Apple, in partnership with Klarna, is preparing to launch the 'Apple Upgrade' financing program in the United States on Tuesday, July 28, according to a Bloomberg report.

The new program allows users to finance most models of iPhone, iPad, Mac, and Apple Watch with repayment periods extending up to 24 months for iPhone and smartwatches and 36 months for iPad and Mac devices.

Customers can pay off installments early during the contract term, upgrade to a newer device before the end of the term, or keep the device or return it at the end of the contract period.

The program covers most devices, but there are exceptions for some budget devices such as the Apple Watch SE, the base generation iPad, iPhone 16, and MacBook Neo.

With the launch of Apple Upgrade, the company will stop accepting new subscribers to the traditional iPhone Upgrade Program, and AppleCare+ insurance coverage will not be automatically included in the new program, meaning the focus will be on financing only.

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