Apple Upgrade is here! Rent an iPhone or MacBook instead of buying it; Here's how

Buying a new iPhone or MacBook often means spending a huge amount of money in one go. Apple is now trying to make that a little easier. The company has introduced Apple Upgrade, a new leasing program that allows you to use an iPhone, MacBook, iPad or Apple Watch by paying monthly instead of purchasing the device outright. Also Read: Apple reportedly launching new upgrade programme for iPhone, iPad, Mac, and Apple Watch on July 28

Well, there’s one catch! The new program is currently available only in the US. But how does it work? Apple Upgrade is basically a leasing service powered by Klarna. Instead of paying the full price of a device, you can choose a monthly payment plan for a fixed period. Once the lease ends, you have three options: Also Read: Next iPad mini could become Apple's FIRST tablet to bring this

• Upgrade to a newer Apple device.
• Buy the device by making a final payment.
• Return it and exit the program.

The service is available through Apple’s website, Apple Store app and retail stores across the US. Also Read: After Samsung Galaxy Z Fold 8, all eyes on iPhone Ultra: 5 things to expect from Apple's first foldable

Which Apple products are included?

The program covers four product categories:

• iPhone
• Mac
• iPad
• Apple Watch

Lease durations vary depending on the device. iPhones and Apple Watches can be leased for 12 or 24 months, while Macs and iPads come with 24- or 36-month options.

Monthly pricing starts at:

• $17.99 for iPhone
• $24.99 for Mac
• $11.99 for iPad
• $11.99 for Apple Watch

Customers can also lower their monthly payment by trading in an eligible Apple device through Apple Trade In.

How do you apply?

According to Apple, applying for the program only takes a few minutes. Here’s what you need to do:

• You need to complete an application through Klarna. Apple says the approval process involves a soft credit check, which doesn’t affect the applicant’s credit score.
• Once approved, you can order your device online or collect it from an Apple Store.
• AppleCare can also be added separately for device protection.

With the launch of Apple Upgrade, Apple is ending new enrolments for its existing iPhone Upgrade Program and iPhone Payments in the US. Existing customers won’t be left out, though. They can move to Apple Upgrade when eligible, continue using Apple Card Monthly Installments, choose carrier financing or simply purchase their next Apple device outright.

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Will it come to India?

Apple hasn’t announced any plans to expand the leasing program beyond the US so far! However, this comes ahead of the annual launch event, which is expected in September. This will make upgrading to devices even more easier.