Apple is set to revolutionize the way we purchase its most prized devices. The Cupertino company is preparing the launch of Apple Upgrade, a leasing program that will allow customers to pay for the iPhone, Apple Watch, Mac or iPad in a similar way to how we finance a car: through monthly installments without needing to pay the full price upfront.

How the new Apple program will work

According to hipertextual.com, Apple Upgrade will operate with backing from Klarna, the Swedish payments company specializing in financing. Those wishing to access the program will need to pass a credit evaluation, which allows Apple to offer flexibility without directly assuming the risk of lending money to its customers.

The duration of contracts will vary depending on the device. iPhones and Apple Watches will be available with 24-month leases, while Mac and iPad will extend to 36 months. The program will be accessible both in Apple's physical stores and on its digital platform.

Limitations and exclusions you should know

Not all Apple products will be available in the initial program. The company has deliberately excluded:

• The entry-level iPad
• The iPhone 16
• The Apple Watch SE
• The new MacBook Neo

This decision makes sense considering these are some of Apple's best-selling products, suggesting a gradual launch strategy.

Another important aspect: Apple Upgrade will not include AppleCare coverage. Unlike the current iPhone upgrade program, which offers protection against theft or loss, this new scheme excludes that coverage. Those who want it will need to purchase it separately.

When it arrives and what happens to current plans

The launch is scheduled for July 28 in the United States, according to analyst Mark Gurman. However, it has not yet emerged whether Apple Upgrade will reach other markets in the coming months.

What is certain is the change in model. Apple will halt new enrollments in the current iPhone Upgrade Program and its standard financing system for iPhone. Both will be gradually replaced until Apple Upgrade becomes the only option for paying for devices in installments.

What about Spain?

For now, Apple Upgrade is a US-only program. The company will need to negotiate agreements with local financial institutions in each country to replicate it. In Spain, Apple currently offers installment payments through Cetelem, while in other markets like Mexico it works with specific interest-free cards.

The question that remains is whether the company will extend this leasing model to the European market in the near future, something that for now remains unconfirmed from Cupertino.