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iPhone financing in Canada
From Apple financing in Canada to in-store offers and credit cards, learn about your 5 iPhone financing options in Canada for good or bad credit.
With Apple having the largest mobile phone market share in Canada at a whopping 61.01%, it looks like many Canadians are finding a way around Apple’s steep price tag to get that user-friendly iOS. If you don’t have the money in cash to buy an iPhone, there are many options for iPhone financing in Canada whether you have good or bad credit.
From Apple Canada financing to personal loans and credit cards, we’ve outlined the various types of iPhone financing here, plus tips to help you save when you buy your next iPhone.
How can I finance an iPhone in Canada?
As one of the bestselling items in the world, lenders aren’t newcomers to customers asking for a loan to finance the latest model Apple iPhones. See your options in Canada below.
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1. Apple financing in Canada
Apple Canada financing is a great place to start when you want to buy an iPhone in Canada. It offers iPhone financing options on its latest models, older models and even certified refurbished iPhones.
Apple Canada offers $0 down phone financing through Affirm when you shop directly on its website.
When you buy an iPhone online using Apple financing in Canada, you’ll get an instant approval decision. Approved financing comes with 7.99% interest (on purchases over $99) and no additional financing fees.
Your iPhone payment plan will then be set up so you can pay off your iPhone in 24 equal monthly payments.
You can trade in your old iPhone and have the trade-in value instantly applied as a discount to the total cost on your new one. Right now you can get anywhere from $200 to $905 in credit toward a new iPhone 16 or iPhone 16 Pro when you trade in an iPhone 12 or higher.
Pros of buying an iPhone with Apple financing in Canada
- Spread out the cost of an iPhone over 24 months
- Apply online and get a decision fast
- Trade in your existing Apple device for instant credit
- Pay in equal installments
- You can finance other Apple Canada products beyond iPhones, like a Mac or iPad
Cons of buying an iPhone with Apple financing in Canada
- No 0% financing offer available
- You may be able to find cheaper financing elsewhere
Who is most likely to be researching iPhone financing?
Finder data suggests that men aged 18-24 are most likely to be researching this topic.
| Response | Male (%) | Female (%) |
|---|---|---|
| 65+ | 1.40% | 0.99% |
| 55-64 | 2.72% | 1.98% |
| 45-54 | 7.67% | 4.13% |
| 35-44 | 9.90% | 5.12% |
| 25-34 | 20.54% | 11.55% |
| 18-24 | 21.45% | 12.54% |
Source: Finder sample of 1,212 visitors using demographics data from Google Analytics
2. Personal loans for iPhone financing in Canada
You can get a personal loan from a bank, credit union or online lender to buy an iPhone in Canada on a payment plan. A personal loan allows for longer terms, and it is available to borrowers with good and bad credit. Personal loans for iPhone financing can come with interest rates ranging anywhere between 6.99% to 46.96% depending on factors like your credit score and income.
Pros
- More flexibility for payments with longer terms
- Use it to pay for any legitimate purpose, including an iPhone
- Available to borrowers with bad credit
- Finance an iPhone in installments
- Not locked into a contract with a carrier
What to watch out for
- Borrowers with bad credit face higher interest rates
- Some lenders don’t offer loans less than $1,000
Compare personal loans for iPhone financing in Canada
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3. Carrier iPhone financing in Canada
If your current phone plan is up and you don’t mind changing service providers, you might be able to qualify for a sign-up deal when you buy an iPhone by switching carriers. Wireless telecoms such as Bell and Rogers offer iPhone payment plans with 0% APR after signing a 2-year contract. You may also have the option of paying the remaining balance on the device mid-contract if you want to upgrade your phone earlier.
