How Much Does A $250,000 Mortgage Cost In Canada
If you're thinking of financing a home worth $250,000, read this to find out how much it'll cost you.
Smartphones can do just about anything these days, which is why a lot of Canadians stay up-to-date with the latest models. However, the prices of most smartphones are enough to make many people shy away from buying them. For instance, an iPhone can cost anywhere between $600 to $1,400 depending on the model. While it is one of the most popular and versatile phones on the market, purchasing one outright is not always feasible.
If you’re looking to buy an iPhone but aren’t sure whether you’ll be able to afford it, here’s an article with some helpful information about how to finance an iPhone in Canada.
Although some models are pretty expensive, there are several types of iPhone financing you can acquire in Canada with the right qualifications.
You can use a personal loan from a bank, credit union or alternative lender to finance an iPhone. Personal loans typically have an APR of 2% – 46%, which is assigned based on your creditworthiness.
To finance your iPhone with a personal loan, simply use the cash you’re approved for to pay for the phone. Your lender will provide you with a lump sum of cash via direct deposit or email transfer which you can use to buy your iPhone, then repay in installments over a period of time.
Whether it’s your first phone plan or you’re switching providers, you’ll find plenty of different iPhone financing options with any of Canada’s major cell carriers, like Rogers, Bell and Telus. Most can offer you 0% interest for a limited period and other signup bonuses if you agree to buy a contract, most of which last around 2 years.
Apple Canada offers financing plans for new, old and certified refurbished iPhones. If you shop on their website, you can get $0 down financing through Apple Canada and PayBright. Plans come with instant approval, 0% APR for 24-months (with a minimum purchase of $99) and no additional fees. Just finance an iPhone in 24 equal payments.
It might be easiest and most convenient to buy your iPhone and cell plan using separate credit card transactions. Generally, credit cards come with interest rates between 18% and 22%, so this can end up being one of the more expensive options. But rather than getting locked into a cellular or loan contract, financing an iPhone with a credit card can be advantageous due to the following benefits.
You can also finance an iPhone at many popular stores, like Walmart, The Source and Best Buy. These places may offer gift cards, 0% financing for limited periods (subject to approved credit) and other incentives to get new clients. Keep in mind that big-box stores sometimes use third-party payment services and lenders that charge 20% – 30% APR.
You can easily finance an iPhone using a Best Buy Card (provided by Fairstone). Watch out, as this program comes with some high administrative fees of $29.99 – $99.99, depending on your payment term. Best Buy interest rates:
The Source lets you finance an iPhone in 12 or 24 equal payments monthly payments with purchase of at least $200. Since they’re partnered with PayBright, additional service fees may apply, as well as these interest rates:
If you have a Walmart Rewards Mastercard and make a purchase of at least $200, you can finance an iPhone in 6 equal payments at 0% APR. While Walmart doesn’t work with any third-party providers, their service costs include:
Here’s a quick comparison to display the potential cost of iPhone financing in Canada. As an example, let’s say you’re buying a basic iPhone 13 with 128 GB of storage space:
Personal Loan | Apple Financing | Credit Card | |
iPhone Sales Price | $1,099 | $1,099 | $1,099 |
Interest Rate | 12% APR | 0% APR | 19.99% APR |
Term | 24 months | 24 months | 24 months |
Monthly Payment | $51.73 | $45.79 (approx.) | $55.93 |
Total Paid | $1,241.52 | $1,099 | $1,342.32 |
Here are some things you can do to save money when financing an iPhone in Canada:
Apple offers a number of iPhone models varying in size and data storage. The more robust and high-performing you want your iPhone to be, the more it’ll cost you. Right now, iPhones go for $679 to $1,399. While you may luck out and find an older or used model from a third-party provider, not everyone can afford to purchase a new iPhone.
Price | |
iPhone 11 | From $679 |
iPhone 12 | From $799 |
iPhone 13 | From $949 |
iPhone 13 Pro | From $1,399 |
Despite their quality mechanics and user-friendliness, there’s no denying how pricey iPhones are, even if they’re older or used. Don’t worry, there are plenty of affordable ways to finance an iPhone in Canada, as long as you’re financially prepared. Otherwise, an iPhone might not be for you. Contact your phone provider for more information.
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