With Apple having the largest mobile phone market share in Canada at a whopping 61.01%, 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 Apple Canada financing 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.
Our 'promoted' products are presented as a result of a commercial advertising arrangement or to highlight a particular feature. Promoted products are not a recommendation, an indication a product is the best in its category, nor represent all products in the market. It is important to compare your options and find the right product for you.
1. Apple financing in Canada
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 Canada offers $0 down phone financing through Affirm 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 7.99% interest (on purchases over $99) and no additional financing fees.
Your iPhone payment plan will then be set up so you can pay off your iPhone in 24 equal monthly payments.
You can trade in your old iPhone and have the trade-in value instantly applied as a discount to the total cost on your new one. Right now you can get anywhere from $200 to $910 in credit toward a new iPhone when you trade in an iPhone 11 or higher.
Pros of buying an iPhone with Apple financing in Canada
Spread out the cost of an iPhone over 24 months
Apply online and get a decision fast
Trade in your existing Apple device for instant credit
Pay in equal installments
You can finance other Apple Canada products beyond iPhones, like a Mac or iPad
Cons of buying an iPhone with Apple financing in Canada
No 0% financing offer available
You may be able to find cheaper financing elsewhere
You can expect to find interest rates ranging from 4.99% to 7.99% depending on which Apple product you plan to finance.
Apple product
Financing APR
Term length
Min. financing amount
iPhone
7.99%
24 months
$99
Mac
4.99%
12 months
$199
iPad
4.99%
12 months
$199
Who is most likely to be researching iPhone financing?
Finder data suggests that men aged 18-24 are most likely to be researching this topic.
Response
Male (%)
Female (%)
65+
1.40%
0.99%
55-64
2.72%
1.98%
45-54
7.67%
4.13%
35-44
9.90%
5.12%
25-34
20.54%
11.55%
18-24
21.45%
12.54%
Source: Finder sample of 1,212 visitors using demographics data from Google Analytics
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 - 9 of 9
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 iPhone payment 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 may be 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.
Carrier
Down payment
Interest rate
Term length
Bell
SmartPay
$0 down
0%
24 months
Rogers
Device financing
$0 down
0%
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 down
Some devices require a down payment
0%
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 comes 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
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 balance transfers for the first 6 months. Plus, pay no annual fee in the first year. Apply by October 31, 2024.
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
0% intro for the first 6 months (then 12.99% )
Balance transfer fee
$3.50
Rewards
Get an on-going low interest rate of 12.99% on eligible purchases.
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 iPhone payment plans through third party lenders like Affirm (formerly 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
0% APR available
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.
Store
Apple financing program
Program details
Additional fees
Interest after promotion
Best 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
0% interest for 18 months on purchases of $999.99 and up
$29.99 – $99.99 administrative fee
Unspecified
The Source partners with Affirm
12 equal monthly payments on purchases over $200
N/A
10%+
Simply Computing Apple financing
0% interest for up to 12 months (with a 48-month term) on purchases over $99
$3/month
0% – 17.9%
Walmart Rewards Mastercard
20.89% on 6 equal payments on purchases of $199.99 and up
4% set up fee
20.89%
Details in the table above last verified in March 2024
How much does an iPhone cost to finance in Canada?
iPhones can cost between $579 and $2,349 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 March 2024 without a trade in:
Emily loves having the latest tech, so she’s keen to get a 512GB iPhone 15 Pro as soon as possible. She doesn’t have enough cash to cover the $1,899 purchase price upfront, so she decides to compare her financing options to find the most affordable financing option. Below are the results of her comparison.
Lender A
Lender B
Lender C
Lender D
Amount borrowed
$1,899
$1,899
$1,899
$1,899
Interest rate
7.99%
0%
11.99%
10.95%
Loan term
24 months
18 months
36 months
12 months
Admin fee
$0
$99.99
$0
$0
Total interest
$162.07
$0
$371.34
$114.51
Total cost
$2,061.07
$1,998.99
$2,270.34
$2,013.51
Monthly payment
$85.88
$111.06
$63.06
$167.79
Emily decides to apply for financing with Lender B. While this means a higher monthly payment than if she were to go with Lender A or C, Emily likes the fact that the total cost of financing is cheapest with Lender B.
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 2024 for an iPhone 14 Pro Max was up to $910. So if you wanted to upgrade to an iPhone 15 Pro Max (256 GB), you may only have to pay $839 instead of $1,749.
Then let’s say you used Apple financing in Canada. Excluding taxes for simplicity’s sake, your monthly payments before the trade-in would be $79.09 over the 24-month term, or $37.94 with the trade in – that’s a saving of $41.15 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 one storage level can shave hundreds of dollars off the overall price of an iPhone payment plan.
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 often subject to approved credit. As your thinking about which iPhone payment plan 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
No, Apple Pay Later is not available in Canada. It is currently only available to select Apple customers in the US who have been invited to access a pre-released version of the program.
Apple Pay Later is a new installment loan, buy-now-pay-later program available to select Apple users in the US. Apple Pay Later allows users to apply for a loan between $50 and $1,000 directly in the Apple Wallet on iPhones or iPads. Apple will then do a soft credit pull before approving the loan. If the loan is approved, the loan funds will be available as a payment option on the Apple Wallet, which can then be used to shop anywhere online where Apple Pay is accepted.
If you want to buy an iPhone outright, it is not possible to get 0% iPhone financing in Canada now that Apple has stopped offering its in-house 0% financing option. Apple now charges 7.99% on 24 month iPhone financing terms.
If you're looking for cheaper iPhone financing, it's worth exploring private financing options from companies like Loans Canada (rates starting at 6.99%) and LoanConnect (rates starting at 8.99%). Otherwise, you can often get 0% iPhone financing when you sign up for a 2-year phone plan with a carrier.
Yes, if you buy directly from Apple, you can pay for select purchases with an installment plan using Apple financing in Canada. You can get iPhone financing at 7.99% for 24 months, Mac financing at 4.99% for 12 months or iPad financing at 4.99% for 12 months through Apple's partnership with Affirm.
Yes, you can pay for an iPhone in installments with a payment plan by getting it through the following providers:
Affirm (partnered with Apple)
Telecoms like Bell and Rogers
Lenders like banks, credit unions and online lenders
Chelsey Hurst is an associate editor at Finder. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
