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
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.
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
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.
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.
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.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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