When you need cash fast, you may be wondering, “Can I pawn my watch?” If so, a pawn shop is the best place to go. You can get cash in as little as three hours! Here are a few steps to pawn your watch. If you’re considering selling your Rolex, read on for helpful advice. It might be the perfect time to sell your Rolex!
Personal loans
The cost of selling a Rolex can be prohibitive. Fortunately, there are ways to finance the watch without resorting to a personal loan. A lease-to-own program is a good option, but you should be aware that the repayment timeframe may not be long enough. Often, a lease-to-own program costs more over time than the watch is worth, so make sure you know what you’re getting yourself into before you apply. Affirm is a point-of-sale financing company in San Francisco.
While you’re shopping for a loan, make sure you shop around for the best possible interest rate. You can use the Internet to compare rates and types of loans from banks, credit unions, and online lenders. Check your long-term bank accounts. This will indicate that you have made positive financial choices over the years and will likely be rewarded with a better interest rate. But if you don’t have a long-standing bank account, you may still qualify for a personal loan on watches.
Layaway plan
If your credit score is less than stellar and you want to buy a new luxury watch, then a layaway plan might be the perfect solution. Progressive Leasing offers layaway plans to help customers buy luxury watches. A layaway plan allows you to take home your new Rolex today, but you won’t be able to return it until you pay off the balance in full. This allows you to spread the cost of a new Rolex over several months without incurring any interest.
Most layaway programs offer a 30-day grace period to allow customers to pay for their purchases over a certain period of time. The retailer will store the item until the full amount is paid, and the customer doesn’t pay any interest on the amount deposited. There may be a restocking or cancellation fee associated with a layaway program, but there are no credit checks involved, and payments are nonrefundable. While a layaway program may have a few restrictions, it is a great option for people with poor credit or who don’t mind waiting for their new watch.
Pawnbrokers
If you want to get a loan on a watch, it may be a good idea to do your research beforehand. While most of pawnbrokers will give you a fairly high loan amount for a luxury watch, they may not pay off as much as the retail value. Typically, you’ll get 60-70% of the watch’s value. And, you’ll have to pay interest on top of this. This is a huge downside for you, as you’ll likely have to sell your item to make back the loan.
However, if you’d rather keep your expensive watch instead of selling it, a pawn loan is a good option. These loans are not only fast but they don’t negatively impact your credit rating. And unlike attempting to sell luxury items, pawn loans don’t damage your credit. In addition, you’ll receive a higher loan amount because you don’t have to worry about establishing a poor credit score.
Borro
With a Borro loan on watches, you can get cash quickly and easily for your luxury timepiece. Borro is a leading provider of confidential non-bank loans that use luxury assets as collateral. The company has lowered its interest rate by 20% for new loans, which will remain in effect until 2020. Borro accepts more than 50 different watch brands, and the company will evaluate your timepiece based on its condition, rarity, and provenance, including the box. Borro also offers a no-obligation, free quote within 48 hours.
Borro provides point of sale financing to select vendors. To apply, simply complete an application with basic financial details and wait for a decision. If you have to, you can include the costs of watch repairs to the loan amount. Borro will then wire you the money that you need. The entire process takes less than 24 hours, and it is confidential. You can choose whether to use the money to repair your watch or simply sell it for a profit.
