Apple iPhone fans should be excited that they will soon be able to get the newest iPhone every year without having to jump through hoops or pay hefty fees.

Apple is offering the iPhone Upgrade Program, according to CNET. Through this program, customers will be given the latest iPhone by making monthly installment payments. After 12 successful payments, customers can upgrade to a new iPhone if they want.

The Apple program is competing with major wireless carriers efforts to get customers to pay for the full value of the iPhone. Instead of offering a heavily discounted iPhone and having customers sign two-year contracts, customers now pay for the full price of the phone, either upfront or through monthly payments. T-Mobile was the first wireless carrier to get rid of contracts and Verizon has since followed the trend.

With the monthly payments made towards the iPhone, wireless carriers promise that customer's service plans will be cheaper.

Apple's program is different because it is not attached to any wireless carrier. Customers will receive an unlocked iPhone when they use this program. After 12 months of payments between about $32 and $45 per month, customers can turn in their first phone and get the latest iPhone that has been released.

If customers do not wish to upgrade to the newest iPhone after 12 months, they can continue making payments on their current device and after 24 months it will be considered their property, allowing them to sell it, give it to a family member or keep using it.

After 24 months customers can then start a new two-year iPhone Upgrade Program plan if they wish.

The big advantage of Apple's program is that the unlocked iPhone can be taken to any carrier. Customers will not be connected to a carrier they may not like. Another advantage to Apple's program compared to wireless carrier iPhone programs, is the included AppleCare+ warranty plan, normally a $129 value.

Overall, the iPhone Upgrade Program is best for customers that plan to use AT&T or Verizon for their wireless service.