Apple has launched a new leasing program in partnership with Klarna, allowing customers to pay for their Apple devices through monthly installments. Available for iPhone, Apple Watch, Mac and iPad, the program offers flexible lease terms of one or two years for iPhones and watches, and two to three years for Macs and iPads.

Leasing prices start at $17.99 per month for an iPhone, $11.99 for a watch, $24.99 for a Mac, and $11.99 for an iPad. At the end of the lease term, customers can upgrade to the latest generation device, purchase their current one outright or return it. This rollout comes as Apple has been grappling with supply chain issues, leading to price hikes on its Mac and iPad lineups.

The new Upgrade program aims to make these higher prices more manageable for consumers. Customers can track their lease payments directly in the Klarna app, view billing schedules and monitor remaining payments. When enrolling, customers can lower their monthly lease payments by trading in existing devices via Apple's Trade In program, earning 3% Daily Cash back if using an Apple Card.

With this launch, Apple is discontinuing its previous in-house financing programs for the U.S., including the iPhone Upgrade Program and iPhone Payments. The official unveiling comes after a report from Bloomberg’s Mark Gurman last week revealed Apple's plans to introduce lease-to-own programs for its devices.