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Apple has introduced a new financing option for iPads equipped with cellular connectivity. Customers buying a device directly from the Apple Store can now spread its cost over up to 36 months using plans from carriers AT&T or Verizon. The option covers all models with cellular support, from the standard iPad to the flagship iPad Pro. The new option appeared just weeks after a significant rise in Apple tablet prices. The company is trying to make it easier to buy increasingly expensive devices without having to make a single large payment.
Apple extends iPad financing to three years
Until now the main way to spread the cost of an iPad at the Apple Store was 12-month payments under Apple Card Monthly Installments. Now customers using AT&T or Verizon services can choose 36-month financing. The offer is available to existing customers who decide to add a new cellular line to their account. The program covers all iPad cellular models with LTE or 5G, including the iPad, iPad mini, iPad Air and iPad Pro. In practice this means much lower monthly payments for the device. For example, an 11-inch iPad Pro with a modem currently costs $1,399, which with Apple Card financing works out to about $116 per month over a year. With carrier financing the monthly device payment falls to roughly $39. The tablet charge is added to the monthly mobile service bill. Apple sells the device immediately, while the carrier gains another subscriber on its network.
Rising electronics prices are changing how devices are sold
The new financing arrangement is no coincidence and coincided with recent iPad price rises. Apple says costs are increasing because RAM and storage drives are getting more expensive, driven by huge demand from companies developing artificial intelligence. Data centres running AI models consume enormous amounts of memory, which limits component availability for consumer electronics manufacturers. As a result, the cost of producing devices keeps rising. Apple apparently expects this to persist for some time. Spreading payments over three years helps soften the impact of higher prices and makes the purchase feel more affordable. However, it's worth remembering that ending your contract with the operator early or transferring your number to another network requires immediate repayment of the outstanding balance for the device. Only after settling the full obligation and meeting the operator's conditions can the iPad be unlocked.
Apple is responding to rising iPad prices by offering customers the option to pay for devices over 36 months through mobile carriers. Lower monthly instalments may encourage purchases of more expensive models, but they involve a long-term commitment and the need to maintain an active service with the carrier. Everything suggests that similar financing options will, in the future, cover other Apple devices with cellular connectivity.
source: digitaltrends
