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Have you always wanted to own a Rolex watch, but consider it out of your price range? The good news is, there are ways you can purchase a Rolex even if you don’t have the money in your bank account. If you’ve wondered, can you finance a Rolex, the answer is yes. There are a number of different financing options you can use to get a Rolex. Read on to learn about Rolex financing options and how they could help you get your dream watch.
How Does Rolex Financing Work?
Rolex watches cost between $6,500 and $75,000, though most range from $7,000 to $12,000. Since many people don’t have that kind of cash on hand in one lump sum, you can finance a Rolex and spread your payments out over time. For instance, you can finance a Rolex with a layaway program or purchase it with a credit card. For those who qualify, there are also large personal loans that can be used to finance Rolex watch purchases and paid off monthly. With loans and credit cards, you’ll pay interest in addition to the watch payments. With layaway, you may be charged a fee on top of the price of the watch.
How Can Financing a Rolex Impact Your Credit?
Financing a Rolex can impact your credit in a couple of ways.First, when you take out a loan of any kind, a lender will check your credit history. A hard credit check can temporarily lower your score. You may also see a slight dip in your score when you take on additional debt like the loan.If you get a credit card to finance your Rolex, a credit check will be done, which again, can lower your credit score.There can be a positive impact on your credit as well. If you make your monthly loan payments on time, and when you pay the loan off, you may see your credit score rise. That’s because you’re demonstrating financial responsibility. The same with using a credit card—making the payments on time can help your credit score.
Rolex Financing Options
If you decide to finance a Rolex there are ways to do so. Here are four different options to consider.
1. Layaway
A layaway program is an option for a purchase like a Rolex.Here’s how it works: You put down a deposit on the Rolex and make monthly payments until it’s paid off. You may also be charged a layaway fee. Once you’ve paid the entire amount, you get your watch. Layaway plans may be available for a few months or up to a year or more.With layaway, you won’t be charged interest, though some jewelers charge a flat percentage of the total purchase price. Also, no credit check is done for a layaway program, so your credit will not be impacted.
2. Personal Loans
You also have the option of buying your Rolex using a personal loan for jewelry. If you have excellent credit, you’ll likely qualify for the lowest interest rate and best terms. You pay back the loan monthly in installments.If you have bad credit, however, it can be harder to qualify for a loan. And if you do qualify, you may be charged a higher interest rate on the loan
3. Credit Cards
Another way to pay for your Rolex is to charge it to a credit card. If you have good credit, you may be able to get a card with an introductory interest rate of 0% APR (annual percentage rate). If you can pay off the amount of the purchase before this promotion ends, you won’t pay any interest on your watch.Also, with a large purchase like a Rolex, you may be able to earn rewards on your credit card that you can use for cash back, travel, or other perks.
4. Watch Leasing
You may be able to lease a Rolex, rather than buy it, which can be worth considering. You won’t own the watch, but you may pay less per month to lease it than you would to buy it. At the end of the lease period, you might have the option to buy the watch outright.
Reasons to Consider Rolex Financing
If it’s long been a dream of yours to own a Rolex but you haven’t been able to pull together the large amount to purchase one, financing a Rolex may make sense for you. If you have good credit, a personal loan can be a good option because you may be able to qualify for a low interest rate. If you have bad credit, a layaway or leasing program could help you get the watch permanently or temporarily.
Benefits of Financing a Rolex
There are advantages to financing a Rolex watch. You won’t have to wait months or years to save up enough to buy the watch. For instance, with a personal loan, you can purchase your watch as soon as you are approved for the loan and get the money. By using a credit card to buy it, you can also take the watch home with you as soon as you buy it.In addition, making your monthly loan payments on time each month may help you boost your credit score. That might work in your favor in the future if you decide to take out another type of loan, from a mortgage to an auto loan. If you use a credit card, and make all your payments on time that can help your credit as well.
Disadvantages of Financing a Rolex
Financing a Rolex watch has some downsides as well. The financing options available, including credit cards and layaway, can cost you money in fees and interest. And if you lease the watch, you won’t own it when the lease period ends, unless you buy it outright.If you’re thinking about taking out a loan, be sure to weigh the pros and cons of personal loans. While you can get your watch with a loan, you’ll also pay interest. In addition, it’s important to consider how large a loan you can comfortably afford to pay back each month. You don’t want to stretch yourself thin or risk missing payments.
Who Can Finance a Rolex?
Each lender has their own requirements you’ll need to meet to qualify for a loan. For instance, you may need to have good or excellent credit or earn a certain amount of income. Understanding personal loans and the criteria involved is a good first step to take before applying for a loan.
Using a Personal Loan for Jewelry
A Rolex isn’t the only type of jewelry you can buy with a loan. There’s engagement ring financing available if you’re getting married. You can also take out a loan for expensive necklaces, bracelets, and earrings.
Compare Personal Loans With Lantern
If you’ve always wanted to own a Rolex, financing could be your ticket to making it happen. Explore all of your options, including credit cards, layaway, leasing, and personal loans, to determine which financing option makes the most sense for you.And if you’re considering financing your Rolex with a personal loan, Lantern can help. You can compare personal loans easily and conveniently in our marketplace to find the one that’s best suited to your needs. Find and compare personal loan options with Lantern!
Frequently Asked Questions
How can you finance a Rolex?
Who is eligible for financing a Rolex?
Can you use a personal loan for financing a Rolex?
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About the Author
Susan Guillory
Su Guillory is a freelance business writer and expat coach. She’s written several business books and has been published on sites including Forbes, AllBusiness, and SoFi. She writes about business and personal credit, financial strategies, loans, and credit cards.
