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How to finance a PlayStation 5 in Canada
Don't want to buy a PS5 upfront? Check out these 4 PS5 financing options.
If you want to finance a PS5 in Canada, there are a few different options to choose from. You can get in-store financing that includes buy now pay later options, or you can consider taking out a personal loan, buying a PS5 with your credit card or using a rent-to-own program.
Each PS5 financing option has its own pros and cons, so keep reading to find out which one is right for you.
1. Finance a PS5 through the store
How it works: In-store financing is a convenient way to finance a PS5. 0% or low-interest financing is available to borrowers with good credit, and you typically have between 6 and 24 months to pay off your purchase.
Pros
- Easy and convenient PS5 financing option
- 0% financing options available
- Fast access to the funds you need
Cons
- High interest rates once low-rate period ends
- Check the fees that apply
- Not available at all retailers
List of stores with PS5 financing in Canada
Check out the table below for a sample of stores that offer PS5 financing in Canada. If you’d like a more comprehensive list, take a look at our A-Z list of store financing.
| Store | Finance features |
|---|---|
| Best Buy | 0% interest for 3, 6, 12 or 18 months with Fairstone. Admin fees apply. |
| Canada Computers | No interest for 3, 6, 12, 18, 24 or 36 months through Flexiti. Admin fees apply. Minimum purchase of $500. |
| Costco | 5.99% to 7.99% interest over 6 to 24 months with a CIBC Installment Plan. One-time installment fee of 1.50% applies. |
| Easyhome | Pay 29.99% to 46.96% APR on a minimum 36-month term. No credit check required. Processing fee applies. |
| Newegg | 0% interest buy now pay later financing over 2 months with the Zip payment platform |
| The Source | Buy now pay later financing with PayBright by Affirm. Interest rates from 9.95% to 19.95%. |
2. Get PS5 financing through a personal loan
How it works: You can take out a personal loan with a local credit union or private lender to cover your PS5 purchase. Banks’ minimum loan amounts start at $3,000 to $5,000, and you don’t want to take on more debt than you need to. You can pay off a personal loan within 3 to 60 months, but small loan amounts usually have short loan terms.
Pros
- Loans available for people with bad credit
- Lower interest rates than credit cards
Cons
- No 0% financing available
- High rates if you have bad credit
- Not all lenders finance amounts in the $500-$1,000 range
Compare personal loans for PS5 financing
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3. Finance a PS5 using a credit card
How it works: If you have a credit card with a low purchase rate, you could use it to purchase a PS5. Some cards offer rates of around 8.99–12.99%. Alternatively, some retailers offer their own credit cards, which you can use in-store to earn cash back and other rewards.
Pros
- No need to apply for financing at time of purchase
- Easy and convenient
- Earn credit card reward points
Cons
- You need to get a card in advance
- No 0% financing available
- Some cards have annual fees
4. Finance a PS5 through a rent-to-own program
How it works: With a rent-to-own plan, you rent the PS5 for a predetermined period and make regular payments. You can qualify for a program even if you have bad credit, and when the rental period ends, you take ownership of the PS5. However, be aware that rent-to-own programs are very expensive, and you could end up paying as much as 2–5 times the upfront purchase price. As a PS5 is not an essential purchase, it’s best if you steer clear of this option.
Pros
- No credit check required
- Manageable payments
- You get to use the PS5 while you pay off what you owe
Cons
- Extremely expensive
- You’ll pay much more than the upfront purchase price
- The PS5 could be repossessed if you miss payments
Can you finance a PS5 with bad credit?
If you’ve got a low credit score, there are a few PS5 financing options available. You could take out a personal loan with an online lender that specializes in bad credit loans or sign up for a rent-to-own program, while some in-store finance providers will also offer financing to buyers with less than perfect credit. However, no matter which option you choose, you can expect high interest rates and you’ll end up paying significantly more than the upfront purchase price of a PS5. As a result, you’re better off avoiding financing a PS5 with bad credit.
Can you finance a PS5 with no credit check?
Yes, if you finance a PS5 through a rent-to-own program, you won’t need to undergo a credit check. This can make rent-to-own seem like an attractive option for people with bad credit, but be careful.
