Are you going to finance an iPhone? These are the conditions of Apple — 2022
Buying an iPhone is something that can be complicated for many pockets, since they are usually high prices and for which you cannot always have the amount. For this reason, a good option that exists in Apple is to finance the products, although it is not an option that is allowed to any consumer. In this post we tell you the information you need to know to finance a iPhone in Spain , such as its conditions or the way to access it.
And we want to emphasize Spain because in other countries there may be different conditions. Even in European Apple Stores, where the price is the same as in Spain, we can find different requirements. So it is important that you keep in mind that the information that we will give you in this post is only related to this country.
How to request financing for an iPhone
Assuming that you have already chosen the iPhone model, color and capacity, you are ready to pay and you believe that the price is high enough to want to access financing. One way to access these payments in installments is by going to a Apple Store physical, having only to request it to the employee who attends you. All the management will be carried out there, although they will surely ask you to prove your situation with a series of documents.
The other way we have to finance an iPhone is from the apple website , in which you must make the purchase as if it were any other. The difference lies in the moment of choosing the payment method, at which time you must select the financing. After this you will be redirected to the website of Cetelem , a financial institution to which the company entrusts financing services.
Which iPhone can be financed at Apple?
Apple currently only has financing for new iPhones, not refurbished ones. Therefore, you can only request it for those devices that they currently have in their catalogue, currently being these:
- Reside in Spain.
- Have 18 years or more .
- Have a stable income, for which it helps to have a indefinite employment contract.
- Have a antiquity in the work of at least 2 years.
- Have a minimum monthly income of €1,200 , demonstrable with the last 3 payrolls.
- Do not appear in any file as defaulter.
- Reside in Spain.
- Have 18 years or more .
- Being registered in the Special Scheme for Self-Employed Workers (RETA) for 3 years or more.
- Have a demonstrable turnover of at least €1,200 a month.
- Attach the last 3 receipts of the self-employed fees.
- Lack debts with the public administration or with any private entity that has registered your name in a delinquent file.
This does not mean that in other stores where iPhone models other than these are sold, it cannot be financed. However, the conditions they demand are different, since in the end what we are referring to in this post is financing with Apple itself.
About interests and requirements
In the following sections we will discuss the most relevant aspects of financing, such as the interest that will be given to you for the loan and the requirements that you must meet if you wish to be able to access financing.
Interest on financing
Financing an iPhone can be good, as we have seen, so as not to have to make a large outlay at once, but it also has the disadvantage of having to pay interest in most cases. Occasionally something comes up zero interest promotion at Apple that allows you to split any payment without having to pay the amount of interest.
In general, the conditions establish that in order to access financing, a product of at least 299 euros , which is not a problem considering that the average price of the iPhone exceeds that amount. There is no financing commission, but there is TIN and APR interest, which will depend on the moment in which it is financed. At the time of writing this article, both interests are 0% because they are in a special promotion.
Calculation of the final financing
Apple has a specialized website where you can check how the financing would be. It is a simulation that does not require you to enter any personal data, only the total amount you wish to finance. You must access the page to which we link below, click on Calculate your fees and enter the number without points to differentiate the thousands.Apple Interest Calculation
Conditions to finance an iPhone
In addition to the 299 euros already seen that are required as a minimum to finance an iPhone, we see that there are also other conditions such as the payment period. must be financed to 6, 12 or 24 months , beginning to pay said fractions the month following the acceptance of the financial company. It should be noted that it will be applicable only to the iPhone and additional accessories such as covers may not be included in the financing.
Once the financing has been requested and a document has been filled out, you will have to wait for Cetelem to review your data. Among the data to be reviewed are the income statements of the previous year, so you must give your consent for the entity to consult the Ministry of Finance about your situation. You must also attach, if applicable, the employment contracts you maintain.
Conditions for individuals
Conditions for freelancers
If you meet these conditions, Cetelem will contact you after a few days and inform you that your financing is ready for processing and therefore Apple will be aware of the situation. Of course, if you do not meet any of the requirements, the negative response will be immediate.
Other frequently asked questions about financing
Beyond what was previously mentioned, it is possible that other doubts arise regarding the financing of the iPhone. In the following sections we try to solve all your doubts about it.
