If your business needs Apple products, Apple’s business financing program can provide affordable lease options. You can choose from different leasing types depending on whether you plan on returning the equipment at the end of the term or want to retain ownership of it for the long run. Apple has partnered with CIT to provide financing options.
Continue reading our guide to learn how Apple small business financing works, whether it might be right for you, and how it compares to alternatives.
Financing Amount | Credit Score Required | Min. Time in Business | Lease Term | ||
|---|---|---|---|---|---|
 | $4,000 and up | 640 recommended | 6% to 8% and up | None | Up to 36 months |
 | Up to $150,000 | 600 | 10% and up | 2 years | Up to 60 months |
 | $2,500 and up | 680 recommended | Varies | None | Up to 60 months |
 | 100% of equipment value | 600 | Varies | 6 months | Up to 86 months |
 | 100% of equipment value | 550 | 6% and up | 6 months | Up to 72 months |
Apple Financing Lease Terms & How It Works
With Apple’s small business financing, there are two types of leases you can choose from: the fair market value (FMV) leasing program or the $1 buyout option. Here are the Apple business leasing options and how they compare with each other.
FMV Lease | $1 Buyout Lease | |
|---|---|---|
Financing Amount | $4,000 minimum | $4,000 minimum |
Repayment Term | 12, 24, or 36 months | 12, 24, or 36 months |
Eligible Products | Mac, iPhone, iPad, Apple Watch, Apple TV | Mac, iPhone, iPad, Apple Watch, Apple TV |
Financing Amount for Accessories | Up to 25% | Up to 25% |
Monthly Payment | Typically lower payment amounts | Typically higher payment amounts |
Options at End of Lease | Return, exchange for newer equipment, or purchase at FMV | Pay $1 to own |
Fair Market Valuation Method | Unknown until end of lease | Issued at beginning of lease |
FMV Lease
Apple’s FMV lease is a good option if you’re looking for lower monthly payments. At the end of the lease, you’ll have options to return the Apple equipment, extend the lease term, or get a new lease on other equipment. You can also purchase the Apple equipment at FMV.
One of the downsides with this lease option is that if you decide to purchase the equipment, you will not know the FMV purchase price until the end of the lease term.
$1 Buyout Lease
With a $1 buyout lease, you’ll be able to own the Apple equipment once the lease expires. As a result, this option typically has higher monthly payments. However, the benefit of this type of lease is that you’ll know the full purchase price of the equipment upfront, as opposed to the fair market lease option where the final purchase price can vary based on market conditions.
Apple Business Financing Costs & Qualification Requirements
Rates & Fees | |
|---|---|
Estimated APR | Undisclosed, but estimated from 6% to 8% |
Application Fee | None |
Documentation Fee | None |
Qualification Requirements | |
Credit Score | Undisclosed, but 640 is recommended |
Time in Business | None |
Business Revenue | None |
Debt service coverage ratio (DSCR) | None |
Personal Guarantee | Required with less than 3 years time in business |
Apple has partnered with CIT to offer its business financing product, and it can be easy to qualify for financing based on the requirements it has publicly disclosed. No minimum credit score requirement is listed, although you should have at least a score of 640 or higher to improve your chances of getting approved.
With that being said, meeting the minimum requirements does not guarantee approval. CIT can perform a holistic review of your application, and having strengths in your application can make it easier to get approved. For instance, businesses with low credit scores may need a high DSCR. Similarly, having a low credit score could be offset by demonstrating strong business revenue.
Apple Business Financing Pros & Cons
| PROS | CONS |
|---|---|
| Fewer upfront costs to acquire equipment | Final purchase price of equipment for FMV lease option is not known until lease expiration |
| Company can preserve capital to be used for other business purposes | Cost of leasing can be more expensive than purchasing outright, especially with bad credit |
| Easier upgrade path for equipment once lease expires | Qualification requirements undisclosed until after you apply |
| No application or documentation fees | Monthly payments in exchange for fewer upfront costs |
Who Apple Small Business Financing Is Right For
Over the long run, leasing equipment can be more expensive than purchasing it outright. Apple partners with CIT to offer financing options for its leasing program, and neither publicly discloses rates for Apple business financing. With that being said, CIT offers a separate equipment financing product with rates as low as 5.49%, which could be similar to what it offers for Apple financing as well.
