Do you know How to Use Your Rolex or Luxury Watch as Collateral? We explain the need to know facts on luxury watch collateral loans in this guide.
With luxury watches, you can access the equity in luxury assets that are high in value, but low in liquidity. Collateral loans allow you access to fast cash and quick cash loans.
But what watches are you able to use as collateral? Are Rolex watches usable? How do you even get a collateral loan?
Throughout this article, we'll go over what luxury goods you're able to use as collateral. We'll explain tips to get collateral loans and why collateral loans are a good choice.
If you're looking for information about using your Rolex watch to get a loan, read on to learn more!
What Can Be Collateral?
There are many assets that are usable as collateral to get a loan. Luxury assets include:
Fine jewelry & diamonds
Luxury & classic luxury cars
Gold & precious metals
Designer handbags & accessories
Luxury real estate
What Is A Collateral Loan?
A collateral loan is a loan that goes off the fair market value of your assets. Determining recent sales of similar assets can help determine the loan amount.
Once an expert appraises the asset, they can offer you quick cash.
Why Choose a Loan from Your Rolex Watches?
Growing appreciation for pre-owned luxury items is increasing. Because of this, pre-owned Rolex watches are also increasing in value.
Luxury watches have amazing attention to detail. Rolex watches, in particular, keep their value. This allows for high-value loans because of the global demand for Rolex watches.
The nice thing about getting a luxury watch collateral loan is that you still remain the owner of your assets. You may even get close to the same amount of funds you would if you sold the asset.
In some cases, you might get approved for a loan amount that is more than what you paid for your Rolex.
If you take out a collateral loan, you may save money. You keep your asset, rather than sell it.
Interest rates are pretty low with these, so it isn't building up as much while you're paying the loan off.
These loans are also confidential. There's no credit check or income verification. You are borrowing responsibly by borrowing against your own equity.
You take out the loan and get your funds. It's as simple as that.
Who Qualifies For Loans For Luxury Watches?
From the data of one company, 50% of borrowers were business owners or entrepreneurs.
But that doesn't mean any individual can't get quick cash loans. Anyone with luxury goods can use their assets to get fast cash.
When you use your luxury goods, you'll also get the added benefit of growing your credit.
The downfall of a collateral loan is, the lender holds onto your asset until the loan gets paid off. If you don't repay the loan, the lender can sell the asset to pay off the money owed.
Are Collateral Loans The Best Option?
Collateral loans can be a great option if you're stuck in a financial emergency. This isn't uncommon. Bills can be stressful. Life happens and sometimes you need quick cash.
Selling your luxury watch or goods isn't always the best option. Often, the retail value of a product decreases over time. With collateral loans, you can get the highest loan against the value of the watch.
A luxury watch, or Rolex watch, can be a powerful asset. With collateral loans, you can get funds at short notice, when you need the money most.
Tips For Securing Quick Cash Loans
So, how do you make sure you actually get a Rolex collateral loan? There are a few tips to ensure you get the funds you're looking for.
Check the Value
Determining the value of your assets is important. You'll be able to determine how much your watch is worth, before even consulting an expert.
This way you know exactly what the worth is and no one can try to lessen the value.
Be Sure It's Genuine
It's really easy to counterfeit watches or other luxury goods. Before trying to get a collateral loan, ensure that your watch is genuine.
You won't be able to get a loan if your watch or luxury goods are not legitimate.
Is It In Good Condition?
The condition of your luxury watch is also important. Make sure you get the highest loan amount by taking care of your assets.
Your watch must run efficiently. There can't be any dents or scratches on the face.
Take care of your watch regularly by cleaning and polishing it. You shouldn't need to worry about the appearance if you take care of it.
Appearance means a lot, so make sure it looks as good as the day you bought it.
If you plan on selling your watch or other luxury goods, it's a good idea to keep all the documentation.
By providing the original box, along with paperwork and receipts, your watch will be worth more. This is also a good way to prove that it's a genuine Rolex or another luxury brand.
Get Fast Cash Today
Now that you've determined that you can use your Rolex watch for a collateral loan, what's your next step to getting fast cash?
To get a quick cash loan, CONTACT US today! We'll evaluate your luxury watches, and you can walk out with cash all in the same day.
We have the expertise to get you the funds you need!