Apple and Klarna introduce leasing program for iPhone, iPad, Mac and Watch
Apple and BNPL provider Klarna have launched Apple Upgrade, a leasing service in the United States that lets customers lease eligible Apple devices for 12 to 36 months.
Apple and buy-now-pay-later provider Klarna announced a new leasing service called Apple Upgrade for U.S. customers. The program allows users to lease eligible iPhone, iPad, Mac and Apple Watch models, with 12- and 24-month terms for iPhone and Watch and 24- and 36-month terms for Mac and iPad. Monthly lease payments start at $17.99 for iPhone, $11.99 for Apple Watch, $24.99 for Mac and $11.99 for iPad.
Customers who enroll can trade in their current device through Apple Trade-In, which reduces the monthly cost. At the end of the lease, users may upgrade to the latest model, purchase the device outright, or return it. Apple Upgrade replaces the company’s previous iPhone Upgrade Program and iPhone Payments, which offered interest-free installment loans and, for the Upgrade Program, AppleCare+ coverage.
The service is accessible via Apple’s website and U.S. Apple Store locations. Klarna’s involvement reflects the growing popularity of installment-based financing, with a Gallup survey indicating that about 51% of Americans have used such plans for online purchases.