Regardless of the rates charged, scenarios in which Apple business financing could be well-suited for you are if you want
- To minimize upfront costs: With interest rates for many equipment loans ranging from 4% to 8%, financing equipment is usually more expensive than purchasing it outright. However, the benefit of financing equipment with either a loan or a lease is the fact that it requires less funds upfront. This allows you to preserve capital that can be used for other areas of your business.
- To regularly upgrade to newer equipment: Lease options with Apple business financing can allow you to upgrade your equipment at the end of the lease term. This can be beneficial for business owners who want or need to have the latest in technology. With Apple business financing, you can choose lease terms of 12, 24, or 36 months.
- The reliability of newer equipment: By using the lease options provided by the Apple business financing program and regularly upgrading your equipment, you can be less likely to have your business operations interrupted as the result of a failure in business equipment. Upgrading to newer equipment also gives you the opportunity to get a new warranty through Apple, the cost of which can also be financed as part of the lease.
How to Get Apple Financing
To apply for Apple business financing, you can visit the nearest Apple retail store or call a member of the Apple business team using the toll-free number on its website.
The Apple website provides a link to apply online through its financing partner, CIT. However, clicking the link currently directs applicants to call instead or visit an Apple store.
Visit Apple Business Financing
Apple Business Financing Alternatives
When it comes to getting financing, it’s always a good idea to consider alternatives and shop rates with multiple lenders. This can also be helpful if you’re having difficulty getting approved or want to see if you can find more favorable rates and terms.
- National Funding: Best for Stable Companies with Small Funding Needs
- CDW: Best for Leasing Apple or Non-Apple Computer Products
- SBG Funding: Best for Custom Terms
- Clarify Capital: Best for Multiple Options and Personalized Service
National Funding: Best for Stable Companies with Small Funding Needs
| |
Rates & Terms | |
Financing Amount | Up to $150,000 |
Estimated APR | 10% and up |
Financing Options | Equipment loans and leases |
Financing Term | Up to 60 months |
Eligible Products | No restrictions |
Qualification Requirements | |
Credit Score | 600 |
Time in Business | 2 years |
Business Revenue | $250,000 annually |
DSCR | Undisclosed |
Personal Guarantee | Required |
Why You Should Consider National Funding
National Funding offers a general equipment financing program that can be used to lease or purchase business-related items. It typically works with companies that have exhibited stable finances and are looking to continue growing, but it does have the flexibility to work with those that have lower credit scores.
A standout feature is its Lowest Payment Guarantee. This guarantee states that if you can find another lender willing to offer a lower lease payment, then National Funding will pay you $1,000 toward qualifying executed leases. Additional terms and conditions apply, and you can see the details on the National Funding website.
You can apply online, a process that should take no more than 10 minutes. Once this step is completed, a funding specialist will contact you to learn more about your needs to match you with the right financing option. If approved, you could receive funding in as little as 24 hours.
CDW: Best for Leasing Apple or Non-Apple Computer Products
| |
Rates & Terms | |
Financing Amount | $2,500 and up, but may vary |
Estimated APR | Varies |
Financing Options | Equipment leasing |
Financing Term | Up to 60 months, but may vary |
Eligible Products | Computer products from qualifying I.T. leasing partners |
Qualification Requirements | |
Credit Score | Undisclosed, but 680 is recommended |
Time in Business | None |
Business Revenue | Varies |
DSCR | Varies |
Personal Guarantee | May be required |
Why You Should Consider CDW
CDW provides equipment leasing options and has a lower minimum financing amount compared to Apple as you can get as little as $2,500 in funding. It also allows qualified businesses to get up to 100% financing, which can be helpful if you’re looking to minimize your upfront costs of acquiring business equipment.
