How to finance an iPhone X

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When the iPhone X was released in November 2017, excited customers put in preorders for the £999 handset and you may have been among those who excitedly visited Apple to be among the first to order this super-retina, all-glass phone.

You might’ve quickly completed the credit app with financing partner Barclays only to be confronted with a disappointing message: “Not approved for financing.”

Fortunately, you can still own an iPhone X with other financing alternatives.

Option 1: A personal loan with fast turnaround.

• Good for those who want more flexibility.

A personal loan is a general financing tool that you can use to cover any large expense. Unlike with phone-specific financing, you can apply for personal loan amounts of £1,000 to £25,000 and use the funds to pay for must-have accessories as well including wireless headphones, a phone case or a charging base.

Typical turnaround: You can expect to receive your personal loan funds within a few business days to a week. Most lenders offer immediate pre-approval decisions, which means you’ll quickly find out how much you’re eligible to borrow so that you can plan your next steps.

Because your cash won’t be deposited in your bank account today or tomorrow, consider purchasing the iPhone X today on a credit card, and then use your approved loan funds to pay off your card balance when your statement arrives.

Option 2: Finance your iPhone through your mobile phone provider.

• Good for those who want to roll payments for their phone into their monthly bill.

If you aren’t approved for financing through Apple’s site, you might be able to get financing through your current mobile carrier. All the big providers – Vodafone, EE, Virgin Mobile, O2 and Three – offer phone financing that can be grouped into your monthly bill. This financing typically comes with an interest-free period of up to 24 months, but you’ll likely have to make a one-time payment of about £100 at the checkout to receive the phone.

Option 3: Switch to a new provider offering a discount.

• Good for those who aren’t married to their current provider — and are on the lookout for a deal.

If you visit any major mobile phone provider, you’ll probably see deals for the iPhone X front and centre — part of a competitive battle for your business. Some providers are offering big discounts off the iPhone X when you trade in specific smartphones, while others offer to subsidise a chunk off the cost when you sign a multi-year contract.

Option 4: Use the iPhone Upgrade Programme

• Good for current smartphone users that just need extra cash to foot the bill.

Already got an iPhone? Apple allows you to trade in your old smart phone for up to £335 for an Apple gift card, which you can use to partly fund your new iPhone X.

Value depends on the model and condition it’s in, with newer phones commanding the highest trade-in price. But you still might want to trade in your old phone anyway to avoid dumping it in that drawer full of old devices.

Frequently asked questions

• Why was my initial financing application declined?

  It’s hard to tell. If you applied for financing through Apple, you should receive an email from Barclays detailing the reason why you were turned down.

• What's so great about the iPhone X anyway?

  Released as Apple’s 10th-anniversary iPhone, the iPhone X stands out for its dramatic new design that includes vertically mounted dual 12-megapixel cameras, “super-retina display” and wireless charging, among other features that people are lapping up.