Rolex watches are a regular sight in a pawn shop. Rolex watches keep their value well and are always in demand so getting a loan on your Rolex watch is a great option if you need cash. As with any collateral loan at a pawn shop, getting a loan on a Rolex watch lets you get cash in a hurry while still affording you the opportunity to return and reclaim your prized watch. We’ve put together a quick guide to getting a loan on a Rolex watch to get started. Take a look at the five points below and if you would like to know more feel free to give us a call or come by the store.
- Before you go to get a loan on your Rolex watch it is a good idea to have an idea of how much you money you need and how much your Rolex is worth. A Rolex will always be worth more if you sell it outright but if you’d like to be able to return for your rolex you’ll want to pursue a collateral loan for the amount you need. The amount a pawn broker will be willing to loan you will be based on the value of your Rolex. The condition, model, materials, age, and authenticity will all factor into the value of your watch.
- Not all watches are an authentic Rolex and if your watch is counterfeit it can be very difficult to get a loan on. Counterfeit Rolex watches range dramatically in quality. Some counterfeits can be spotted just by looking closely at the watch or by comparing it with another similar Rolex watch. Sometimes it takes a trained eye to spot the difference between a real Rolex and a knock-off. The modern counterfeit Rolex can look exactly like a genuine one from the outside. Counterfeiters have taken to actually hand painting the colored wheels in the watch movement to make it look genuine not only on the outside but on the inside also.
- Make sure your Rolex comes in the best condition possible! An important factor in getting all the money you need when getting a collateral loan on a Rolex watch is its condition. The most valuable Rolex will be running smoothly and be free of scratches or dents. If the watch has been opened it will usually no longer be waterproof. Most pawnbrokers can have it resealed for a nominal charge. Appearance counts for a lot when getting a loan on a Rolex watch. To ensure you get top dollar when getting a loan on your Rolex watch, make sure the watch is clean and if possible polished before you bring it in.
- Bring in the whole package. If you have the box and papers that originally came with the watch make sure you bring them in too. A genuine Rolex watch is worth a few hundred dollars more when accompanied by all the original documents, receipts, and packaging. If you’re interested in getting the largest possible loan on your Rolex these little details can make a big difference.
- If you’re not getting the loan you need from a pawnbroker, don’t be afraid to counter offer and settle on a loan price for the Rolex somewhere in between. Getting a loan on your Rolex for more than you need means that you’ll pay more interest fees but if you aren’t being offered a loan for the full amount that you need then you should not shy away from negotiating a bigger loan on your Rolex.