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
No interest for 3, 6, or 12 months through Fairstone, 31.99% interest after promo ends. Admin fee of $0 to $69.99 applies.
Canada Computers
Financing is available via Flexiti: No interest for 6 or 12 months. Admin fee of up to $79.99 applies. 31.99% - 39.99% annual interest after promo period ends.
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 9-84 month term. No credit check required. Processing fee applies.
Newegg
0% interest buy now pay later financing over 6 weeks with the Zip payment platform
The Source
Buy now pay later financing with Affirm. Interest rates of 10+% on purchases over $200.
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 - 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
1 - 7 of 7
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 an example.
Spencer is a keen gamer and wants to add a PS5 to his home setup. But on his part-time income and with plenty of other regular bills to pay, finding the cash to cover the upfront purchase price of $600 is something of a challenge. Spencer decides to compare a range of financing options to find the most affordable way to buy a PS5. Check the table below for the results of his comparison.
Lender A
Lender B
Lender C
Lender D
Amount borrowed
$600
$600
$600
$600
Interest rate
0%
8.99%
11.99%
0%
Loan term
12 months
24 months
24 months
6 months
Admin fee
$69.99
$12
$0
$39.99
Total interest
$0
$58.95
$77.79
$0
Total cost
$669.99
$670.95
$677.79
$639.99
Monthly payment
$55.83
$27.96
$28.24
$106.67
Spencer decides to apply for financing from Lender D. He likes the fact that there are no interest charges to worry about, and the monthly payment amount is a good fit for his budget.
Frequently asked questions
No, there is no official PS5 finance option from Sony Canada. However, there are several other PS5 financing options available, including in-store financing, purchasing with a credit card or using a personal loan.
Yes, you can pay for a PS5 monthly using in-store financing or by using a personal loan to purchase a PS5 and then making monthly repayments to pay off what you owe.
No, the PS5 console is not available to purchase on the PlayStation Canada website.
Yes. Best Buy offers buy now pay later financing through Fairstone on purchases over $149.99 before taxes. However, at the time of writing, this financing was in its beta phase, so it was only available to randomly selected customers.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
Need cash to upgrade your home decor? Here are your furniture financing options in Canada.
Feedback
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.
