Financing your luxury watch purchase is not recommended. If you like to enjoy watches and you are a watch collector, and want to experience a variety of watches throughout the year, this may be a viable option for you.
Imagine that you purchase your dream watch without actually paying for it and wear it while you are on vacation, at a business meeting or scuba diving. Five months later, you decide to sell the watch and pay off the balance on your credit card.
Here is the challenge of making this work. You will need to use the right credit company and buy the watch at the right price. When you decide to sell it, here are three scenarios.
For the sake of simple numbers, imagine you are wearing a watch worth $10,000. You wore the watch for four months before you decided to sell it. Before you bought the fake rolex for sale, you reviewed articles on how to find the market value of your watch.
You know that you cannot buy another watch for less than you bought it for, which means that you can sell it online for the same price or even more.
Let’s say you sell the watch for $9,500, but are able to enjoy it for five months. For a monthly “lease” fee of $100, you can enjoy a luxury watch. That’s not a bad deal. Now you’re wondering, where can I get credit for buying a watch?
How to get a 0% interest credit card to buy a watch
When it comes to getting a new credit card with promotional terms, there are many options. The key is to get a credit card that extends the 0% term as long as possible. It can be for 15 months, at which point you don’t have to pay interest, but the minimum payment applies.
You’ll have to do your own research to see which one makes sense for you. Personally, I look at the card that has the most benefits and the lower APR when the interest starts.
If your credit score is around 720, you should have no problem qualifying for it. If you don’t know your credit score, you can check Credit Karma, which is free and will give you a general idea of what your score is. From my personal experience, the credit scores on that site are always lower than the scores I get from my bank.
When choosing Credit Karma for your fake luxury watch, make sure you have enough cash to continue paying the balance when you decide to keep the watch beyond the promotional period.
Using credit can be risky if used irresponsibly. However, if used properly, you will be able to enjoy a luxury asset. It’s like buying a car, you’re using credit, but the difference is that unless you learn how to hack an exotic car, you’ll lose more money in depreciation.
Paypal Credit
Paypal credit is a great way to leverage your credit. Because PayPal is used by many watch sellers, you can buy watches directly from a reputable seller.
The biggest advantage of PayPal Credit is the revolving credit line. If you spend more than $99 and pay it in full within 6 months, you don’t pay any interest, just the minimum amount.
The downside of PayPal credit is that you have 6 months to pay it back, and if you don’t, 20% or more of the interest will be deducted from your account.
If your credit limit is not high enough, you can call PayPal Credit to increase your credit limit, or you can pay more than your credit limit. When your transaction is approved, your revolving credit limit will increase.
It is possible to buy luxury watches on credit, and I know many people who do this, including me. Even some companies that sell brand new watches offer financing to help you get the watch you want.
You just have to be smart about the way you use credit. When you learn how to do it, it can help you enjoy luxury watches without having to pay for them.
The risk, on the other hand, is that if you are not responsible, you could find yourself in financial trouble. Always make sure that you consider both scenarios; you don’t want to be that person who wears an expensive watch but has a hard time paying off their credit cards.