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.
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
Cons
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 during promo period (non-promo rate not disclosed online) ● Monthly payments for 3/6/12/18 month terms (after which interest applies) |
Canada Computers | ● 0% – 39.99% AIR (max 35% in Quebec) ● Monthly payments for 6 or 12 month terms (after which interest applies) |
Costco | ● 6.99% – 8.99% APR ● Monthly payments over 6/12/24 month terms |
Easyhome | ● 29.99% – 46.96% APR ● Weekly, bi-weekly, semi-monthly payments over 9 to 84 months |
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. |
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
Cons
Looking for the best personal loans?
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
Cons
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
Cons
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.
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.
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.
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:
Make sure you’re aware of the risks and pitfalls of BNPL 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.
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:
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.
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