Apple is set to launch a new leasing program, "Apple Upgrade," on July 28, partnering with credit group Klarna. This initiative will allow consumers to lease a wider range of devices than the current iPhone Upgrade Program, including iPhones, iPads, Macs, and Apple Watches. The program aims to provide flexible monthly subscription options for acquiring Apple hardware.

Lease terms will vary by device: iPhones and Apple Watches will have 24-month plans, while iPads and Macs will be available with 36-month options. Users will have the flexibility to pay off their lease early, upgrade to new models during the term, or keep or return the device at the end of the lease, though some actions may incur additional fees. Approval through Klarna, including a soft credit check, will be required.

Certain products, such as the Apple Watch SE, base-model iPad, iPhone 16, and MacBook Neo, will not be included in the Apple Upgrade program, nor will business or education purchases. Notably, unlike the existing iPhone Upgrade Program, Apple Upgrade will not include AppleCare. While existing financing options will continue, Apple reportedly plans to discontinue new enrollments in the iPhone Upgrade Program in favor of this new plan. This expands on Apple's existing relationship with Klarna, which was integrated into Apple Pay for flexible payment options in October 2024.