Unlike Apple business financing, you can work with CDW to get a lease with several different companies. Currently, the provider has partnerships with the following nine businesses:
- Arrow Capital Solutions
- Cisco
- Dell
- Hewlett Packard (HP)
- Lenovo
- Leaf
- Apple
- IBM
- Microsoft
Available lease options are the same as Apple business financing, as you can choose between an FMV lease or a $1 buyout lease. To get set up for leasing with CDW, you must first obtain a customer number. This is something that can be done over the phone or by emailing the provider’s sales department.
SBG Funding: Best for Custom Terms
| |
Rates & Terms | |
Financing Amount | 100% of equipment value |
Estimated APR | Varies |
Financing Options | Leases and loans |
Financing Term | 1 to 7 years |
Eligible Products | Any business-related equipment |
Qualification Requirements | |
Credit Score | 600 |
Time in Business | 6 months |
Business Revenue | $350,000 annually |
DSCR | Not stated |
Personal Guarantee | Not stated |
Why You Should Consider SBG Funding
SBG Funding can provide tailored approvals and loan terms suitable to your specific business needs. Loan terms for things like payment frequency and schedule can be adjusted based on your company’s cash flow requirements. Additionally, eligible businesses may also qualify for deferred payments for up to three months.
The lender provides options for both equipment loans and leases and has an overall approval rate of 85%. With that being said, we recommend having compensating factors to offset any potential weak areas of your loan application to improve your approval odds. This is because meeting the minimum stated requirements does not guarantee approval, as factors specific to your equipment financing scenario may be considered.
To apply, visit the SBG Funding website. Applications can typically be completed in under 10 minutes, and eligible companies could get funding as quickly as the same day.
Clarify Capital: Best for Multiple Options and Personalized Service
| |
Rates & Terms | |
Financing Amount | 100% of equipment value |
Estimated APR | 6% and up |
Financing Options | Equipment loans and leases |
Financing Term | 24 to 72 months on average, but may vary |
Eligible Products | Any business-related equipment |
Qualification Requirements | |
Credit Score | 550 |
Time in Business | 6 months |
Business Revenue | $120,000 annually |
DSCR | Not stated |
Personal Guarantee | Not stated |
Why You Should Consider Clarify Capital
Clarify Capital is a business loan broker with over 75 lenders in its network. Working with it means you’ll be assigned a dedicated funding advisor who will match you with a lender best suited for your needs. You’ll also be able to get assistance with completing any necessary loan documentation.
In addition to offering flexible qualification requirements and competitive rates and terms, Clarify Capital places a large emphasis on delivering a high level of service. This is supported by the fact that it has a 4.9-star rating on Google[1] and Trustpilot[2].
To learn more and to apply, visit the Clarify Capital website. Applications can be completed in under two minutes with no cost and no impact on your credit score.
Frequently Asked Questions (FAQs)
Yes, as you are not required to go through Apple’s business financing program. Many other lenders can offer similar lease and loan options for Apple products. Many equipment financing programs, for instance, allow any business-related equipment to be financed. You can also get a general small business term loan or line of credit to finance the acquisition of Apple products.
This depends on the details of your business. Leasing may be a better option if you need to refresh equipment regularly to stay competitive or prefer to have lower monthly payments. Purchasing may be a better option if you anticipate the equipment having a long useful lifespan and want to keep long-term costs low.
The best type of lease depends on many factors, including the specific type of equipment being acquired, its useful lifespan, and your business cash flow needs. We recommend heading to our guide on equipment leasing to learn more about each lease type and which may be best suited for your business.
Bottom Line
Businesses that utilize Apple products can benefit from Apple business financing as it can allow you to obtain new equipment at a lower upfront cost. The available lease options can also give you the flexibility of regularly updating your equipment. As with all other lending options, you should compare the rates and terms with other providers to determine which is the best fit for your business.