Pros
- Offered with big name telecoms
- Easy to walk into the store and pick up your new iPhone that day
- You can get a discount if you trade in an old iPhone
What to watch out for
- Locked into a 2-year contract, unless you pay the remaining balance early
- You will likely have to pay an activation fee when you first get the iPhone
- 0% APR may be subject to approved credit, so you may not qualify if you have bad credit
Typical cell phone financing plans from popular Canadian carriers
To help you compare your iPhone financing options, we’ve summarized financing plans offered by some of Canada’s most popular carriers. Often these financing offers can vary based on the iPhone model, and are usually only available when you sign up for a monthly or yearly usage plan with the carrier.
| Carrier | Down payment | Interest rate | Term length |
|---|---|---|---|
Bell
| $0 down | 0% | 24 months |
Rogers
| $0 down | 0% | 24 months |
Telus
| $0 down
| 0% | 24 months |
Koodo
| $0 down
| 0% | 24 months |
Fido
| $0 down
| 0% | 24 months |
Virgin
| $0 down
| 0% | 24 months |
4. Credit card for iPhone financing in Canada
You can use your current credit card to finance an iPhone, but since credit cards tend to have higher interest rates at around 20%, it could end up being more expensive than a personal loan. Alternatively, you could apply for a low interest credit card, which typically comes with interest rates ranging between 9% and 15%.
Pros
- Is a great way to quickly build up credit card rewards points
- You own the iPhone outright, so won’t be tied to a carrier plan
What to watch out for
- Could be the most expensive option for good to excellent credit borrowers, since credit cards usually have higher rates than personal loans
- Make sure the price of the iPhone doesn’t exceed your credit limit
- Borrowers with bad credit may not get approved
Must read: Best credit cards in Canada
5. Retailer financing
Retailers like Best Buy and The Source often offer iPhone financing when you buy an iPhone in Canada. Some offer financing through a store credit card that comes with a 0% APR promotional period. Others offer iPhone payment plans through third party lenders like Affirm (formerly PayBright). Retailers can also often offer gift cards to those who purchase an iPhone at their store as an incentive to buy with them.
Pros
- Easy to find at big box stores across Canada
- 0% APR available
- You might get a gift card just for buying a new phone
What to watch out for
- The Apple financing in Canada may be through a third party lender
- Third party service APR could go as high as 29.95%, depending on the lender
- 0% APR is subject to approved credit, so you may not qualify if you have bad credit
How in-store iPhone financing in Canada works
When comparing in-store financing offers, be sure to check how long the promotional interest rate will last and ask about conditions and fees before you sign up.
| Store | Apple financing program | Program details | Additional fees | Interest after promotion |
|---|---|---|---|---|
 | Best Buy Card through Fairstone |
| $29.99 – $99.99 administrative fee | Unspecified |
| Simply Computing Apple financing |
| Unspecified | Unspecified |
| Walmart Rewards Mastercard |
| 4% set up fee | 21.89% |
Details in the table above last verified in September 2024
How much does an iPhone cost to finance in Canada?
iPhones can cost from $579 to $2,349 depending on the model and storage space. You also may be able to buy older iPhone models at Apple or other authorized resellers. However, the costs can vary and you might not be eligible for all Apple financing options in Canada. Here’s how much a new iPhone can cost without a trade in:
| iPhone model | 64 GB | 128 GB | 256 GB | 512 GB | 1 TB |
|---|---|---|---|---|---|
| iPhone 16 Pro Max | N/A | N/A | $1,749 | $2,049 | $2,349 |
| iPhone 16 Pro | N/A | $1,449 | $1,599 | $1,899 | N/A |
| iPhone 16 Plus | N/A | $1,279 | $1,429 | $1,729 | N/A |
| iPhone 16 | N/A | $1,129 | $1,279 | $1,579 | N/A |
| iPhone 15 Plus | N/A | $1,149 | $1,299 | $1,599 | N/A |
| iPhone 15 | N/A | $999 | $1,149 | $1,449 | N/A |
| iPhone 14 Plus | N/A | $999 | $1,149 | $1,449 | N/A |
| iPhone 14 | N/A | $849 | $999 | $1,299 | N/A |
| iPhone SE | $579 | $649 | $789 | N/A | N/A |
Details in the table above last verified in September 2024
Representative example: Emily gets iPhone financing
Emily loves having the latest tech, so she’s keen to get a 512GB iPhone 15 Pro as soon as possible. She doesn’t have enough cash to cover the $1,899 purchase price upfront, so she decides to compare her financing options to find the most affordable financing option. Below are the results of her comparison.
