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5 ways to get MacBook financing in Canada
Finance your MacBook and qualify for 0% interest from several lenders.
Buying a new MacBook is expensive and you may not be able to afford one with savings alone. That’s why there are many reputable stores offering MacBook financing in Canada. You can also access traditional financing such as low interest credit cards and personal loans to get the MacBook you want.
Learn more about your options so you can pick the best fit for your personal situation.
Option 1: Get MacBook financing in Canada through Apple
- How Apple financing works. Shop online at Apple and select the “Pay monthly” option when prompted to check out or click “Apply now” on the Apple site to pre-qualify. Funding is provided through PayBright and you’ll get 0% APR for up to 12 months to fund your new MacBook.
- How to qualify. You’ll need to be 18 years old or older, a Canadian citizen or resident, have a credit card in your name and meet minimum credit score requirements.
Benefits
- You’ll get 0% interest for up to 12 months with no hidden fees.
- There are no upfront payments or down deposits required.
- The cost of your monthly payments will be broken down when you select “Pay monthly” at checkout.
What to watch out for
- You might not get approved if you have bad credit.
- You’ll pay high interest rates if you don’t pay off your loan on time.
Option 2: Finance a MacBook using a personal loan
Compare personal loans for MacBook financing in Canada.
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Features of personal loans for MacBook financing
- How it works. You can get a personal loan from a bank, credit union, online lender or peer-to-peer lending site. Compare and apply for pre-approval with multiple lenders and pick the lender with the best offer. If approved, your money should be available within a few hours to two business days.
- How to qualify. You’ll need to be over the age of majority in your province, a Canadian citizen or resident and able to meet minimum income and credit score requirements. You may also need to be employed full-time to qualify with some lenders.
Benefits
- Many lenders to choose from.
- Compare quotes independently or use a broker to find the best deal.
- Enlist a cosigner to increase your chances of approval.
What to watch out for
- You’ll pay higher interest than with financing from a third-party store, especially if you have bad credit.
- Lenders may have strict eligibility requirements such as minimum income criteria.
- You could pay late fees or NSF fees.
Dive deeper Best personal loans in Canada
Option 3: Get MacBook financing in Canada through a third-party store
Apply for MacBook financing with the following third-party stores and get 0% interest for several months. Financing programs vary from store to store.
We describe them below for popular stores that sell Apple products.
Simply Computing offers two financing plans: Klarna and EasyPlan.
MacBook financing by Klarna
- How it works. Make 4 equal payments with zero interest. You’ll pay an initial payment of one-fourth of your purchase at checkout and then you’ll pay 3 more payments, charged biweekly until your MacBook is paid off.
- How to qualify. Simply provide your credit card or direct debit information (according to the website).
- Benefits. You won’t pay interest on your loan but you must pay it off in full within 6 weeks.
- What to watch out for. Your payments will be large. You’ll have to pay one-fourth of your total cost upfront and you may incur additional fees if you miss payments.
MacBook financing by EasyPlan
- How it works. Make up to 48 equal payments with interest rates between 0% and 17.9%.
- How to qualify. Fill out an application for financing and provide documents such as your ID, SIN and a credit card.
- Benefits. Prepay your loan at any time. You may also be eligible for 12 months of 0% financing – conditions apply.
- What to watch out for. It can take up to 24 hours to get approved and you’ll pay interest rates up to 17.99%.
- How it works. Fill out an application with Best Buy’s financing partner, Fairstone. Once approved, select the MacBook you want from Best Buy’s inventory and choose Best Buy financing at checkout. Then, select a term of 3, 6, 12 or 24 months. You won’t pay interest on your purchase if you pay it off in the required timeframe but you’ll pay set-up fees between $29.99 and $99.99 depending on the length of your term.
- How to qualify. Choose to validate your information through automatic bank verification or bring two pieces of identification into the store to get final approval. You’ll need to be over the age of majority in your province, a Canadian citizen or resident, gainfully employed and able to meet minimum income and credit score requirements.
- Benefits. You can pay 0% interest for up to 18 months and there are many terms to choose from.
- What to watch out for. You’ll pay a high interest rate if you don’t pay your term back in full on time (including retroactive interest). There’s also an admin fee between $29.99 and $99.99 based on the length of your term.
- How it works. Apply for the Staples financing card to get financed through Flexiti. For purchases over $299 (which any MacBook would be), get 0% interest financing over 12 months. Pay off your purchase in 12 equal monthly installments.
- How to qualify. You’ll need to be over the age of majority in your province, a Canadian citizen or resident and able to meet minimum income and credit score requirements.
