Apple offers different financing options for customers buying new products based on each region. In Canada, they had the option to finance a new iPhone, iPad, or Mac interest-free in up to 24 months. However, the company has quietly changed the terms of the financing offered in the country. From now on, all financing options have some interest rate.
Apple Canada financing is no longer 0%
As noted by Reddit users, the Financing and Credit webpage on Apple Canada’s website was updated this week and no longer mentions the 0% interest to purchase a new Apple product. Instead, there are now interest rates ranging from 4.99% up to 7.99% APR.
Previously, customers could finance an iPad or Mac in up to 12 months interest-free, while a new iPhone could be financed in up to 24 months – also interest-free. With the latest changes, the interest rate for financing an iPad or Mac is 4.99%. When it comes to a new iPhone, the interest rate for financing up to 24 months is 7.99%.
For example, a 128GB iPhone 14 that costs $1,099 in Canada can be financed in 24 installments of $49.70. In total, the customer will pay $1,192.79 for the device, with $93.79 of interest charges. It’s worth noting that the financing is provided by Affirm and not Apple. Apple also notes that some accessories are not eligible for financing.
In the US, Apple provides its own financing solution based on the Apple Card, which is not only interest-free but also applies to the Apple Watch and accessories. In addition, customers buying with Apple Card get a 3% cashback even when paying in installments. However, when it comes to the iPhone, Apple will no longer offer financing for those who opt for a SIM-free model.
The new rules for financing Apple products in Canada are now effective for new purchases.
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