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Apple offers different financing options for customers purchasing new products, varying by region. In Canada, you can finance a new iPhone, iPad or Mac interest-free for up to 24 months. However, the company quietly changed the terms of the financing offered in the country. Now, all financing options have multiple interest rates.
Apple Canada funding is no longer 0%
As one Reddit user noted, the Finance and Credit webpage on the Apple Canada website was updated this week to no longer mention the 0% interest offer to buy new Apple products. . Instead, interest rates now range from 4.99% to 7.99% in April.
Previously, customers could finance an iPad or Mac for up to 12 months without interest, while new iPhones could be financed for up to 24 months – again, without interest. With the latest changes, the interest rate on iPad or Mac financing is now 4.99%. For new iPhones, the financing interest rate for up to 24 months is 7.99%.
For example, an iPhone 14 128 GB at $1,099 in Canada can be financed in 24 installments of $49.70. In the end, the customer will pay $1,192.79 for the device, for a total interest charge of $93.79. Note that funding is provided by Affirm and not Apple. Apple also notes that certain accessories are not eligible for financing.
In the United States, Apple offers its own financing solution based on the Apple Card, which is interest-free and even applies to the Apple Watch and its accessories. Additionally, customers who purchase with Apple Card get 3% cashback even if they pay in installments. However, for iPhones, Apple will no longer offer financing for those who choose a SIM-free model.
New rules for financing Apple products in Canada are now in effect for new purchases.
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