Is the same guarantee available?
Fortunately, yes. The conditions in this case are exactly the same in terms of content and duration. Apple establishes a guarantee of 36 months , or what is the same, three years. All this in accordance with the new law that came into force as of January 1, 2022 and which extends the legal coverage that was previously set at 2 years.
It is likely that on the Apple website you see that it is only one year old , but this is misleading. The company offers this information because globally it offers at least one year of support in all countries. However, in territories such as Spain it is expanding according to existing regulations. Therefore, if you consult a seller or a company specialist, they can attest to the fact that it is indeed 3 years that are offered.
One thing to keep in mind is the possibility of purchase AppleCare+ , which is an extended warranty service from Apple that is included in the final price and that in this case grants 24 months instead of 36, but offering better possibilities for repairs. Some of them will be free just for contracting this guarantee, while for others you will have to pay an excess that is always much lower than the normal price that it would have outside the guarantee. Once those 2 years of coverage with AppleCare+ have passed, you will still have 12 months left of the legal guarantee.
How long does it take to give you an answer?
The financing process requires permission from you so that the company that is going to finance the payment can consult your bank and/or public entities. These entities will be the ones that serve to ensure that you are not on any list of defaulters and that you meet the conditions required for financing
The time can vary a lot and it is not always answered in the same time, although on average it usually takes between 24 and 72 hours. This time could be longer if there are holidays involved, because despite the fact that much of the process is carried out automatically, there are usually agents in charge of testing the data.
It must be said that, in any case, you will receive an email to the email account you chose informing you of everything about the process and times. There are times when even you receive an immediate response or in a few minutes, although this only happens when the financing has not been accepted because the system has already detected that you do not meet the requirements.
What does it mean that it is pre-granted?
If you receive an email or SMS notifying you that the financing has been pre-granted or pre-accepted, it means that you first meet the requirements to finance the purchase. However, this Doesn't mean they're going to give it to you. In the end this is detected by an automatic system, but the final answer is granted through a broader study of your case.
That is why it can be given the possibility of being pre-granted first and then rejected. What you do have to rule out is that they grant it to you if you are told at first that you do not meet the requirements, since in that case the system will have already ruled out your financing proposal and it will not proceed to study it.
How long will it take to send you the iPhone?
Here several factors are mixed. Under normal conditions and assuming there is stock of the iPhone you want, the shipment would be made in 24-48 hours (depending on which area of Spain you are in). Now, since there is financing involved, this could take a little longer, since shipment will not be prepared until funding is approved . And although you can see the order in progress through the Apple website or app, it really isn't.
You should also keep in mind that if there is no stock of the device, regardless of whether you pay for it with financing or in cash, the device can take several weeks to ship. It is usual that with the launch of a new iPhone, the units are limited during the first months. In any case, you will be able to monitor it from the moment the financing is approved.
Can it be financed in other stores?
Throughout this article we have discussed everything about the financing process for Apple smartphones in Spain and through the company itself, either at one of its establishments or through its online store. Now, this does not mean that the company itself is the only one capable of financing an iPhone.
There are many other establishments that have your own financial services that allow you to buy an iPhone in installments. Therefore, it will be a matter of informing yourself in those stores about the requirements, interests and other conditions, since in the end it may vary depending on the financial institution through which it is carried out. If that other store also uses Cetelem, the conditions will be the same as in Apple.
It should be noted that you will also have other possibilities such as microcredits and loans that can be requested from many banks, savings banks and financial companies. However, there it will be indifferent whether you buy an iPhone or not, since what these companies will do is provide you with money if they make sure that you meet their conditions and in the end it is a different procedure from the one we have been commenting on throughout this post.
I have been rejected for financing, why?
Each case is different and financing is not always denied for the same reason. In fact, it is possible that you are fulfilling the requirements a priori and it appears as pre-accepted financing and that it is later rejected, as we saw in a previous section. As well, the reasons can be diverse.
Not meeting the minimum requirements, having less than necessary income, not having an indefinite employment contract or being self-employed for a short time, appearing on a list of defaulters, having other credits or loans pending payment... Normally these are not explained to you reasons, but yes you contact the entity that finances the purchase, they will be able to give you more details about it.