Apple and Klarna — which provides digital payments, short-term consumer credit, cards, banking services and merchant tools for online and in-store commerce — are partnering on a new “Apple Upgrade” program, according to Bloomberg‘s Mark Gurman.
It will allow folks to finance most iPhone, iPad, Mac, and Apple Watch models, with a 24-month term for iPhones and Apple Watches and a 36-month term for iPads and Macs. You can pay off the device early during the term, upgrade early to a newer device, or keep or return the existing device after the term.
Gurman says some lower-priced devices, including the Apple Watch SE, the entry-level iPad, the iPhone 16, and the MacBook Neo, will not be eligible.
What’s more, Apple is discontinuing its iPhone Upgrade Program that allowed customers to get a new iPhone annually with AppleCare+ included for a monthly fee. After 11-12 payments, they could upgrade to the latest model, provided they traded in their current device in good condition.
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