Finance Charges for new iphone

Keep in mind: Apple Pay, Apple Pay Later and Apple Card are different products.

You may finance your new device with Apple Card or Apple Pay Later Loan if it is available to you

There is NO financial charges with Apple Card when you select Apple Card Monthly Installments Plan, no late fee will be applied for missed payment but you will be responsible for any interest charges of the total card balance.

Apple Card - Financial Health - Apple

It should be no late fee or interest charges on Apple Pay Later Loan

If your Apple Pay Later loan goes past due - Apple Support

Apple Pay it self does not have financing option directly because it is not a bank or service that provides financing. But you maybe able to financing your device with your bank.

Apple Pay - Apple

If you are in the U.S., have an Apple Card, and specify Monthly Installments when making the purchase there are no interest charges. See information in Apple Card - Monthly Installments - Apple