The iPhone has become an iconic product and a status symbol since its introduction by Apple in 2007. With each new release, Apple unveils improvements and new features that get customers excited to upgrade to the latest model. The iPhone 15 Pro Max, released in 2023, is Apple’s newest and most advanced iPhone yet.
The iPhone 15 Pro Max builds upon the success of previous models by offering an even faster A17 processor, enhanced cameras with up to 48MP resolution, and new display technology like the Always-On display. For Apple fans and general consumers alike, owning the latest iPhone represents having the best smartphone technology available. The iPhone 15 Pro Max also comes with the largest screen ever on an iPhone, stretching 6.7 inches, which further enhances the viewing and usage experience.
Beyond just the specs, the iPhone 15 Pro Max offers that sense of prestige that comes with owning the newest iPhone right away. Apple has successfully marketed the iPhone as not just a phone, but a lifestyle product. Having the latest model brings a sense of status and belonging within the Apple ecosystem. Even at the high starting price of $1099, many consumers eagerly anticipate buying each new iPhone model at launch. The iPhone 15 Pro Max in particular caters to those wanting the absolute best and most premium iPhone available.
Cost of iPhone 15 Pro Max Unlocked
Apple recently announced the official pricing for the iPhone 15 Pro Max unlocked finance. The base model with 128GB of storage starts at $1,099. Here’s a breakdown of the pricing for all storage configurations:
- 128GB – $1,099
- 256GB – $1,199
- 512GB – $1,399
- 1TB – $1,599
These are the same prices as the iPhone 14 Pro Max models. So while there are some significant camera upgrades and other new features like the Dynamic Island, Apple held pricing steady from the previous generation.
The benefit of buying the unlocked iPhone 15 Pro Max is that it can be used on any carrier. There’s no SIM lock tying you to a specific wireless provider. You have the flexibility to switch carriers any time without restriction.
Purchasing the phone at full retail price also means you aren’t locked into a long device payment plan. You can pay up front or use third party financing if needed. And there are no plan or trade-in requirements to receive the lowest pricing.
The unlocked iPhone 15 Pro Max can be purchased directly from Apple or from third party electronics retailers. Just be sure to verify it’s the SIM-free unlocked model and not tied to any carrier if buying from a reseller.
Financing Options
When purchasing an unlocked iPhone 15 Pro Max, which starts at $1099, you have a few options to finance the phone and split the cost into multiple payments over time. This can help make the phone more affordable. Here are the main financing options to consider:
Apple Financing
- Apple offers financing for iPhone purchases through their iPhone Upgrade Program.
- You can finance an unlocked iPhone 15 Pro Max through 24 monthly payments with 0% interest.
- Apple also bundles their AppleCare+ protection plan into the monthly cost.
- After 12 payments, you have the option to upgrade to a new iPhone and restart your payments.
- Apple financing is only available for purchases made directly through Apple.
Carrier Financing
- Major carriers like Verizon, AT&T and T-Mobile offer financing plans for new iPhones.
- The phone can be financed over 24 or 30 months through bill credits when you trade-in an existing phone.
- Only specific carrier models can be financed through carrier plans. Unlocked models are not eligible.
- Early upgrade options may be available after 12-18 months.
- Credit approval is required through your carrier.
Third Party Financing
- Companies like Affirm allow you to finance large purchases and split into 3, 6 or 12 months.
- No interest financing may be available depending on your credit.
- Can be used to finance unlocked iPhone purchases from Apple or other retailers.
- Quick and easy online application, with instant credit decision.
- Allows you to finance an iPhone purchase over time while maintaining flexibility.
Pros of Financing
Financing allows you to get the latest iPhone model without having to pay the full cost upfront. This can be appealing to many consumers who want the newest device but don’t have $1,000+ to spend all at once.
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Can get latest iPhone without large upfront cost – Rather than paying the full retail price of $1,099+ for an unlocked iPhone 15 Pro Max, financing breaks the cost into much more manageable monthly payments. For example, if you finance through Apple for 24 months, the monthly cost would be around $45. This makes the new iPhone more accessible to more people.
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Lower monthly payments – Financing reduces the impact on your monthly budget. Even premium phones like the iPhone 15 Pro Max become affordable when the cost is spread out. The monthly payment is likely considerably lower than if you had to pay the entire amount at purchase. This helps you get the latest iPhone without breaking the bank.
Cons of Financing
Financing an unlocked iPhone 15 Pro Max can seem convenient, but there are some potential downsides to consider.
Paying Interest Charges
One of the biggest cons of financing is that you’ll end up paying more for the phone in the long run due to interest charges. Most carrier and retail financing plans charge interest on the loan, usually around 10-30% APR depending on your credit. This means you could end up paying several hundred dollars extra over the duration of the loan. It’s important to calculate the total cost with interest before committing to a financing plan.
Being Locked into Payment Plan
Financing also locks you into making monthly payments, usually for 12-36 months. This reduces flexibility compared to buying the phone outright. For example, if you want to switch carriers or upgrade phones before the term is up, you may face early termination fees. You’ll need to continue making payments even if you no longer want or need the phone. Carefully review the financing terms so you know the requirements and avoid unexpected penalties.
Credit Score Considerations
Financing a new iPhone can impact your credit score in a few key ways. Most carriers and retailers will require a minimum credit score for approval, usually around 650-700. The exact minimum score depends on the lender.
When you open a new credit account to finance the phone, it can cause a small, temporary drop in your score. This is because of the hard inquiry and lowering your average account age. However, making on-time payments will help build positive payment history. As long as you keep up with the monthly payments, the impact is usually minor in the long run.
