Everything You Need To Know To Ensure a Successful Loan on Your Rolex
If you own a Rolex watch, then you know that it’s more than just a fashion statement; it’s a valuable asset. That’s why, if you’re in need of quick cash, you can use your Rolex watch to secure a collateral loan at Watch & Wares.
We offer collateral loans on high-end watches, including Rolexes, to help our customers unlock the value of their timepieces. However, before you accept a Rolex loan from any pawn and loan shop, it’s important to know these three key things to ensure a successful and fair watch loan.
What is a Rolex Collateral Loan?
A collateral loan is a loan secured by something you own, such as a loan on Rolex watches, jewelry, or designer handbags. In the process of a collateral loan, the pawn and loan shop will hold onto your collateral and pay you a fair value for those items. If you repay that loan within the agreed-upon time frame, your item will be returned to you. If you fail to repay the loan, the lender will keep your collateral as payment.
Many people prefer a collateral watch loan over a bank loan because they have no effect on your credit. Whereas bank loans are dependent on your credit score and can damage your credit if you fail to repay, Rolex loans will never affect your credit, and you often don’t require a credit check to qualify.
How Does a Rolex Loan Work?
The process of getting a Rolex loan at Watch & Wares is simple and efficient. First, visit our Tustin location and undergo an appraisal of your Rolex watch. During this process, one of our expert team members will evaluate your Rolex to assess its current market value. They will then extend you a loan offer for a percentage of that value.
Once we’ve determined your Rolex’s price and you agree to the loan value, we’ll give you your cash same-day and issue you a loan ticket that clearly states all of the loan terms. All of our watch loans are four-month terms with a generous ten-day grace period. Our interest rates are state-regulated, and repaying your full interest amount allows you to extend the loan period if needed. Once you repay the loan in full, we will securely and promptly return your Rolex to you. If you fail to repay your watch loan on time, ownership of the Rolex will be transferred to Watch & Wares as your form of repayment.
How Do We Determine Your Rolex Loan Value?
At Watch & Wares, we use a thorough and transparent appraisal process to determine the value of your Rolex loan. Generally, the value of your timepiece will be determined by three key factors: model, condition, and the inclusion of original paperwork.
The first thing we consider is the model of your Rolex watch. Certain classic models, such as the Submariner or Daytona, tend to hold their value better over time and can be consistently sold for the purchase price or higher. As such, these typically fetch a higher loan amount. More contemporary, colorful, or customized Rolex watches, on the other hand, are more likely to depreciate as trends change, so their loan value won’t be as high.
The condition also plays an important role in your Rolex loan value. Watches that are older, poorly maintained, or damaged will receive a lower loan offer. Common condition factors that drive down your Rolex loan value include customizations, the use of aftermarket parts, significant face damage, or failure to keep time. Small scratches and other expected signs of everyday wear and tear will typically not largely affect the loan amount.
Finally, if you want to receive the best value possible for your loan on Rolex watches, include their original warranty paperwork and packaging. As with any luxury item, the inclusion of authenticity cards, warranty paperwork, and original packaging will drive up the sale price. Rolex watches are no different, and the availability of these items will increase your loan value in turn.
If you’re looking for the best place to take out a loan on Rolex watches in Orange County, look no further than Watch & Wares. We offer secure and reliable Rolex loans with some of the most competitive rates in the industry. Watch & Wares is the top jewelry and loan pawn shop in the area, which is why we’ve maintained a five-star rating after more than three decades in the business. To experience the Watch & Wares difference for yourself, give us a call at 714- 633-2030 or contact us online to schedule an appointment for your free Rolex loan appraisal today.
