Apple has introduced Apple Upgrade, a new device leasing program designed to make it easier for customers to access the latest Apple products through predictable monthly payments. Unlike traditional financing, Apple Upgrade lets users lease eligible devices and decide whether to return, upgrade, or purchase them at the end of the lease.
The program, launched in partnership with Klarna, expands beyond iPhones to include iPads, Macs, and Apple Watches, giving consumers more flexibility than Apple’s previous iPhone Upgrade Program.
Here’s everything you need to know about how Apple Upgrade works.
What Is Apple Upgrade?
Apple Upgrade is a monthly leasing program that allows customers to use eligible Apple devices without purchasing them outright.
Instead of owning the device from day one, customers lease it for a set period. At the end of the lease, they can:
- Return the device.
- Purchase it by paying the remaining balance.
- Upgrade to a newer Apple device and begin a new lease.
The program is aimed at customers who prefer always having access to the newest Apple hardware without making a large upfront investment.
Which Devices Are Eligible?
Apple Upgrade currently includes several of Apple’s most popular products:
- iPhone
- iPad
- Mac
- Apple Watch
This represents a significant expansion compared to Apple’s former iPhone Upgrade Program, which only covered iPhones.
How Long Are the Lease Terms?
Lease lengths vary depending on the product.
Typical terms include:
- iPhone: 12 or 24 months
- Apple Watch: 12 or 24 months
- iPad: 24 or 36 months
- Mac: 24 or 36 months
Monthly payments are determined by the device selected and the lease duration.
Do You Own the Device?
No.
Because Apple Upgrade is a lease, the device remains owned by the financing partner during the lease period.
When the lease expires, customers have three primary choices:
- Return the device.
- Buy the device.
- Lease a newer model.
This differs from installment financing, where ownership transfers once all payments have been completed.
Does Apple Upgrade Require a Credit Check?
Yes.
Applications are processed through Klarna, which performs a soft credit check during the approval process.
A soft inquiry generally does not affect a customer’s credit score, although final financing eligibility depends on Klarna’s approval requirements.
What Happens If You Miss Payments?
Apple has clarified that it will not remotely disable or restrict leased devices because of missed payments.
However, customers who repeatedly miss payments could face consequences from Klarna, including:
- Lease termination
- Outstanding balance becoming immediately due
- Potential impact on future financing eligibility
Apple Upgrade vs. Apple’s Previous iPhone Upgrade Program
| Feature | Apple Upgrade | Previous iPhone Upgrade Program |
|---|---|---|
| Products Covered | iPhone, iPad, Mac, Apple Watch | iPhone only |
| Financing | Lease | Installment loan |
| Ownership | Optional at lease end | Automatic after loan payoff |
| Upgrade Option | Yes | Yes |
| AppleCare Included | Optional | Included |
The biggest change is that Apple Upgrade is structured as a leasing program rather than a traditional financing agreement.
Who Should Consider Apple Upgrade?
Apple Upgrade may be a good choice for customers who:
- Prefer the latest Apple products every year or two.
- Want predictable monthly payments.
- Don’t want the hassle of selling used devices.
- Regularly upgrade their Apple hardware.
Customers who keep devices for four to six years may find purchasing outright or financing to ownership more economical over the long term.
Frequently Asked Questions
Is Apple Upgrade available for Macs?
Yes. Eligible Mac models are included alongside iPhones, iPads, and Apple Watches.
Can you buy the device after the lease?
Yes. Customers can purchase the leased device at the end of the agreement instead of returning it.
Is Apple Upgrade the same as Apple Card Monthly Installments?
No. Apple Upgrade is a leasing program, while Apple Card Monthly Installments finance the purchase of a device that the customer owns after completing payments.
Is AppleCare included?
AppleCare is optional under Apple Upgrade and may be added depending on the device and purchase configuration.
Final Thoughts
Apple Upgrade marks a major shift in Apple’s approach to consumer hardware financing. By expanding beyond the iPhone and introducing leasing across multiple product categories, Apple is giving customers another option for accessing the latest technology without paying the full purchase price upfront.
For consumers who enjoy upgrading to the newest Apple devices every few years, the program offers flexibility and predictable monthly costs. Those who prefer long-term ownership, however, may still find traditional financing or outright purchases to be the more cost-effective option over time.