The most important factor is to avoid missing payments and going delinquent. Late or missed payments can significantly hurt your credit. Make sure you can afford the monthly device payments before taking on new financing. It’s best to keep credit utilization low across all your accounts as well.
In general, financing an iPhone with good credit should only cause a small ding to your credit score initially. Responsible use of the financing account can actually help build your score over time. Those with poor credit or high debt burdens should be cautious, as taking on additional financing can be risky.
Alternatives to Financing
One way to get an iPhone 15 Pro Max without financing is to consider buying an older model iPhone or a lower-end model. Here are some options to consider:
Buying a Previous Generation iPhone
The iPhone 14 Pro Max was released in 2022, just before the iPhone 15 lineup. While not the absolute newest model, the iPhone 14 Pro Max still has excellent specs and performance. Key things to consider:
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The iPhone 14 Pro Max still has the A16 Bionic chip, which is extremely fast and capable. It will easily handle all apps, games, and demanding tasks.
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Camera system is still superb, with a 48MP main camera, 12MP ultra-wide and telephoto lenses. Video recording is up to 4K 60fps.
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Display is bright and colorful 6.7″ OLED Super Retina XDR with ProMotion 120Hz refresh rate.
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Battery life is excellent, lasting over a day of use in most cases.
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Design is nearly identical to iPhone 15 Pro Max, with stainless steel chassis and textured matte glass back.
The iPhone 14 Pro Max can be found new for $200-300 less than the iPhone 15 Pro Max. Buying a used/refurbished iPhone 14 Pro Max can save even more. This can be a great way to get the high-end iPhone experience and capabilities for hundreds less.
Buying a Lower-End iPhone Model
For those focused strictly on price, buying a lower-end current model iPhone is another option. The iPhone 15 and iPhone 14 provide great performance and capability at a more affordable price point. Key points:
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The iPhone 15 has the latest A16 chip, 5G connectivity, improved cameras over iPhone 14, and new features like crash detection and satellite connectivity for emergencies. Expect to pay $200-300 less than an iPhone 15 Pro Max.
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iPhone 14 has last year’s A15 chip but still provides fast performance. You lose the 48MP camera and other Pro model features but still get great cameras, battery life, screen, and design. Can be $300-400 cheaper than iPhone 15 Pro Max.
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Refurbished/used iPhone 14 and iPhone 13 models can save even more money while still providing a solid iPhone experience and performance.
For those less concerned about having the absolute cutting edge features, buying a lower iPhone model can provide big savings while still getting a high-quality device. Carefully compare specs and prices to find the best balance for your needs and budget.
Cost Saving Tips
When purchasing an unlocked iPhone 15 Pro Max, which starts at $1099, there are several ways you can save money:
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Trade-in your old device – Apple and many carriers offer trade-in programs where you can get credit towards a new iPhone purchase by trading in an eligible older device. The value depends on the model and condition, but you could get $100-300+ off.
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Look for sales and deals – Retailers like Best Buy, Walmart, and Amazon often run iPhone promotions around new releases and holidays. You may be able to find a $50-100 discount if you time your purchase right.
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Use cashback sites – Cashback services like Rakuten let you earn cash back on purchases at many retailers. You can typically earn 1-10% back, so look for the highest rate when buying your iPhone. That’s $11-110 you can earn back.
Taking advantage of trade-in, looking for sales, and using cashback are great ways to lower the upfront cost of an unlocked iPhone 15 Pro Max. With some smart shopping, you could potentially save a couple hundred dollars off retail price.
When to Finance vs Buy Outright
Deciding whether to finance or buy the iPhone 15 Pro Max outright depends on your financial situation.
If You Can’t Afford the Full Cost Upfront
If you don’t have $1,100+ to spend upfront, financing can make the iPhone 15 Pro Max more affordable. You’ll be able to spread out the cost over 12-24 months rather than paying the entire amount at once. This reduces the initial cash outlay.
Monthly payments may be easier to budget for than a single large payment. Just make sure you can afford the monthly payment amount for the duration of the financing term.
If You Need the Latest Device Immediately
If having the newest iPhone right away is important to you, financing allows you to get it as soon as it’s released. You won’t have to save up for months or years to afford the upfront cost.
Just keep in mind you’ll end up paying more overall with financing due to interest charges. And you’ll be locked into monthly payments for the length of the financing agreement.
Financing makes sense if getting the iPhone 15 Pro Max now is a high priority and worth the extra costs of financing.
Conclusion
Financing can be a great option for some people to be able to purchase the latest iPhone even with a high price tag. However, it’s important to weigh the pros and cons carefully before deciding.
Pros of financing:
- Allows you to spread out the cost over time rather than paying all at once
- May be able to get the phone now rather than waiting and saving up
- Payments may fit better into your monthly budget
Cons of financing:
- Ends up costing more over time with interest charges
- Credit score may take a hit with new loan/credit check
- Missing payments can seriously damage credit
In general, financing makes the most sense if you have a good credit score and can get a low interest rate. It’s also best if you don’t already have too much existing debt and can comfortably fit the monthly payments into your budget.
If your credit score is poor or you already have a lot of debt, it may be better to save up and buy the iPhone outright. You’ll end up paying less over time without financing charges.
Consider your own financial situation carefully. If you want the latest iPhone but can’t afford to buy it outright right now, financing may be a reasonable option to get it now as long as you get a good rate and can make the monthly payments. But if buying it outright won’t take too long to save up for, that route will save you money in the long run.