Interest-free financing no longer available for Apple purchases in Canada Apple, a world-renowned technology company, has surprised Canadian consumers by announcing that it will no longer offer interest-free financing for the purchase of its popular devices such as the iPhone, iPad and Mac in Canada.
This decision, which went into effect earlier this month, has raised concerns and has led customers to look for alternatives.
Apple in Canada: Change in interest rates and financing options
In lieu of the interest-free financing previously offered, Apple has established new annual interest rate equivalents (APRs) for those who wish to finance their Canadian installment purchases. Rates range from 4.99% to 7.99% for periods of 12 or 24 months.
This change means that Canadian buyers will have to pay additional interest charges when choosing to finance their Apple products.
Limitations on financing options in Canada
Affirm’s acquisition of Apple’s financial partner PayBright in 2021 has led to a significant change in the financing options available to Canadian customers.
Although Affirm is now providing the financing, many of the options popular in the United States, such as Apple Card monthly installments, Apple Pay Later and the iPhone upgrade program, are not available to consumers in Canada.
This leaves Canadian customers with few alternatives other than Affirm to finance their purchases of Apple products.
In short, Apple has made the decision to discontinue interest-free financing in Canada, which has led to significant changes in purchasing options for consumers.
With new interest rates set and limitations on financing alternatives, Canadian customers should carefully evaluate the options available before purchasing Apple devices through financing.
