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Rolex financing in Canada

Learn how to finance this luxury watch with good or bad credit.

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.

Pros

  • Conveniently available at point of purchase
  • You may be able to access 0% financing
  • Break up purchase price into manageable monthly payments

Cons

  • High rates for bad credit
  • Check the fine print for any fees that may apply
  • Other retailers may offer better financing rates

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.

Pros

  • Compare loans from a range of lenders to find the best deal
  • Options available for people with bad credit
  • Split the purchase price into manageable monthly payments
  • You can apply for Rolex financing online

Cons

  • High rates if you have bad credit
  • There’s no 0% financing available
  • Banks and credit unions have strict lending criteria

Compare personal loans to finance a Rolex

1 - 7 of 7
Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
10.8% - 46.99%
$500 - $35,000
6 - 60 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
6.99% - 46.96%
$300 - $50,000
3 - 60 months
Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
LoanConnect Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
8.99% - 46.96%
$500 - $50,000
3 - 120 months
LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
easyfinancial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.99% - 46.96%
$500 - $100,000
9 - 120 months
Requirements: min. income $1,200/month
Mogo Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.90% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $35,000/year, min. credit score 600
SkyCap Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Requirements: min. income $1,666.67/month, full time employment/pension, min. credit score 575, no bankruptcy
goPeer Personal Loan
Finder Score:
★★★★★
8.99% - 34.99%
$1,000 - $35,000
36 - 60 months
Requirements: recommended income $35,000/year, no payday loan debt, min. credit score 600, min. 5-year credit history. (Avg. approved rate of 15.80%)
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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.

Pros

  • Very quick and convenient
  • Earn credit card reward points
  • You don’t need to apply for new credit

Cons

  • No 0% financing available
  • You’ll want to pay off as much as possible during the interest-free period
  • Watch out for card annual fees
  • Reduces the amount of credit you can access if any emergency expenses crop up

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.

Pros

  • You don’t take on any debt
  • Some stores offer 0% interest
  • You can take advantage of sale prices

Cons

  • You can’t take your Rolex home until you’ve paid the full purchase price
  • Check how long you have to pay the full purchase price
  • Watch out for fees like cancellation fees and restocking fees
  • You’ll need to pay a non-refundable deposit

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.

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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 rate0%0%9%9%
Loan term12 months24 months12 months24 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.

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