Apple has launched a new hardware leasing programme in the United States with Klarna that lets customers lease iPhones, Macs, iPads and Apple Watches from Tuesday, broadening its previous smartphone-only upgrade scheme as higher device prices and longer replacement cycles reshape consumer spending.

The new Apple Upgrade programme allows customers to lease iPhones and Apple Watches for 12 or 24 months, and Macs and iPads for 24 or 36 months, before choosing to upgrade, purchase or return their device.

Klarna said customers can trade in an existing device when enrolling to reduce their monthly payments during the initial lease term, with applications available through Apple's website, app and retail stores.

The programme replaces Apple's iPhone Upgrade Program, extending leasing beyond smartphones for the first time. Monthly payments in the US start at $17.99 for an iPhone, $11.99 for an Apple Watch or iPad and $24.99 for a Mac, although AppleCare+ is no longer included as it was under the previous scheme.

Reuters reported that customers must pass a soft credit check and that leases terminated after three consecutive missed payments may be referred to collections by Klarna.

Sebastian Siemiatkowski, co-founder and chief executive of Klarna, said: "Apple products have always represented quality and innovation. We're proud to power Apple Upgrade, giving consumers a simple, transparent way to access the latest technology while keeping their options open in the future."

The leasing launch coincided with Apple briefly surpassing a market capitalisation of $5 trillion on Tuesday, becoming only the second listed company to reach that milestone after Nvidia. Dipanjan Chatterjee, vice president and principal analyst at Forrester, said: "The new leasing program is a clever response: it doesn't reduce the price of an iPhone, but it changes how consumers perceive the cost by replacing sticker shock with a predictable monthly payment."

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