Best loan/credit arragement for buying a Rolex

[Exoticlover]

What is the best way of buying a Rolex on credit?

Buying it with my credit card and pay off the balance in instalment? That way my bank will not know about my investment, nest egg:-)

Applying for a 3rd party loan but then I would need to hand in proof of monthly salary / income. Privacy?

Check with watch dealer if said loan could be arranged "off balance sheet" *wink*

Opinions?

[LordGrover]

Not sure if serious...

[Zoon]

Pay cash from a balance transfer

[Prisoner 24601]

If you have the money to buy a Rolex, then by all means, get one.

If you do not have the money to buy a Rolex, then do not buy one. If you are not worried about the cost of living crisis, escalating energy costs etc etc - then presumably you are living at home? In which case you could use that money, or whatever you have, to put a deposit down on a flat and start moving on in life.

[Exoticlover]

Well the idea was to pay if off in monthly instalments of 100-200 GBP, why not?

[RDMcG]

You may want to defer any purchase until you can afford cash.

Clearly the worst way is credit cards with their suicidal interest rates. However, interest rates are rising in all options and you do not want to be caught in any kind of financial downturn.

I would wait.

[sandman77]

Exoticlover said:

What is the best way of buying a Rolex on credit?

Buying it with my credit card and pay off the balance in instalment? That way my bank will not know about my investment, nest egg:-)

Applying for a 3rd party loan but then I would need to hand in proof of monthly salary / income. Privacy?

Check with watch dealer if said loan could be arranged "off balance sheet" *wink*

Opinions?

Why would the bank care if you had a Rolex?
Why don’t you want loan companies to know your salary?
What is an “off balance sheet” loan?
When do you go back to school?

[Exoticlover]

RDMcG said:

You may want to defer any purchase until you can afford cash.

Clearly the worst way is credit cards with their suicidal interest rates. However, interest rates are rising in all options and you do not want to be caught in any kind of financial downturn.

I would wait.

Of course not. Rolex prices only go one way - up. Like house prices.

If anything goes wrong, i simply sell the watch and pay off the remaining amount of loan.

Makes financially sense.

[DanL]

Exoticlover said:

Of course not. Rolex prices only go one way - up. Like house prices.

If anything goes wrong, i simply sell the watch and pay off the remaining amount of loan.

Makes financially sense.

Lol. Well, at least there’s no question of whether you’re trolling or not.

[Exoticlover]

Yes? Explain why.

If I'd save fr 5 years, the price will have gone up. If I buy now, the price is fixed.

[Alorotom]

DanL said:

Lol. Well, at least there’s no question of whether you’re trolling or not.

Take a look at their post history … I assume it’s entertaining for a 12yr old.

[LordHaveMurci]

You’re just paying for the brand, get it cheaper with some vouchers over the internet

[Prisoner 24601]

Are you simply trying to increase your post count here to get to 1,000 posts? In order to access a particular forum that you may have been banned from within the past 6 months?

[67Dino]

Good post. You cannot risk letting the powers that be know you’d bought a Swiss watch with a loan.

You could take a loan out claiming it’s for a kitchen or a car. However, this is illegal, so as a cover story, you’d be well advised to buy a cheaper kitchen or car at the same time.

Alternatively, one guy I know ran this scam where he put a few hundred pounds of his salary each month into a saving account (you could withdraw cash for ultimate secrecy) and when he had enough spent that. Took ages though.

Tbh not sure how wise it is to discuss this on a public forum at all.

[Dimebars]

Exoticlover said:

Of course not. Rolex prices only go one way - up. Like house prices.

If anything goes wrong, i simply sell the watch and pay off the remaining amount of loan.

Makes financially sense.

I have some Rolex beans to sell you in that case

[SteveStrange]

Alorotom said:

DanL said:

Lol. Well, at least there’s no question of whether you’re trolling or not.

Take a look at their post history … I assume it’s entertaining for a 12yr old.

This. Or a returning bannee. Either way, pathetic, and as obvious as a punch in the face.

But my money is on (young) teenager.

[grumbledoak]

Put it on your credit card and pay it off with your first bonus.


Like everyone else!

[speedking31]

Exoticlover said:

Yes? Explain why.

If I'd save for 5 years, the price will have gone up. If I buy now, the price is fixed.

You'll be paying interest on the loan, it's not free money. You're effectively gambling that the increase in value of a luxury watch during troubled times will exceed the amount you'll pay in interest on your loan, i.e. watch value will outpace inflation over the same period. You will be a speculator. Look at it another way, why would the bank lend the money to you rather than buy itself a Rolex if it's a one way bet?

[Exoticlover]

speedking31 said:

Exoticlover said:

Yes? Explain why.

If I'd save for 5 years, the price will have gone up. If I buy now, the price is fixed.

You'll be paying interest on the loan, it's not free money. You're effectively gambling that the increase in value of a luxury watch during troubled times will exceed the amount you'll pay in interest on your loan, i.e. watch value will outpace inflation over the same period. You will be a speculator. Look at it another way, why would the bank lend the money to you rather than buy itself a Rolex if it's a one way bet?

Because the bank then would own a Rolex which is not their core business.

[Jules Sunley]

OP, I suggest you get back to your homework or watching Love Island or whatever teenagers do these days. PH really isn't for you with posts like this.