Apple Now Lets You Lease a Mac or iPad Instead of Buying It

Apple has launched a leasing program that lets you pay monthly for a Mac, iPad, iPhone, or Apple Watch and return or swap the device when the term ends. The program is backed by Klarna, runs only in the United States for now, and replaces the decade-old iPhone Upgrade Program.

The new service is called Apple Upgrade and went live today. In its announcement, Apple said the program is provided by Klarna and covers iPhone, Apple Watch, Mac, and iPad through the Apple Store online, the Apple Store app, and physical stores. iPhone and Apple Watch come with 12-month and 24-month terms, while Mac and iPad get 24-month and 36-month terms. When a lease ends, you can upgrade to a new model, buy the device with a final payment, or return it and walk away.

The headline numbers are lower than what came before. Leasing starts at $17.99 a month for an iPhone, $11.99 apiece for the Apple Watch and iPad, and $24.99 for a Mac. For a working example, Apple lists a 14-inch MacBook Pro with 16 GB of memory and a $1,999 purchase price at a typical $38.99 per month on the 36-month term or $53.99 on the 24-month term, before taxes and any trade-in credit. There is no security deposit, and your first payment is due roughly 30 days after the device ships or is ready for pickup. A trade-in lowers your monthly payment across the initial term, and that includes Android phones, not just Apple gear.

You can add AppleCare separately at an extra monthly cost or fold the device into an AppleCare One bundle, but it is no longer part of the advertised price. There are other limits worth knowing. Klarna runs a soft credit check that does not affect your score, but you need a valid Social Security number or ITIN, an Apple Account in good standing, and a credit or debit card, and some issuers like Chase and Capital One along with card networks like Amex are not accepted. To lease an iPhone, you must have a postpaid line through AT&T, T-Mobile, or Verizon. Certain products are also carved out: the iPhone 16, iPhone 16 Plus, Apple Watch SE, MacBook Neo, Mac mini, the A16 iPad, and the Studio Display are not eligible.

This is the first time Apple has offered a lease-style path on a MacBook Pro or an iPad Pro directly, and it arrives as memory prices climb. A lower monthly number makes a $2,000 laptop feel manageable, which is convenient for Apple at a moment when the outright price stings.

There is also a structural shift here that goes beyond one program. Handing the credit risk to Klarna lets Apple push hardware volume without carrying the loans itself, and a customer on a 24- or 36-month lease is one who tends not to shop around at renewal. For a photographer or filmmaker, the upgrade cadence is the thing to watch: the program rewards trading up on schedule, which is great if you always want the latest and greatest.. Existing iPhone Upgrade Program members are not forced off immediately and can finish their current terms, but new enrollment in that plan and iPhone Payments is over. Read the residual and early-termination terms before you sign, because ending a lease early can carry fees.