Watch Finance

[matrignano]

I suspect this may be a case of "wanting the cake and eating it", but thought I'd check.

Want to buy a watch (actually, lots of them!). RRP ~£10,000.
I have the cash but for obvious reasons I'd rather leave it invested and take a 0%/low interest finance option if available.

The usual retailers offer 0% finance but I suspect won't budge much on RRP.

Independents/grey dealers offer the same watch at significant discount (20%+) on Chrono24, and that's before haggling.

Is there an outfit that would offer me standalone finance (obviously not at 0%), which would allow me to buy the watch via Chrono24 and therefore get a discount on RRP and keep cash in the bank?

[anonymous-user]

A personal loan would probably be the cheapest way.

[Doofus]

or a credit card

[andyman_2006]

Personal loans, most are around the 2.9% marker these days from £7500 to £25K so should fit the bill, you can then haggle on list prices!

Andy

[gentlemanwatchcollector]

If 0% it is a no brainer but do not think many out there are offering that. If so the watch itself is much more expensive - there is no such thing as free lunch!

[R Mutt]

0% purchase credit card

[matrignano]

gentlemanwatchcollector said:

If 0% it is a no brainer but do not think many out there are offering that. If so the watch itself is much more expensive - there is no such thing as free lunch!

WoS Group, to name but one.

But to your point, I'm sure they don't deviate much from RRP.

[Lee540]

A few of the big retailers are offering 0% but going to pay more for the watch.

I’m after an Autavia Heritage now.

- £4250 from anywhere offering 0%
- £3150 possible without trying to get additional discount by paying cash

[Dan_1981]

0% on purchase credit cards would be the best bet.

As long as your history will allow them to give you a high enough limit.

I'm by no means a powerfully built director but the last one I applied for plopped on the door mat with a £13k limit.

[matrignano]

I applied for a Barclaycard and despite being a highish earner (and working for Barclays) I was offered...£1300 limit!

[HM-2]

Try Virgin Money. They're doing a 24mo 0% deal on their cards at the moment, I picked one up to replace a Sainsbury's card I'd had for a couple if years and had exhausted the interest free period on.

[Turn7]

Whatever next ? Rolex PCP's ?




I did notice that Earnest Jones were offering 4 years 0%, but no idea on the terms.....

[Wildfire]

Turn7 said:

Whatever next ? Rolex PCP's ?




I did notice that Earnest Jones were offering 4 years 0%, but no idea on the terms.....

That's with Hitachi Capital Personal Finance, minimum deposit and then just regular monthly payments. The penalties for defaulting can be quite harsh though.

[ashleyman]

Are Tesco still doing 0% cards?

I got a 24 month 0% card with a £3500 limit not too long ago for a big purchase, you can even get 0% on money transfers which gives you the option to move the credit out to cash, withdraw and walk in with a wad of notes! If it's already discounted you're likely to be able to get a little more off in person.

Edited by ashleyman on Thursday 30th May 21:05

[nikaiyo2]

Lee540 said:

A few of the big retailers are offering 0% but going to pay more for the watch.

I’m after an Autavia Heritage now.

- £4250 from anywhere offering 0%
- £3150 possible without trying to get additional discount by paying cash

There is no company in the U.K. that can do this, it’s unlawful. If the watch is advertised with 0% finance and they offer you a different price for cash they MUST offer it on the 0% option.

If you walk into the shop and that watch is on display with a 0% finance offer at £4250 and they offer it to you at £3150 then they also have to offer 0% on this figure. There is no grey area. The only exception is if that watch is advertised as discounted, so they can exclude “sale” items etc from any finance offers.

By definition your example is not 0% finance, it’s 25% interest over the term.

Any company that offers finance is FCA regulated will be very well aware of this and should train their staff correctly. Offering discount for “cash/ CC” instead of 0% is frowned upon in a big way.

Don’t discuss finance before discount

[Lee540]

nikaiyo2 said:

Lee540 said:

A few of the big retailers are offering 0% but going to pay more for the watch.

I’m after an Autavia Heritage now.

- £4250 from anywhere offering 0%
- £3150 possible without trying to get additional discount by paying cash

There is no company in the U.K. that can do this, it’s unlawful. If the watch is advertised with 0% finance and they offer you a different price for cash they MUST offer it on the 0% option.

If you walk into the shop and that watch is on display with a 0% finance offer at £4250 and they offer it to you at £3150 then they also have to offer 0% on this figure. There is no grey area. The only exception is if that watch is advertised as discounted, so they can exclude “sale” items etc from any finance offers.

By definition your example is not 0% finance, it’s 25% interest over the term.

Any company that offers finance is FCA regulated will be very well aware of this and should train their staff correctly. Offering discount for “cash/ CC” instead of 0% is frowned upon in a big way.

Don’t discuss finance before discount

My post meant.

Company A have the Tag Heuer for £4250 with a 0% deal, price fixed

Company B have the exact same watch for £3150 but don’t offer 0% finance

Company A won’t sell me the watch for Company B price..

Edited by Lee540 on Thursday 30th May 19:14

[OGR4M]

As people have said above, cash is king

Think of buying a car - hire purchase is ace, decent payment structure etc etc

But, get a loan of the same amount and you can start waving 20s under the dealer’s nose - you’re likely (but of course, not guaranteed) to get a better deal

I was offered £1200 off an everose Yachtmaster at my local AD without even trying, but only for a cash purchase, Sir.

[bristolbaron]

OGR4M said:

As people have said above, cash is king

Think of buying a car - hire purchase is ace, decent payment structure etc etc

But, get a loan of the same amount and you can start waving 20s under the dealer’s nose - you’re likely (but of course, not guaranteed) to get a better deal

I was offered £1200 off an everose Yachtmaster at my local AD without even trying, but only for a cash purchase, Sir.

Garages will almost always prefer you to pay via finance as the kick back from the finance company can be higher than the profit in the car - especially for the salesman.
Even when 0% offers come around on cars they’re funded via the manufacturer so don’t affect margins.

[nikaiyo2]

Lee540 said:

My post meant.

Company A have the Tag Heuer for £4250 with a 0% deal, price fixed

Company B have the exact same watch for £3150 but don’t offer 0% finance

Company A won’t sell me the watch for Company B price..

Edited by Lee540 on Thursday 30th May 19:14

Ok, get what you are saying.

The £3150 seller won’t be a U.K. AD, I would not think?

Check out Fraser Harts sale section... £3350 and 0% and that’s with bracelet.