No Interest for 30 Months

[watchenthusiast6]

Hey guys,

I came across this financing no interest for 30 months. Tourneau actually offers this promotion and its a credit card. I called up a local Tourneau store and asked about this promotion, whether I need to know about any hidden fees or anything. One thing I found out is that the Credit Card who will do the financing is a Canadian bank. All you have to do is fill up the credit card app and if your credit is worthy there goes your 30 months financing. This is actually very tempting and I wanted to share the info to the rest of the fellow TRF. If you guys find out anything else please do share. I wonder if you need to put a down or anything?

http://www.tourneau.com/financing.html

Cheers all!

[superdog]

Sorry brother.

Sounds more like an advertisement for tourneau than a post for a Rolex watch forum.

[traf]

If you’re not putting yourself at risk financially then why not, it’s free money!


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[grimps]

Most dealers in the UK offer 0% finance on Rolex up to 4 years , Ive always thought its a good deal as when you think that there would be 2 or 3 prices rises in that time that watch will probably be worth the same as you paid for it in 4 years time and you've had it for free

[speedmaster73]

Originally Posted by traf

If you’re not putting yourself at risk financially then why not, it’s free money!


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No its not. Free money is money that does not have to be paid back. At some point you have to pay the piper!

[hugs]

Originally Posted by speedmaster73

No its not. Free money is money that does not have to be paid back. At some point you have to pay the piper!

He is referring to the free interest you will get by depositing the money in the bank for the duration of the loan

[Richard Carver]

Most of those loans are deferred interest loans. If you go beyond the 'free' period interest will accrue from day one at an astonishing interest rate and you will owe thousands more.

Be very careful. :)

[Ticknaway]

Originally Posted by Richard Carver

Most of those loans are deferred interest loans. If you go beyond the 'free' period interest will accrue from day one at an astonishing interest rate and you will owe thousands more.

Be very careful. :)

Exactly, you'd better pay it off in 28 months leave nothing to chance!!!

[traf]

Originally Posted by hugs

He is referring to the free interest you will get by depositing the money in the bank for the duration of the loan

Bingo


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[SDRider]

Originally Posted by Richard Carver

Most of those loans are deferred interest loans. If you go beyond the 'free' period interest will accrue from day one at an astonishing interest rate and you will owe thousands more.

Be very careful. :)

I didn't have enough cash on me when I bought my Rolex so they offered me 0% interest on a loan of up to $15k (I think they put that amount because that's a little more than the watch cost with sales tax). Interest free for one year. I looked at the terms and it said if it wasn't paid off by the one year mark the interest rate would jump to 29.9%. I have it almost paid off currently and I bought the watch back in June. I put $4k cash down, paid $5k the first month and just paid another $3k. It will be paid off next month.

If nothing else, it will boost my credit score from its already lofty 830 points.

[texex91]

Watches are toys. If you don't have cash you shouldn't buy.

To each their own.

[TheVTCGuy]

I bought my DJ 41 on a one year interest free from Ben Bridge. Personally, I think it is an excellent option.

[GradyPhilpott]

Originally Posted by texex91

Watches are toys. If you don't have cash you shouldn't buy toys.

I agree.

[ejvette]

I'm a huge fan of interest free money .... I can well afford to pay cash for any of my toys but when the option for interest free comes up I take it

[superdog]

Originally Posted by texex91

Watches are toys. If you don't have cash you shouldn't buy.

To each their own.

Agree on both accounts.

I just picked up a new watch. Paid on credit for miles. I planned on paying it off slowly. But I just can't do it.

I just don't like credit.

But yes, to each their own.

[Etschell]

Originally Posted by speedmaster73

No its not. Free money is money that does not have to be paid back. At some point you have to pay the piper!

Plus the moment you buy the watch you're upside down in the loan.

[BristolCavendish]

Originally Posted by Richard Carver

Most of those loans are deferred interest loans. If you go beyond the 'free' period interest will accrue from day one at an astonishing interest rate and you will owe thousands more. Be very careful. :)

Yep. Read the fine print as the APR is nearly 30% (28.99%) if one goes beyond the payment period.

Might as well procure a Rolex 'advance' from a loan shark if owning one (or an additional model) is all that important to you.

[speedmaster73]

Originally Posted by hugs

He is referring to the free interest you will get by depositing the money in the bank for the duration of the loan

thats assuming he even has the $$$

im weary of those who want to purchase a rolex on 'credit'

#iwillgetthemoneylater

[kilyung]

Hopefully you'd get the watch insured. Would hate to see you making payments on a watch that you lost.

[gmh1013]

Originally Posted by GradyPhilpott

I agree.

