Apple is set to introduce a new device leasing service called Apple Upgrade in partnership with Klarna. The program is scheduled to begin on July 28 in the United States. It will cover most iPhones, iPads, Macs and Apple Watches.
The leasing option follows recent price increases on several Apple products. The MacBook Air rose from $1,099 to $1,299, and the iPad Air increased from $599 to $749. Apple cited a global shortage of memory and storage chips as the reason for the hikes.
Under the new program, leases will run for 24 months on iPhones and Apple Watches and 36 months on Macs and iPads. Customers can upgrade early, return the device, keep it by paying the balance or pay it off ahead of schedule, though some options may involve extra fees. A soft credit check is required, and AppleCare will not be included in the payments.
Apple plans to end new enrollments in its existing iPhone Upgrade Program and standard financing once the service launches. Certain models, including the iPhone 16, Apple Watch SE, entry-level iPad and MacBook Neo, will not qualify. Business and education purchases are also excluded. Apple has not yet made an official announcement.
