Apple is reportedly launching a new "Apple Upgrade" program in the U.S. on Tuesday, July 28, in partnership with Klarna. This program will allow customers to finance most iPhone, iPad, Mac, and Apple Watch models.

Financing terms will be 24 months for iPhones and Apple Watches, and 36 months for iPads and Macs. Users will have the flexibility to pay off devices early, upgrade to newer models, or keep or return their current device after the term. However, some lower-priced devices like the Apple Watch SE and the entry-level iPad will not be eligible.

Apple plans to discontinue new sign-ups for its existing iPhone Upgrade Program once the new Apple Upgrade program goes live. Unlike its predecessor, the Apple Upgrade program will not include AppleCare+ coverage. The initiative is expected to offer lower monthly payments compared to current financing options, essentially rebranding and consolidating existing financing services.