Watch Loan: How To Use Your Watch as Collateral

Watch Loan

In today’s unstable economic world, our everyday finances aren’t always consistent.  Sometimes your monthly wage just isn’t enough for all the things we need. Or perhaps you need to pay back a debt or you need some cash flow. Taking out a loan can help in these times but that can be a road many of us don’t want to go down, as can lead to further debt in the future. You do however have options, if you happen to have certain assets but are lacking in cash, you can for instance, use these assets as collateral for a short term watch loan.

You Have Options

A popular choice for this is luxury watches or other jewelry. The range of watches you can get a watch loan on is remarkable for a device that is essentially just a handy way of keeping the time. From a classic gold Rolex to Patek Philippe, luxury watches are icons of wealth, status and class. In this article I’ll be guiding you through the ways you can use your prized watch as collateral, when the need for cash is greatest.

First Thing To Know About a Watch Loan

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Do. Your. Research.

The first step to take, before going through with borrowing against your watch, is to do your research. The companies that will be giving you the loan will want a certain amount of information before accepting the deal. The brand of watch can make a big difference and the higher end the watch is, the more you are likely to be able to get. Cartier, Audemars Piguet, Vacheron Constantin or Rolex, as well as any other watches of similar value, will get you the best options. Also check out what the brand model and number is before taking it for pawning. These are often found on the back of the watch and knowing this before hand will make the whole process a lot smoother.

Papers Increase Value For A Watch Loan

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Find your box And papers, they can be worth hundreds!

Another good selling point would be if you have kept its original box and paper work. This gives extra authenticity to the watch, increasing its value and ultimately giving you more money to work with. Lastly the condition of the watch can be very important. If you have been wearing it often, or have owned it over many years, then  inevitable scratches can appear on the crystal. Especially on the watch case or bracelet. The better condition the watch is in, the better it will be for you. Some watches can be added to as well, make sure when putting up your watch as collateral, you have mentioned any custom extras the watch has accumulated over the years. Depending on the modifications, this can be a good or bad thing. Much like a car, a watches value can be higher or lower simply depending on condition. After you have done this, it is relatively simple.   Send your watch to the company offering the loan with all the information you have gathered about the watch, and if they agree, you can get the watch loan you need in minutes. Sometimes we all need some extra money, our finances can go up and down over a life time. Buying expensive items like watches are investments for the future. When money is tight and you need that extra influx of cash, you may have the answer wrapped around your wrist right now! If you would like more information, or would like some advice, please feel free to contact the experts at Jewelry and Loan Pro!

 

2017-09-09T10:36:11+00:00 September 9th, 2017|loan collateral, watches|
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