Apple No Longer Offers Interest-Free Financing in Canada

Apple stopped offering interest-free financing for new iPhone, iPad, and Mac purchases in Canada as of earlier this month, as noted on Reddit. Going forward, APRs range from 4.99% to 7.99% to finance these products over 12 or 24 monthly payments.

Apple Store Vancouver Canada
For example, Apple says a customer who purchases an iPhone for $1,099 would have a monthly payment of $49.70 for 24 months. The customer would pay a total of $1,192.79 over this term, including $93.79 in interest charges.

The current financing offers available:

  • iPhone: 7.99% for 24 months
  • iPad: 4.99% for 12 months
  • Mac: 4.99% for 12 months

The change comes after Apple's financing partner PayBright was acquired by Affirm in 2021. Apple's website says financing is now provided by Affirm.

Many of Apple's financing options in the U.S. are not available in Canada, including Apple Card Monthly Installments, Apple Pay Later, and the iPhone Upgrade Program, leaving customers in the country with few options beyond Affirm.

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Top Rated Comments

sw1tcher Avatar
14 months ago

nobody should ever finance electronics. if you have to, you can't afford it.
Who's smarter, the person who pays $10,000+ up front for their Mac Studio and XDR display home studio setup or the person who takes advantage of Apple's 0% APR to buy the same setup and then take their time to pay it off over 12 months while freeing up those funds for something else (1 yr Treasury pays 5.33%, many 1 yr CDs pay 5%+)?
Score: 56 Votes (Like | Disagree)
scheinderrob Avatar
14 months ago
nobody should ever finance electronics. if you have to, you can't afford it. interest-free is nice if you don't want a hit to your wallet but def not worth paying an APR
Score: 30 Votes (Like | Disagree)
canadianreader Avatar
14 months ago

The change comes after Apple's financing partner PayBright was acquired by Affirm in 2021. Apple's website says financing is now provided by Affirm.
Direct results of mergers and acquisitions.
Score: 28 Votes (Like | Disagree)
!!! Avatar
14 months ago

Sucks, but to be fair, the interest is not that bad if you need to finance, and let's face it, many do.
Why do people "need" to finance phones? Even if you argue you need a phone for life in the 21st century, there's no reason you need to spend $1000 on the latest iPhone that had tons of features you'll never use.
Score: 20 Votes (Like | Disagree)
HobeSoundDarryl Avatar
14 months ago
Once a company gets into making money on interest, the intoxication of that easy(est?) money can take over. Too many great companies in history eventually became IMO overly enamored on the finance operations such that all other things fell to second or lower priority. There is a near endless well of profit made on people's debt in that direction.

Hopefully, that won't be the case here, but the temptation will be great once the interest profits start to pile up. You think "services" revenue is something? Just wait if this policy spreads globally.

Interest profit has no product costs, no supply chain costs, no warehousing, etc. Some people will obviously take on any level of rate as long as the monthly payment hits some level, etc. Apple has a mountain of cash + credit to fund their own, for-profit financing operation. Literal bean counters can fully run this.

Spectacular for shareholders concerned with only one thing but TBD- at best- for us consumers. Making easy money on credit is near impossible to resist for those most concerned with "another record quarter in revenue & profit."
Score: 15 Votes (Like | Disagree)
scheinderrob Avatar
14 months ago

Who's smarter, the person who pays $10,000+ up front for their Mac Studio and XDR display home studio setup or the person who takes advantage of Apple's 0% APR to buy the same setup and then take their time to pay it off over 12 months while freeing up those funds for something else?
that's probably why i said


interest-free is nice if you don't want a hit to your wallet but def not worth paying an APR
Score: 12 Votes (Like | Disagree)