Apple Canada no longer offers interest-free financing for iPhone, Mac and iPad

June 28, 2023

2 min read

Apple offers different financing options for customers buying new products, varying based on region. In Canada, you could finance a new iPhone, iPad, or Mac interest-free for up to 24 months. However, the company has quietly changed the financing terms 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 to no longer mention the 0% interest offer to purchase a new Apple product. Instead, interest rates now range from 4.99% up to 7.99% APR.

Previously, customers could finance an iPad or Mac for up to 12 months interest-free, while a new iPhone could be financed for up to 24 months – again, interest-free. With the latest changes, the interest rate for financing an iPad or Mac is now 4.99%. When it comes to a new iPhone, the interest rate for financing up to 24 months is 7.99%.

For example, a 128 GB iPhone 14 that costs $1,099 in Canada can be financed in 24 installments of $49.70. By the end, the customer will have paid $1,192.79 for the device, totaling $93.79 in 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 interest-free and even 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.