As we’ve already mentioned, rent-to-own programs are extremely expensive. You’ll be much better off considering other options – such as improving your credit score or saving money in a high-interest savings account – before buying a PS5.
How does buy now pay later work with PS5 financing?
Many retailers team up with third-party providers to offer buy now pay later (BNPL) financing as a payment option. All you have to do is select it as your preferred payment method at checkout.
Pay in installments
A BNPL plan lets you spread the PS5 purchase price out over several installments. While the exact terms and conditions vary, a common approach is to pay one-quarter of the purchase price when you checkout, then make 3 more payments every 2 weeks over the next 6 weeks.
For example, if you’re spending $800 on a PS5 bundle, you would pay the following:
- $200 when you checkout
- 3 payments of $200 every 2 weeks
Risks of BNPL
Make sure you’re aware of the risks and pitfalls of BNPL financing:
- Fees if you miss a payment
- Making impulse purchases
- Not having enough room in your budget to make your repayments
- Signing up for multiple BNPL purchases and losing track of payments
- Complicated returns process for items purchased through a BNPL plan
How to qualify for 0% financing
While there are many retailers and financing providers that advertise 0% financing, these deals aren’t available to all PS5 buyers. You’ll often need good to excellent credit and a clean credit history to qualify for a no-interest purchase. The finance provider will run a hard or soft credit check before approving you for 0% PS5 financing.
The finance provider will also have minimum purchase limits you’ll need to exceed if you want to access 0% financing. You’ll need to spend anywhere between $100 to $1,000 or more, depending on the provider and plan you choose.
How much is PS5 monthly financing in Canada?
If you want to pay for a PS5 monthly, there are several factors that will affect the total cost of paying for your purchase. These include the following:
- Purchase price. The price varies depending on whether you get a Digital Edition or Disc Version PS5, whether you add any controllers or games to your bundle and where you shop.
- Interest rate. Finance providers may assess factors like your credit score and income before deciding on your interest rate.
- Loan term. Longer financing terms allow you to enjoy more manageable monthly repayments, but if you’re paying interest on the purchase price, they mean you’ll end up paying more money in the long run.
To give you an idea of how much your PS5 financing will cost, let’s take a look at a few examples.
Example 1: $630 purchase price
First, here’s how much it will cost to pay off a $630 PS5 purchase over 6 or 12 months, with an interest rate of 0% or 8%.
| Finance amount | $630 | $630 | $630 | $630 |
| Interest rate | 0% | 0% | 8% | 8% |
| Loan term | 6 months | 12 months | 6 months | 12 months |
| Monthly payment | $105 | $52.50 | $107.46 | $54.80 |
| Total cost | $630 | $630 | $644.78 | $657.63 |
As you can see, with 0% financing, spreading repayments over 12 months instead of 6 months cuts your regular payment amount in half. However, if you don’t qualify for 0% financing and are instead charged 8% interest, it’ll cost you $27.63 extra to pay off your PS5 on 12-month financing.
Example 2: $870 purchase price
Next, let’s consider the same financing terms and rates, but with a purchase price of $870. As the table shows, if you get 8% financing, it’ll cost an extra $38.16 to pay off your PS5 over 12 months.
| Finance amount | $870 | $870 | $870 | $870 |
| Interest rate | 0% | 0% | 8% | 8% |
| Loan term | 6 months | 12 months | 6 months | 12 months |
| Monthly payment | $145 | $72.50 | $148.40 | $75.68 |
| Total cost | $870 | $870 | $890.41 | $908.16 |
Example 3: $1,100 purchase price
Finally, if you spend $1,100 to buy a PS5 console and accessories, an 8% interest rate means it’ll cost the following:
- An extra $25.81 to pay back over 6 months.
- An extra $48.25 to pay back over 12 months.
| Finance amount | $1,100 | $1,100 | $1,100 | $1,100 |
| Interest rate | 0% | 0% | 8% | 8% |
| Loan term | 6 months | 12 months | 6 months | 12 months |
| Monthly payment | $183.33 | $91.67 | $187.63 | $95.69 |
| Total cost | $1,100 | $1,100 | $1,125.81 | $1,148.25 |
Frequently asked questions
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