- Benefits. You can pay 0% interest for up to 12 months and choose the term that suits your needs and desired monthly payment amount.
- What to watch out for. The after-promo rates are from 31.99% to 37.99% and you may have to pay retroactively if you miss payments or fail to pay off your loan on time. An administration fee of $29.99 applies for 6-month plans and $59.99 applies for 12-month plans.
- How it works. Get MacBook financing with PayPlan by RBC. Simply fill out an application, choose the term you want and pay 0% to 9.99% financing, depending on factors such as your credit score.
- How to qualify. You’ll need to be over the age of majority in your province, a Canadian citizen or resident and able to meet minimum income and credit score requirements.
- Benefits. You may qualify for 0% interest if you have good to excellent credit. There are no hidden fees or down payments. You’ll have a chance to upgrade your MacBook after 36 months.
- What to watch out for. You could pay up to 9.99% in interest. You’ll need to consent to a soft credit check by RBC to get approved.
Option 4: Finance a MacBook using a low interest credit card
- How it works. You can apply for a low interest credit card to pay for your MacBook. These cards usually come with interest rates between 8.99% and 12.99% and with annual fees between $25 and $35. Use your card to buy your MacBook and any accessories/coverage plans you need and then pay it back on your own schedule.
- How to qualify. Requirements will vary depending on the card you get. You’ll need to be at least 18 and a Canadian citizen or resident to qualify. Luckily, many low interest cards come with less strict eligibility requirements than regular credit cards so you may be able to get one with a low income or less-than-stellar credit score.
Benefits
- They may come with lower interest rates than you would get with a personal loan.
- Annual fees for low interest cards are low.
- Earn rewards.
What to watch out for
- You could qualify for a lower credit limit than you need.
- You may not be able to qualify with bad credit.
- It takes time to apply for a credit card and receive it in the mail (if you don’t already have one).
Option 5: Finance a MacBook through a rent-to-own program
- How it works. Apply with a rent-to-own company like easyhome to get MacBook financing. Rent-to-own programs let you pay a monthly fee to “rent” a new MacBook until you’ve made enough payments to pay it off in full. The only catch is that the product you buy will be split across dozens or even hundreds of payments. For example, easyhome charges around $50 over 130 payments for a $1,500 MacBook Air. This works out to about $6,500 by the time you own the laptop.
- How to qualify. Create an account and input your name and personal information. For easyhome, there’s no credit check to apply and the website indicates that everyone is approved. You may need to meet other criteria with different lenders.
Benefits
- It may help to build credit if your lender reports all of your on-time payments to the credit bureaus.
- It has lenient eligibility criteria and requires no credit check.
What to watch out for
- It’s extremely expensive in the long run.
- Payments are often weekly so your monthly costs could add up quickly.
Can I get MacBook financing in Canada with bad credit?
Yes, you can get MacBook financing for bad credit in Canada, but you’ll likely need to pay much higher rates and fees to qualify. You may also need to work a bit harder to find a lender willing to finance you, depending on how low your score is.
You can start by applying for store financing, but if you struggle to get approved, you may want to explore personal loans. To lower your interest rates, consider securing your loan with an asset or enlisting a cosigner to get a better deal.
Must read Best bad credit loans in Canada
Can I get MacBook financing with no credit check?
The majority of lenders will check your credit report and score even if they offer MacBook financing for bad credit. No credit check lenders do exist, but they’ll charge extremely high rates and fees and should be avoided wherever possible.
Rent-to-own programs also do not require credit checks but have very high fees.
How much do MacBooks cost?
The costs below are pulled from the Apple website. You may pay higher costs for your MacBook if you get upgrades to the basic model. You could also find sale prices if you shop around and check various suppliers.
| Type of MacBook | Starting price |
|---|---|
| MacBook Air | $1,499 |
| MacBook Pro (13″) | $1,699 |
| MacBook Pro (14″ to 16″) | $2,499 |
| iMac | $1,599 |
Cost example: $1,694 at 0% vs 9.95% over 12 months; $2,146 at 0% vs 9.95% over 12 months
You’ll pay the following rates for two different loan amounts ($1,694 and $2,146) based on whether you pay 0% or 9.95% interest.
| Term | Interest rate | Monthly payment | Total repayment | |
|---|---|---|---|---|
| Loan 1: $1,694 | 12 months | 0% | $141.17 | $1,694 |
| Loan 1: $1,694 | 12 months | 9.95% | $148.92 | $1,787 |
| Loan 2: $2,146 | 12 months | 0% | $178.83 | $2,146 |
| Loan 2: $2,146 | 12 months | 9.95% | $188.66 | $2,264 |
Frequently asked questions
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