If you have bad credit and want to buy an iPhone 14 Pro Max, you might think that your options are limited. However, there are some ways to finance your purchase without paying exorbitant interest rates or fees. Here are some of the best financing options or alternatives for individuals with bad credit who are interested in purchasing an iPhone 14 Pro Max.
Financing Options for iPhone 14 Pro Max with Bad Credit
| Option | Requirements | Benefits | Drawbacks |
|---|---|---|---|
| Apple Card Monthly Installments | Apple Card, good credit score | 0% APR, 3% Daily Cash, trade-in credit | High upfront cost, credit check |
| Carrier Financing | Carrier plan, credit check | Low upfront cost, special deals, trade-in credit | Interest rate, contract term |
| Swift Contract Phones | Online application, no credit check | Quick approval, low upfront cost, latest phone | High interest rate, limited stock |
| iPhone Upgrade Program | iPhone trade-in, credit check | New iPhone every year, AppleCare+ included | Monthly fee, limited to Apple store |
| Rent-to-Own | Online application, income verification | Flexible payments, no credit needed, ownership option | High total cost, late fees |
| Peer-to-Peer Lending | Online application, credit score | Competitive interest rates, fast funding, no collateral | Origination fee, repayment term |
| Personal Loan | Bank account, credit score | Fixed interest rate, no collateral, lump sum payment | Origination fee, repayment term |
| Credit Card | Credit card, credit limit | Rewards points, cash back, fraud protection | High APR, late fees, credit utilization |
| Payday Loan | Bank account, income verification | Easy approval, fast cash, no credit check | Extremely high APR, short term |
| Pawn Shop Loan | Valuable item as collateral, ID proof | Instant cash, no credit check, simple process | High interest rate, risk of losing item |
Apple Card Monthly Installments
One of the easiest and most convenient ways to finance your iPhone 14 Pro Max is to use Apple Card Monthly Installments. This is a feature of Apple Card, a credit card issued by Goldman Sachs that offers 0% APR for up to 24 months on eligible Apple products. You can apply for Apple Card online or in the Wallet app on your iPhone, and see if you’re approved without impacting your credit score. You’ll also get 3% Daily Cash back on your Apple purchases, and no fees of any kind.
To use Apple Card Monthly Installments, you need to have an iPhone with iOS 13.2 or later, and a valid U.S. address. You also need to meet the minimum credit requirements set by Goldman Sachs, which may vary depending on your credit history and income. However, some users have reported getting approved for Apple Card with credit scores as low as 600, so it’s worth a try if you have bad credit.
If you’re approved for Apple Card, you can choose Apple Card Monthly Installments when you check out at Apple.com, in the Apple Store app, or at an Apple Store. You’ll see the total cost of your iPhone 14 Pro Max, the monthly payment amount, and the number of months you have to pay it off. You can also trade in your old iPhone to lower your monthly payments. You’ll pay no interest as long as you pay your balance in full each month by the due date.
Apple Card Monthly Installments are available for iPhone 14 Pro Max models starting from $1,099 or $45.79 per month for 24 months. Here’s a table that shows the monthly payment amounts for different models and storage capacities:
| Model | Storage | Price | Monthly Payment |
|---|---|---|---|
| iPhone 14 Pro Max | 128 GB | $1,099 | $45.79 |
| iPhone 14 Pro Max | 256 GB | $1,199 | $49.96 |
| iPhone 14 Pro Max | 512 GB | $1,399 | $58.29 |
| iPhone 14 Pro Max | 1 TB | $1,599 | $66.62 |
Carrier Financing
Another option to finance your iPhone 14 Pro Max is to use carrier financing. This means that you buy your iPhone directly from Apple, but pay monthly on your regular carrier bill. You can choose from any of the major U.S. carriers: AT&T, Verizon, T-Mobile, or Sprint. You can also switch carriers or plans if you want to take advantage of special offers or deals.
To use carrier financing, you need to have an active account with one of the carriers, and meet their credit requirements. Each carrier has its own criteria for approving customers with bad credit, and may charge different interest rates, fees, or down payments depending on your credit score and history. However, some carriers may offer more lenient terms or incentives for customers with bad credit who want to buy an iPhone 14 Pro Max.
For example, AT&T offers a trade-in promotion that can save you up to $1,000 on an iPhone 14 Pro Max when you trade in an eligible smartphone and sign up for an unlimited plan. You can also get a $150 Visa Reward Card when you order online. Verizon offers a similar trade-in deal that can save you up to $800 on an iPhone 14 Pro Max when you switch to Verizon or add a new line with select unlimited plans. T-Mobile offers a trade-in deal that can save you up to $440 on an iPhone 14 Pro Max when you trade in an eligible smartphone and sign up for Magenta MAX plan. Sprint offers a lease deal that lets you get an iPhone 14 Pro Max for $0 per month when you trade in an eligible smartphone and sign up for Sprint Flex lease.