X3 ....if i dont have enough play cash...i wont buy any toy

[KarlTheToyotaGuy]

I can see the pros and cons. I'd rather have an albeit slightly better discount than 0% interest.

[Lawman77]

Absolutely never finance luxury goods.
Didn't buy my first "high end" watch until I had my student loans, mortgage, and cars paid off. Plus had 18 months of salary banked, plus 401(k) and other options rolling. All at the age of 35.
Debt is the devil.

[Sperry]

It's not worth my trouble to lift the credit freeze.

[MaxEight]

Go for it. This is exactly how I bought my Rolex. 30 months, interest-free, and even though I had the cash I decided to use their credit because, hey, if I can pay it over time with no interest, I'm essentially using their money for my own benefit. That being said, to qualify for this promotion you DO have to be approved for their credit card - so if you're buying a watch for $6 or 8 or 10k or more, you'll still have their card with $10k or whatever amount of credit against your name after it's all said and done. Though, I suppose you could just cancel it afterward. If you're going to use the card again, that's great, but you'll end up with 29% APR after the promotion is over. They set it up so that you pay it off in exactly 30 months - therefore, $8.5k for, say, a Submariner would be roughly $300 a month, plus whatever sales tax rate your state has. The "minimum payment" is exactly this amount each month, so there's no risk of going over and incurring interest. And to answer your last question, you don't need to put anything down, but of course whatever cash you do hand over right away will just come off whatever you owe them.

I understand why people would say "if you have to finance a luxury good then you can't afford it," but I see people financing Lambos and paying credit for their Louis Vuitton crap all the time. Compared to that, a Rolex is chump change. You want the watch, calculate the monthly payment, and go for it.

[rr-nyc]

Originally Posted by speedmaster73

No its not. Free money is money that does not have to be paid back. At some point you have to pay the piper!

Oh boy

People call it free money because it costs nothing to borrow. It has nothing to do with paying it back.

It's actually better than free money if you factor the time value of money on 30 months

[Lawman77]

Originally Posted by MaxEight

Go for it. This is exactly how I bought my Rolex. 30 months, interest-free, and even though I had the cash I decided to use their credit because, hey, if I can pay it over time with no interest, I'm essentially using their money for my own benefit. That being said, to qualify for this promotion you DO have to be approved for their credit card - so if you're buying a watch for $6 or 8 or 10k or more, you'll still have their card with $10k or whatever amount of credit against your name after it's all said and done. Though, I suppose you could just cancel it afterward. If you're going to use the card again, that's great, but you'll end up with 29% APR after the promotion is over. They set it up so that you pay it off in exactly 30 months - therefore, $8.5k for, say, a Submariner would be roughly $300 a month, plus whatever sales tax rate your state has. The "minimum payment" is exactly this amount each month, so there's no risk of going over and incurring interest. And to answer your last question, you don't need to put anything down, but of course whatever cash you do hand over right away will just come off whatever you owe them.

I understand why people would say "if you have to finance a luxury good then you can't afford it," but I see people financing Lambos and paying credit for their Louis Vuitton crap all the time. Compared to that, a Rolex is chump change. You want the watch, calculate the monthly payment, and go for it.

Wrong.

[goin camping]

While I have used interest free schemes in the past. It has only been for vehicles. I carry one vehicle on credit all the time to keep the credit score where it is.

All others items are paid for in cash or the card is paid off that month.

The goal of life is to earn interest. Not pay it.

[SDRider]

Originally Posted by texex91

Watches are toys. If you don't have cash you shouldn't buy.

To each their own.

I do have the cash, I have way more money in the bank than my watch cost. My bank card has a $2500 transaction limit and I'd rather do the zero interest loan and just pay it off quickly than put it on my American Express. Our monthly income is vastly more than our monthly expenses so making a couple large payments isn't a problem, nor is paying off the entire amount, and I don't have any other credit card debt. I'm not really seeing a downside to financing it at zero interest quite frankly.

[Star Ferry]

Originally Posted by SDRider

I don't have any credit card debt. I'm not really seeing a downside to this decision I made quite frankly.

did you pay MSRP for the 116613LB? The main downside to these 0% financing deals seems to be lack of discounts where they might otherwise be had

[tyler1980]

Originally Posted by texex91

Watches are toys. If you don't have cash you shouldn't buy.

To each their own.

watches, cars, furniture etc make sense to buy at 0% or even a low APR if you have the cash but can make a higher return with your investment portfolio by holding on to it. Thats the way I always do it if i get a lower interest rate than my portfolios current performance. Usually the benchmark for me as to finance or not is the performance of the most conservative investments, not stock returns.

In principle i agree with you, but if you have the money to pay it off all at once if you needed to, go for it.