Rolex Financing: 5 Ways to Pay For Your Rolex

With the cost of a Rolex ranging from $5,000 to $60,000 or more, you might be looking for Rolex financing options to spread your payment out over time. While you might be able to finance your Rolex with a layaway program, personal loan or other strategy, make sure you can afford any loan you take out, including its interest and extra costs.

Here’s a comparison of five Rolex financing options that are offered by traditional or online jewelry retailers.

Rolex financing options

Financing the cost of a Rolex means you’d likely pay installments over a set term rather than the entire amount at the time of purchase. You may be able to do this with a layaway or leasing program, or with a loan. Either way, expect to pay interest charges, leasing fees or some other financing fee, unless you can pay off the cost of your watch within a short period, like 90 days. Using a loan calculator can help you estimate loan costs and ensure you can afford repayment before you borrow.

It’s also possible to pay for a Rolex with a credit card, although this can be a pricey option. Credit card interest can be high unless you qualify for a low introductory APR.

See the chart below to start comparing various Rolex payment plans:

1. Layaway program

Layaway programs help make major purchases more affordable by allowing you to pay them off in installments. You’ll put a deposit down on an item, then make regular payments until the item is paid off and can be taken home. Layaway programs may run only two or three months, but a Rolex layaway could last a year or more.

Expect some kind of finance charge, though layaway programs don’t charge interest. You can also expect a cancellation and restocking fee. However, because layaway programs aren’t an extension of credit, your payments —even late payments — won’t be reported to the credit bureaus.

HOW TO QUALIFY

You won’t need a credit check to qualify for a layaway, and your credit score won’t be affected if the layaway plan falls through. However, a certain percentage of your payments may be non-refundable if you back out of the layaway program.

2. Progressive Leasing

Progressive Leasing is an online lease-to-own provider. Through this service, you could apply to lease a Rolex, even if you have less-than-stellar credit. This type of program lets you take your watch home right away, though you won’t technically own it until a set number of payments have been made.

You won’t be charged interest, but you will pay leasing costs. It’s unclear what Progressive Leasing charges for its lease-to-own program — however, with an early buyout option, you may be able to avoid significantly high leasing costs entirely by paying for your watch in full in, say, three months rather than 12.

HOW TO QUALIFY

While some leasing programs don’t require a credit history to apply, your credit report may be pulled to process your application — and not all applicants are approved.

3. Affirm loan

Affirm, a San Francisco-based financing company, provides point-of-sale financing for select vendors, including some watch retailers.

Financing generally lasts between 3 and 12 months, and up to 48 months for large purchases. As of Sept. 16, 2021, the fixed APRs ranged from 0% to 30% , and they are based on your creditworthiness and/or the product purchased. Affirm doesn’t compound interest or charge fees — so it might offer a potentially more affordable financing option than a credit card.

In lieu of financing your purchase at checkout, you may apply for a loan ahead of time and have the approved amount loaded onto a virtual VISA card. This one-time use card can then be used for purchases at most merchants that accept VISA.

HOW TO QUALIFY

To qualify, you’ll need to buy your Rolex from a vendor that offers Affirm financing at checkout or accepts the Affirm virtual VISA card. Eligibility requirements and interest rates vary depending on the vendor. However, Affirm is an unsecured loan, so expect qualification to be harder than with secured loans, like an auto loan. Before Affirm approves your loan, the company will look at your credit score, the interest rate the vendor is offering you and your payment history with Affirm.

4. Credit card

A credit card is a revolving line of credit, which means you have a set maximum amount you can charge to your card. As you pay down your balance, you can make additional charges to the card. Credit cards often come with higher rates than other types of financing, with an average APR across current accounts at 19.47%, according to LendingTree data (as of Sept. 16, 2021).

While some card issuers — like credit unions — issue fixed-rate credit cards, most come with variable rates that change with the market. Credit card interest compounds over time, so financing charges can add up quickly unless you pay off your balance in full each month.

If you have strong credit, a credit card with an introductory 0% APR can make your Rolex purchase more affordable. With this type of offer, you can avoid interest by paying off your balance within a set period, usually 12 to 18 months. After that, expect to pay interest on any remaining balance at a higher APR.

HOW TO QUALIFY

Your credit score and other financial information is important when you apply for a credit card; with a higher credit score and high income, you’ll see lower interest rates and higher credit limits on card offers. You may still qualify for certain types of credit cards with fair credit, but expect your interest rate to be much higher and to struggle to nab any introductory low-APR offers.

You can usually apply for a credit card online, where you’ll be asked to provide information like proof of identity, employment and how much you pay monthly for other debts, like a loan or mortgage.

5. Personal loan

Personal loans are installment loans with fixed interest rates and fixed terms, meaning you’ll have a clear repayment plan with predictable monthly payments. These loans often come unsecured, which don’t require collateral (like a car, for example) for qualification. Still, secured personal loans might also be an option.

Loan amounts vary, from as little as $1,000 up to $50,000 or more, and the money can be used for a wide variety of purposes — such major purchases, emergency expenses or paying off other debt.

Rates on unsecured personal loans typically range from 6% to 36%, and some personal loans can come with an origination fee of 1% to 8% of the loan amount (as of Sept. 16, 2021). Because personal loan terms vary so much, it’s best to shop around and compare.

HOW TO QUALIFY

Personal loans typically don’t require collateral, so lenders will look closely at your credit score, income and other debts. You can often prequalify with a soft credit check, which won’t affect your score. Doing so lets you see the terms you may receive when you formally apply.

While borrowers with good-to-excellent credit usually receive the best rates, you may still be eligible with fair or poor credit, especially if you apply with a cosigner. Opting for a secured personal loan could increase your chances of approval, as well as how much you can borrow, but you should be comfortable with putting down collateral to back the loan. If you can’t make payments on a secured loan, your collateral may be seized.

Saving money by buying a used Rolex

Buying a used Rolex can be a straightforward way to make this big purchase more affordable. Used Rolex prices are often far lower than the price tags on new watches.

The fastest and easiest way to find a used Rolex is through an online search. Many jewelry stores like Jared and Tourneau offer a wide variety of pre-owned Rolexes online, and, depending on the model, you may find a watch as low as $3,500 — and perhaps even less.

It’s also possible to find used Rolexes at an online-only retailer like Crown & Caliber. Financing may be available too — for example, BeckerTime, an online retailer of used Rolexes, offers financing for up to three years through Affirm.

Before moving ahead with your Rolex purchase, or any big purchase for that matter, take a look at your budget and make sure you can afford to pay back any money you borrow. If you decide to move forward with a loan, check out this guide on how to budget properly to pay off debt.