan
      8.00% - 33.92%
      $1,000 - $25,000
      36 - 60 months
      Recommended income of $40,000 /year
      Min. credit score: 600
      Go to site
      More Info
      Canada's first regulated consumer peer-to-peer lending platform offering unsecured loans. Connects creditworthy Canadians looking for a loan with Canadians looking to invest. goPeer strives to offer the most competitive interest rates. Apply in minutes and get a response within 24 hours.
      OFFER
      Mogo Personal Loan
      9.90% - 46.96%
      $200 - $35,000
      6 - 60 months
      Min. income of $13,000 /year
      Min. credit score: 500


      Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
      Go to site
      More Info
      An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
      ConsumerCapital Personal Loan
      19.99% - 34.99%
      $1,500 - $12,500
      24 - 60 months
      Min. income of $1,900 /month, 6+ months employed
      Min. credit score: 600
      Go to site
      More Info
      An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours. For faster loan approval, complete the Flinks bank integration in the app.
      SkyCap Financial Personal Loan
      12.99% - 39.99%
      $500 - $10,000
      9 - 36 months
      Min. income of $1,200 /month, stable employment
      Min. credit score: 550
      Go to site
      More Info
      An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
      LoanConnect Personal Loan
      Secured from 1.90%, Unsecured from 5.75%-46.96%
      $500 - $50,000
      3 - 120 months
      Currents debts must total less than 60% of income
      Min. credit score: 300
      Go to site
      More Info
      An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
      Fairstone Unsecured Personal Loan
      26.99% - 39.99%
      $500 - $25,000
      6 - 60 months
      Able to make monthly repayments on your loan
      Min. credit score: 560
      Go to site
      More Info
      An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
      SECURED
      Fairstone Secured Personal Loan
      19.99% - 23.99%
      $5,000 - $50,000
      60 - 120 months
      Must be a homeowner
      Min. credit score: 560
      Go to site
      More Info
      Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
      Loan Away Personal Loan
      19.90% - 45.90%
      $1,000 - $5,000
      6 - 36 months
      No min. income or employment requirements
      Min. credit score: 300
      Go to site
      More Info
      A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
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      Compare up to 4 providers

      3. Carrier financing installment plans

      Wireless telecoms such as Bell and Rogers offer installment plans with 0% APR after signing a 2-year contract. There is also 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 phone that day
      • You can get a discount if you trade in an old phone

      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 phone
      • 0% APR is subject to approved credit, so you may not qualify if you have bad credit

      4. Credit card

      You can use your current credit card to finance an iPhone. Depending on how long it takes you to pay off your credit card, this could potentially be the most expensive option, since credit cards tend to have higher rates than personal loans.

      You can use the card you already have or apply for a new low-interest credit card.

      Pros

      • Is a great way to collect rewards points
      • Won’t be tied to a carrier plan

      What to watch out for

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

      5. Retailer financing

      Retailers like Best Buy and The Source often offer iPhone financing 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 financing service 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 much does an iPhone cost?

      iPhones can cost between $599 and $1,959 depending on the model and storage space. Here’s how much you can expect to pay as of August 2021 without a trade in:

      iPhone 12 Pro Max

      • 128 GB: $1,549
      • 256 GB: $1,689
      • 512 GB: $1,959

      iPhone 12 Pro

      • 128 GB: $1,399
      • 256 GB: $1,539
      • 512 GB: $1,809

      iPhone 12

      • 64 GB: $1,129
      • 128 GB: $1,199
      • 256 GB: $1,339

      iPhone 12 mini

      • 64 GB: $979
      • 128 GB: $1,049
      • 256 GB: $1,189

      iPhone 11

      • 64 GB: $849
      • 256 GB: $919
      • 512 GB: $1,059

      iPhone XR

      • 64 GB: $699
      • 128 GB: $769

      iPhone SE (2nd generation)

      • 64 GB: $599
      • 128 GB: $669
      • 256 GB: $809

          You also may be able to buy older models at authorized resellers. However, the costs can vary and you might not be eligible for all financing options.

          The Apple Trade In program

          When buying directly from Apple, you can trade in your old phone for a discount on your upgrade. This service isn’t exclusive to iPhones, with iPads, Macs, Apple Watches and other devices eligible for the trade in program. See how much your old devices could be worth towards an upgrade.

          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 phone. Trading in your phone 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 can cost much less than the current model. Prices fall even more the further back you go.
          • 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.
          • Wait for a good deal. Retailers often offer discounts on iPhones during sales — especially on Boxing Day.

          Bottom line

          iPhone financing in Canada comes in many forms, from carrier financing to credit cards. Some iPhones come with several 0% APR financing options, but they are subject to approved credit. If you’re considering taking out a personal loan instead, check out our guide to personal loans to compare lenders and learn about how it works.

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