To use carrier financing, you need to visit Apple.com, the Apple Store app, or an Apple Store, and choose your carrier and plan when you check out. You’ll see the total cost of your iPhone 14 Pro Max, the monthly payment amount, and the number of months you have to pay it off. You’ll also see any trade-in value or promotional credits that apply to your purchase. You’ll activate your new iPhone on your carrier of choice, and keep your number and rate plan or choose a new one.
Carrier financing is available for iPhone 14 Pro Max models starting from $1,099 or $36.62 per month for 30 months. Here’s a table that shows the monthly payment amounts for different models and storage capacities:
| Model | Storage | Price | Monthly Payment |
|---|---|---|---|
| iPhone 14 Pro Max | 128 GB | $1,099 | $36.62 |
| iPhone 14 Pro Max | 256 GB | $1,199 | $39.97 |
| iPhone 14 Pro Max | 512 GB | $1,399 | $46.63 |
| iPhone 14 Pro Max | 1 TB | $1,599 | $53.30 |
Alternative Financing Programs
If you don’t qualify for Apple Card or carrier financing, you can still find some alternative financing programs that cater to customers with bad credit and offer favorable terms for iPhone 14 Pro Max purchases. These programs are usually offered by third-party lenders or retailers that partner with Apple or carriers to provide financing options. Some of these programs include:
- Affirm: Affirm is a financing platform that lets you buy your iPhone 14 Pro Max from Apple.com or the Apple Store app, and pay over time with fixed monthly payments. You can choose from 6, 12, or 24-month terms, and see the total cost and interest rate upfront. Affirm does not charge any fees or penalties, and reports your payments to Experian to help you build your credit. Affirm approves customers with various credit backgrounds, and does not require a down payment or a minimum credit score. However, Affirm may perform a soft or hard credit check depending on the amount and term of your loan, which may affect your credit score.
- Progressive Leasing: Progressive Leasing is a lease-to-own program that lets you buy your iPhone 14 Pro Max from select retailers, such as Best Buy, Walmart, or Target, and pay over time with weekly, biweekly, or monthly payments. You can choose from 12-month or 18-month terms, and own your iPhone after making all the payments. Progressive Leasing does not charge any interest or fees, but may charge a lease initiation fee and a purchase option fee at the end of your lease. Progressive Leasing approves customers with various credit backgrounds, and does not require a credit check or a minimum credit score. However, Progressive Leasing may require a down payment depending on the retailer and the amount of your lease.
- Rent-A-Center: Rent-A-Center is a rent-to-own program that lets you buy your iPhone 14 Pro Max from Rent-A-Center stores or online, and pay over time with weekly, biweekly, or monthly payments. You can choose from flexible terms, and own your iPhone after making all the payments or by using an early purchase option. Rent-A-Center does not charge any interest or fees, but may charge a delivery fee and a reinstatement fee if you miss a payment. Rent-A-Center approves customers with various credit backgrounds, and does not require a credit check or a minimum credit score. However, Rent-A-Center may require a down payment depending on the amount of your rent.
Common Requirements or Considerations for Bad Credit Financing
When seeking financing for an iPhone 14 Pro Max with bad credit, there are some common requirements or considerations that you should be aware of:
- Income: Most financing programs will require you to have a steady source of income to prove your ability to repay your loan or lease. You may need to provide proof of income, such as pay stubs, bank statements, or tax returns.
- Bank account: Most financing programs will require you to have an active bank account to process your payments. You may need to provide your bank account details, such as routing number and account number.
- ID: Most financing programs will require you to have a valid form of identification to verify your identity and age. You may need to provide your ID details, such as name, address, date of birth, and social security number.
- Credit check: Some financing programs will perform a credit check to assess your creditworthiness and determine your interest rate, loan amount, or approval status. A credit check may be soft or hard depending on the program and the lender. A soft credit check will not affect your credit score, but a hard credit check will lower it by a few points.
- Down payment: Some financing programs will require you to make a down payment to secure your loan or lease. A down payment is usually a percentage of the total cost of your iPhone 14 Pro Max that you pay upfront. A down payment may lower your monthly payments and interest rate, but it may also increase your upfront cost.
Tips to Improve Your Chances of Obtaining Financing and Building Credit
If you have bad credit and want to improve your chances of obtaining financing for an iPhone 14