Apple discontinues interest-free iPhone financing in Canada

Attention, Canadians! We have some unfortunate news for those of you who were planning to finance your next Apple device. Starting now, you will no longer be able to avoid paying interest on your purchase. Apple recently announced through a support page that future iPhone, iPad, and Mac purchases made through the online Apple Store in Canada will be subject to an annual percentage rate (APR) ranging from 4.99% to 7.99% for repayment over a period of 12 or 24 months. It’s crucial to note that these rates are subject to change.
Monthly financing for Canadian customers will now be provided by Affirm, an American company specializing in point-of-sale financing solutions. The current financing options available through Affirm and Apple include:

  • iPhone financing at an APR of 7.99% for 24 months
  • iPad financing at an APR of 7.99% for 12 months
  • Mac financing at an APR of 7.99% for 12 months.

If you are interested in financing your Apple device through Affirm, you can apply via the link provided on Apple’s support page. getting pre-qualified may expedite the pre-ordering process for your next iPhone in September. The reason behind this change has not been disclosed by Apple, but it is possible that the ever-volatile foreign exchange market played a role.

In contrast to the offerings in Canada, Apple provides its customers in the United States with a range of financing options, including the iPhone Upgrade Program, Apple Card Monthly Installments, and Apple Pay Later. American consumers still have the privilege to finance through Apple at 0% interest, and certain retail stores and wireless providers also offer interest-free financing.

To illustrate this change, let’s take the example of purchasing an iPhone 14 Pro Max with 128GB of storage, priced at $1,099 in U.S. Dollars. Using Affirm, you would make 24 monthly payments of $49.70, resulting in a total repayment of $1,192.79, including an additional $93.79 in interest. Do keep in mind that taxes and shipping charges must be paid in full at the time of purchase and are not included in these calculations. In comparison, if you were to make the same purchase through Apple in the U.S., you would pay no interest, meaning your monthly payments would be $45.79 over 24 months.

Interestingly, Google does not offer any financing options for Canadian customers on purchases made through the Canadian Google Store, while financing options, including interest-free plans, are available on the U.S. website.

This situation implies that even though Canadians share the same continent as their interest-free counterparts in the United States when it comes to financing iPhones or Pixel devices, they will have to pay more if they choose to finance their Apple devices. Unfortunately, Apple does not offer many alternatives to Affirm for financing in Canada.

 

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