Personal Loans

Rolex Financing: Don’t Miss These Financing Options

Rolex financing

Rolex watches are timeless, well-crafted and somewhat of a symbol of high-class success. But these high-end watches are also costly, with the most budget-friendly models coming in around $5,000. The most expensive Rolex model right now, the Pearlmaster, starts at $87,000.

With these high prices, your dream of owning a Rolex may seem impossible, especially if you don’t have extra money in your pocket to pay for it. But there are options, such as a personal loan or in-store financing, that can help you finance your purchase so you can enjoy the Rolex you’ve always wanted.

Should you finance the cost of a Rolex?

Owning a Rolex is an investment. If you don’t have the money to pay thousands of dollars upfront to buy it, you may want to consider financing options. Financing the cost of a Rolex means you’d likely pay installments over a set term rather than covering the entire amount at the time of purchase.

Of course, there are some factors to consider before you opt into any Rolex financing offers. Financing plans usually come with interest, which can add up over time. However, there are some financing plans that come with 0% APR, allowing you to make monthly payments without worrying about high rates getting tacked on.

Another thing to keep in mind is your credit history. Your credit score usually plays a key role in determining your Rolex financing options, as well as your interest rate.

Buying a used Rolex

As seen above, Rolex watches can be pricey. But the prices above target the new models, which means a used Rolex can be significantly less costly. For example, a new Rolex priced at $5,000 may be only $3,500 if bought used. While that’s still a sizeable amount, it’s significantly less than what you’d pay for a new Rolex watch.

Plus, when buying a used Rolex, you are spending less money but usually without sacrificing quality. The reason that Rolex watches are so timeless and sought after is because each item is made in-house using only top-of-the-line materials, such as yellow gold, stainless steel and, oftentimes, diamonds as accents.

If you’re looking for a used Rolex, luckily they are not hard to come by. The fastest and easiest way to find used Rolex options is by doing a quick online search. Many jewelry stores and online retailers offer a wide variety of these pre-owned watches. For example, retailers like Jared and Tourneau both offer a vast selection, with prices starting either around $2,000 or $5,000, depending on the company. Another option is Crown & Caliber, an online watch buyer and seller that offers pre-owned Rolex options that also start within the $2,000 range.

3 Rolex financing options

Personal loan

A personal loan is typically an unsecured loan, meaning it doesn’t require collateral. The amount you can borrow usually varies, starting at $1,000 and going anywhere up to $50,000 or more, and it can be used for a variety of purposes.

A traditional personal loan comes with fixed interest rates. Since the rates won’t fluctuate, you’ll always know how much you will be paying throughout the duration of the loan. The average APR for a personal loan is around 33.38%, though your rate can be much higher or lower depending on your credit score. It’s best to shop around and compare rates before settling on any one lender.

How to qualify
Since personal loans don’t require collateral, lenders will usually more heavily weigh your credit score and financial history for approval. You’ll need to submit to a credit check, which will impact your credit score, and also provide your Social Security number. Lenders will also look at your work history and income, as well as any other debts, to ensure you have the means to pay back the loan when determining both the interest rate and loan amount. While those with good to excellent credit usually get the better rates, even those with less than perfect credit may be eligible if they apply with a cosigner.

Credit card

A credit card is a type of revolving debt that allows you to make purchases using your available credit. The amount you can borrow and the type of credit card offers you are eligible for are usually determined by your credit score.

When you use your credit card you are charged interest, and these rates tend to be higher than they are for personal loans, currently reaching up to 28.99%. Some cards have fixed rates that won’t change as long as your account is not delinquent, while others may come with variable rates that change with the market. Interest rates can add up — especially if you don’t pay your bill in full each month — so it’s always a good idea to pay off your balance as soon as possible.

There are also credit cards that provide a 0% introductory APR offer, though these are usually reserved for those with good credit. This would allow you to make a purchase, such as a Rolex, and pay it off in full without interest as long as you did so within the promotional period. After the introductory period is up, you’ll begin owing interest, which is why it’s important to pay off your balance in full before the promotional period ends.

How to qualify
Similar to personal loans, your credit score is considered when you apply for a credit card. While better offers and lower APRs tend to be available to those with better credit, even those with not-so-great credit may be eligible for certain types of credit cards.

When completing the application (which can usually be done online), you’ll need to provide your home address along with your employment and income information. You may also need to provide proof of debts, such as the amount you pay each month for your home.

In-store financing

Instead of seeking financial assistance from an outside lender or credit card company, you may be able to get in-store financing from the retailer where you purchased your watch. These offers can allow you to buy your watch right then and there without paying for it in full. Instead, you may have a monthly payment plan, as you would with a personal loan or credit card. You may also qualify for 0% introductory APR, which some companies offer. Term can vary by retailer, but they usually range from six, 12, 24 or 36 months.

How to qualify
You’ll normally be able to apply for in-store financing either at the store when you make the purchase or online, depending on where you’re shopping. Once you have the watch you want to buy, you’ll complete an application for financing, providing some basic personal information and agreeing to a credit check, which will affect your credit score. Once the application process is complete, you may be able to get a decision right away.


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