Rolex financing in Canada

If you want to finance a Rolex in Canada, there are several options available. From in-store financing to using a personal loan, credit card or even layaway, there are multiple ways you can finance a luxury watch — even if your credit history leaves a little to be desired.

In this guide, we’ll show you how four Rolex financing options work, and provide tips on how to find financing that’s right for you.

Option 1: Buy and finance a Rolex through the store

How it works: In-store financing is a popular and convenient way to buy a Rolex. Jewellery stores partner with third-party finance providers to allow you to take home a Rolex now and pay it off in monthly installments. 0% financing may be available if you have good to excellent credit, and terms commonly range from 6 to 36 months. A deposit is often required, but you may be able to finance a Rolex with $0 down payment.

Who it’s suited for: Borrowers with good credit who can qualify for 0% financing.

Option 2: Finance a Rolex using a personal loan

How it works: Personal loans give you access to cash you can use for just about any purpose, including buying a Rolex. These loans are available from banks, credit unions and private lenders, with repayment terms typically ranging from 6 to 60 months. Banks and credit unions have strict eligibility requirements, so you’ll need good or excellent credit to qualify. Many online lenders are willing to work with you if you have bad credit, but steep interest rates apply.

Who it’s suited for: People with good credit.

Compare personal loans to finance a Rolex

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Must read: Best personal loans in Canada

Option 3: Finance a Rolex using a credit card

How it works: If your credit card has a low purchase rate, it’s a simple and convenient way to finance a Rolex. Rates of around 8.99–12.99% are available on some cards, and taking advantage of interest-free days to pay off a big chunk of the purchase price can help you minimize total interest charges.

Who it’s suited for: People who need fast financing they can also use to pay for other purchases.

Option 4: Layaway

How it works: It may be an old-school option, but layaway is also a convenient choice if you have bad credit and don’t want to apply for high-interest Rolex financing. How it works is that you pay a deposit so the store sets a watch aside for you, and then you pay off the remaining balance either in installments or a lump sum. Once you’ve paid the full price, the Rolex is yours.

Who it’s suited for: Rolex buyers with bad credit.

Who is eligible for 0% Rolex financing?

Many jewellers advertise 0% financing, but these deals aren’t available to all shoppers. You’ll need to meet a range of criteria to qualify for 0% financing. These requirements vary depending on the finance company but generally include:

• A good to excellent credit score and a clean credit history
• Steady employment and minimum monthly income requirements
• 18 years of age and a Canadian citizen or permanent resident

You’ll need to complete a credit check to qualify, plus provide proof of your income and ID. If your credit score is fair or poor, you may need to consider other ways to finance a Rolex.

Rolex financing with bad credit

Can you finance a Rolex with bad credit? Yes, but it’s not recommended.

We’ll explore bad credit Rolex financing options in a minute, but before we do that, consider whether a new Rolex is a much-needed expense right now. If you have bad credit or a high level of existing debt, it’s best to improve your financial situation first. Pay down your current debts, make on-time bill payments and lower your credit card utilization. A Rolex is a luxury purchase, not a necessity, so think twice before applying for Rolex financing with bad credit.

If you still want Rolex financing, here are your options (aside from using an existing credit card):

• In-store financing. You may be able to qualify for in-store financing if you have less than perfect credit, but terms and conditions vary depending on the finance company. You’ll also need to accept steep interest rates.
• Personal loan. Bad credit personal loans are available from private lenders, so you can apply for Rolex financing online. Once again, high interest rates apply, so you’ll need to compare lenders and loans to find the lowest rate. Learn more about the best bad credit loans.
• Layaway. You can put an item on layaway if you have bad credit. Of course, you’ll need to pay the full purchase price before you can take your Rolex home.

Can I get Rolex financing with no credit checks?

It’ll be difficult to get Rolex financing with no credit check if you’re looking to finance the full price. This is because Rolex watches start at $9,000, and no credit check loans typically do not go over $2,000 — unless it’s a car title loan, which is definitely not recommended for nonessential expenses like watches.

You may be able to put a Rolex on layaway without a credit check. This option doesn’t require you to borrow any money if the store is offering 0% interest. However, watch out for hidden fees.

How much does it cost to finance a Rolex?

Qualifying for a better interest rate can make a huge difference to the total cost of Rolex financing. The loan term can also have an effect — you’ll have a lower monthly payment amount with a longer term, but it’ll cost you more in the long run.

To explain this, let’s look at the example of $12,000 Rolex financing with a 0% interest rate vs a 9% interest rate, over 12 or 24 months.

Finance amount	$12,000	$12,000	$12,000	$12,000
Interest rate	0%	0%	9%	9%
Loan term	12 months	24 months	12 months	24 months
Monthly payment	$1,000	$500	$1,049	$548
Total cost	$12,000	$12,000	$12,593	$13,157

Bottom line

There are multiple options available if you’re searching for Rolex financing in Canada, even if you have bad credit. Just make sure you’re fully aware of the risks involved in getting into debt for an item that is a luxury, not a necessity.

Frequently asked questions

• Can you finance a Rolex in Canada?

  Yes, there are several ways to finance a Rolex in Canada. You could apply for in-store financing, pay for your purchase with a personal loan or low-rate credit card, or put a Rolex on layaway.

• Is 60-month Rolex financing available in Canada?

  Most in-store financing options have terms of 36 months or less, but you may be able to find 60-month Rolex financing if you shop around. You can also pay off a Rolex over a 60-month term by taking out a personal loan.

• Does Rolex offer financing?

  No, Rolex does not offer financing. However, most jewellers offer in-store financing, so search for Rolex dealers near you to find out what financing options are available.