For most, purchasing a luxury timepiece is a big investment and a decision that takes some time to consider. However, with financing becoming a much more common way to buy watches, this purchase is made more feasible. With the initial cost kept low and the price spread across an agreed timeframe, acquiring a watch from the most luxurious brands is easier than ever before.
At Banks Lyon, we are proud to be official stockists of some of the biggest watchmakers in the industry. As part of this, we provide 0% deposit watch finance for many of these brands. With this in mind, we are looking into five of the top things you need to know before buying a timepiece on finance.
1. Understanding Financing: What Does It Mean to Buy on Finance?
Financing a watch gives you the opportunity to get your hands on a brand-new luxury timepiece without
having to pay the total amount at once. It is an ideal solution for those who have had their eyes on a dream watch for a long time but just do not see themselves being able to afford it in one go. There are various incentives, deals, and conditions depending on the brand you choose and where you purchase it from, but here at Banks Lyon, we like to keep it as straightforward as possible. In general, we have financing options for purchases over £500, but other equally valuable solutions are available for both our pre-owned watches and sale items, so make sure to check the product page or get in touch to enquire if you are unsure what financing is available.
For example, pictured right is the Breitling Super Chronomat B01 44, which, as you can see, is available for a full price of £10,550. However, we also offer this watch on finance from just £88 per month, which is seen as a more attractive deal for those who want to spread the cost and get their dream watch faster.
2. Assessing Your Financial Situation: Precautions Before Opting for Financing
Although it seems like a great idea as you get to wear your long-desired watch without spending the full amount at once, there are certain precautions to consider before you choose the financing route. For example, you must think about your current financial situation and set a budget that fits into this. When doing so, consider how much you are happy to spend per month and always think of the worst-case scenario. What happens if your washing machine breaks one month? Don’t forget about the holiday you have booked in summer. Will you still be able to afford the monthly payment over the Christmas period? While financing a luxury timepiece is an appealing option, you have to remember to be realistic to avoid struggling to pay further down the line.
3. Perks of Financing: Why Consider Buying Watches on Finance at Banks Lyon
There are many benefits of financing a watch, for example:
- The opportunity to own the luxury watch you have been dreaming of without it having a significant impact on your bank account.
- You get the chance to purchase a limited edition watch before it sells out, even if you don’t have all the money available at once.
- Many people opt for watch financing to take advantage of inflation. A watch’s price may increase over time, so buying a piece on finance gives you the chance to sell it for a higher price once it has been paid off completely.
As part of our Breitling watches on finance, we have the Breitling Chronomat B01 42 Titanium timepiece (pictured right) available for just £64.58 per month.
4. Key Factors to Consider When Buying a Watch on Finance
With the above in mind, we would like to point out that deciding to finance a watch is entirely up to you. You should take time to think about it before making the decision, as you will need to ensure payments are made on time. Here are a few other key factors to take into consideration before agreeing to purchase your timepiece this way:
- Explore different brands and their price ranges to discover which is the best choice for you financially. We are proud to offer a range of the biggest names in watchmaking, such as our Cartier watches on finance and TAG Heuer watches on finance, which suit a variety of styles and budgets.
- If you wish to purchase a pre-owned watch, make sure you check the condition and service history before agreeing to a contract. You must also authenticate the watch to avoid accidentally buying a counterfeit timepiece.
- Purchase a watch from an official stockist to get the best service. At Banks Lyon, we are proud official stockists for many luxury watch brands and offer excellent service both online and in-store.
5. Walking Through the Financing Process at Banks Lyon
So, if you have decided that watch finance is the best choice for you, we are here to help. As mentioned, our process is simple, meaning you can get your hands on the best that the luxury watch market has to offer without the stress. Let’s take the example of this Breitling Chronomat B01 42 Titanium piece, pictured below.
As you can see, this watch is available for £9,850 or just £82.08 per month, which is representative of a 50% deposit of £4925.00 and the rest spread across 60 months. Of course, this price is altered depending on your initial deposit and how you choose to split it. For instance, if you chose to put down a 25% deposit of £2462.50 and spread the rest of the price across 24 months, your monthly payment price would rise to £307.81. We make the process easy so you can decide exactly how much you are willing to spend per month depending on your budget, current financial situation, and personal preferences.
Remember that you must be over 18 to benefit from our financing option, and approval for these services is subject to status – Ts and Cs apply. If you are interested in financing any of the watches featured here today, or you have your eye on another piece, please get in touch with us and our team will be more than happy to help.