Apple is launching a new device leasing program called Apple Upgrade

Apple is reportedly launching a new device leasing program called Apple Upgrade on July 28, allowing users to pay monthly, upgrade early, or keep their device at the end of the lease.Apple is reportedly launching the Apple Upgrade leasing program.Apple is reportedly preparing to roll out a new leasing program called Apple Upgrade. The service is expected to support a range of products, including iPhone, Mac, iPad and Apple Watch models and will work more like a subscription plan – where you give money monthly – than a traditional purchase. This will let users pay off their device early, upgrade to a new model before their term ends, or simply keep the device once the leasing period is over.According to Bloomberg's Mark Gurman, who first reported the news citing people familiar with the matter, revealed that Apple Upgrade is planned to launch on July 28 and will be backed financially by Klarna Group. The program will launch initially in the US, available both at Apple's physical retail stores and online.How Apple Upgrade will workThe leasing structure functions somewhat like a car lease, where users can return the device at the end of the term, and certain transactions like early payoffs or early upgrades may come with an additional fee. Another thing is, the lease terms differ by device, which means iPhones and Apple Watches will run on a 24-month term, while Mac and iPad plans will run for 36 months. To enrol, users will need to pass a soft credit check.Per the report, Apple plans to market Apple Upgrade as offering lower monthly payments compared to its existing financing programs. As part of the transition, the company will discontinue new enrollments for its current iPhone Upgrade Program and standard financing option. Notably, Apple Upgrade will not include AppleCare, unlike the existing iPhone Upgrade Program. Some devices are excluded from the new program entirely, including the Apple Watch SE, the entry-level iPad, the iPhone 16, and the MacBook Neo. Business and education purchases are also not eligible.This report comes just two months before the potential launch of a new iPhone series. So this new leasing program may apply to the upcoming iPhones. Notably, this year we could see the launch of three iPhone models – iPhone 18 Pro, iPhone 18 Pro Max and the all-new iPhone Fold or iPhone Ultra. The standard iPhone 18 is likely to launch next year along with other two iPhone models – iPhone 18e and iPhone Air 2.- EndsPublished On: Jul 22, 2026 15:59 IST