Financing a Watch

One of the fastest growing methods of buying a watch is through applying for finance. We appreciate that buying a watch is a big purchase, and not the kind of item that is bought every day. What we aim to do is provide as much choice to our clients, both in terms of stock, and in purchasing options.

Our finance is provided by Hitachi Capital Finance, who allow us to provide two products for our clients. The first is an interest bearing finance deal, the second an interest free finance deal

Interest Bearing

Our interest bearing finance allows a client to spread the payments for their watch over 12 months. Interest is charged on this at a representative rate of 8.9% APR, and we ask for a minimum of a 10% deposit. Using our Breitling Montbrilliant Datora as an example, the figures would look like this:

Purchase Amount :

£3950.00

Deposit :

£395.00

Loan Amount :

£3555.00

Monthly Instalment :

£310.16

Approx Interest Charged :

£166.91

Approx Total Amount to Repay :

£3721.91

Approx Total Amount Payable inc Deposit :

£4116.91

 

Interest Free

Starting recently, we have begun to offer an interest free finance deal. This spreads the payments over 6 months, at a representative rate of 0% APR. Like the interest bearing deal shown above, the minimum deposit is 10%. Please note that we are unable to offer this deal on our unworn steel sports Rolex models. The figures would look like this:

Purchase Amount :

£3950.00

Deposit :

£395.00

Loan Amount :

£3555.00

Monthly Instalment :

£592.50

Approx Interest Charged :

£0.00

Approx Total Amount to Repay :

£3555.00

Approx Total Amount Payable inc Deposit :

£3950.00

 

It should be noted that we are able to increase the deposit to allow you to find a monthly payment that you are comfortable with.

The Application Process

All finance applications have to be made in person at our New Bond Street showroom. A member of our team will take you through an online application, which usually takes about 15 minutes. We require a proof of address and a proof of signature – we would recommend a UK driver’s licence and a utility bill or government issued letter. We also recommend bringing the past three months of your bank statement. We will then ask you a series of questions about your circumstances.

Once the required information has been gathered and the application is complete, we will submit it to Hitachi Capital. There are three outcomes: Accepted, Declined and Referred. If the application is referred, Hitachi need to conduct some additional checks, which will be established whilst you wait. Some of these checks can take several days to complete, but we will advise you of any timeframe involved.

Once the application is accepted, we will then sign the contract and direct debit agreement, as well as take the agreed deposit. One very important point is that there is a 14 working day cooling off period for the contract. We will retain the watch in our showroom until the end of the cooling off period.

We do advise you to do your research before applying for finance on our watches. It is a legally binding contract, and if you miss repayments, further charges can apply. The finance application will also involve a check against your credit file, multiple checks in a short period of time can negatively impact your credit score.

Our team are happy to answer any questions you might have about buying one of our watches on finance. We will also be delighted to tailor a quote to your personal needs



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