| Lender A | Lender B | Lender C | Lender D | |
|---|---|---|---|---|
| Amount borrowed | $1,899 | $1,899 | $1,899 | $1,899 |
| Interest rate | 7.99% | 0% | 11.99% | 10.95% |
| Loan term | 24 months | 18 months | 36 months | 12 months |
| Admin fee | $0 | $99.99 | $0 | $0 |
| Total interest | $162.07 | $0 | $371.34 | $114.51 |
| Total cost | $2,061.07 | $1,998.99 | $2,270.34 | $2,013.51 |
| Monthly payment | $85.88 | $111.06 | $63.06 | $167.79 |
Emily decides to apply for financing with Lender B. While this means a higher monthly payment than if she were to go with Lender A or C, Emily likes the fact that the total cost of financing is cheapest with Lender B.
How to buy an iPhone in Canada and save
If you’re hoping to snag an iPhone deal or discount when you’re ready to buy an iPhone in Canada, it won’t be easy. Apple Canada rarely puts its new iPhones on sale. The biggest deal Apple offers on its products are usually available during its Black Friday sale, where they tend to offer an Apple Canada gift card when you buy an iPhone or other Apple product.
One strategy you can use to score a discount when buying an iPhone during Apple Canada’s Black Friday sale is to buy a different Apple product at the regular price and use the gift card you receive for that purchase towards buying an iPhone – possibly saving over $200 off the amount of Apple financing you’ll need.
You can also score an iPhone deal by either trading in your old iPhone or opting for a certified refurbished one. You might still be able to get years of use out of a certified refurbished iPhone for a fraction of the cost from Apple or other authorized retailers. Refurbished phones may not have the same iPhone financing options as a new phone.
How to buy an iPhone in Canada using the trade-in program
When buying directly from Apple, you can trade in your old phone for a discount on an upgrade. This service isn’t exclusive to iPhones – iPads, Macs, Apple Watches and other devices all eligible for the trade in program. Let’s look at an example of how trading in your old phone can help you save on iPhone financing through Apple Canada.
The estimated trade-in value as of March 2024 for an iPhone 14 Pro Max was up to $910. So if you wanted to upgrade to an iPhone 15 Pro Max (256 GB), you may only have to pay $839 instead of $1,749.
Then let’s say you used Apple financing in Canada. Excluding taxes for simplicity’s sake, your monthly payments before the trade-in would be $79.09 over the 24-month term, or $37.94 with the trade in – that’s a saving of $41.15 every month!
If you buy an iPhone in Canada directly from Apple, the trade-in value of your old iPhone will be instantly applied as a discount online to the total cost of your new phone. Keep in mind that if your old device is broken or beaten up, you may not be eligible for the discount, but Apple will still take your old iPhone and recycle it.
5 tips for financing an iPhone
From buying an older model to not overdoing it with storage, here are a few pointers for iPhone financing in Canada:
- Trade in your old iPhone. Trading in your iPhone can lower the monthly or upfront cost of your financing. Plus, it could open you up to more 0% APR options.
- Check your current contract. Make sure the type of financing you’re considering doesn’t conflict with the contract you have with your current carrier. If you’re not sure, call customer service. Otherwise, you could end up paying a fee.
- Consider buying an older model. Last year’s model can typically cost much less than the current model. Prices fall even more the further back you go. Even just waiting until one new model comes out before you buy an iPhone in Canada can save you several hundred dollars.
- Minimize storage space. Be realistic about how much storage space you need and stay within that amount. Going down even one storage level can shave hundreds of dollars off the overall price of an iPhone payment plan.
Bottom line
iPhone financing in Canada comes in many forms, from carrier financing to credit cards. Some iPhones come with 0% interest financing options, but they are often subject to approved credit. As you’re thinking about which iPhone payment plan option is right for you, check out our full guide to cell phone financing to compare lenders and learn about how it works.
Frequently asked questions about iPhone financing
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