Table of Contents Compare Specs: Our Picks Side by Side How Does Apple Upgrade Work? Should You Use Apple Upgrade to Lease a New iPhone? Launched on July 28, the Apple Upgrade program lets you pay monthly to lease an iPhone, iPad, Apple Watch, or MacBook for a set period. Apple's current iPhone Upgrade Program is a zero-interest installment loan, and so was Apple Pay Later, which the company ditched in 2024. You cannot use Apple Upgrade for the iPhone 16, iPhone 16 Plus, Apple Watch SE, MacBook Neo, Mac mini, iPad (A16), or Studio Display.