Did you know you can use luxury watches as collateral for a loan? It makes sense if you think about it. High-end watches are inherently valuable and can help the borrower secure a significant amount of money discreetly and quickly. It doesn’t require a down payment or even a credit check. Sometimes, a loan against luxury watches can even help the borrower secure more money than a traditional bank loan. The process is simple, which we will cover in this quick, step-by-step guide.
What Are Loans Against Luxury Watches?
Securing a loan against a watch means pledging the timepiece as collateral in exchange for a short-term loan. For example, you own a Rolex GMT Master II 126710. That watch holds a lot of value in the pre-owned Rolex market. If you need cash quickly, you can bring that Rolex to Qollateral and use it as security for a short-term loan. We will store it in a secure vault during the loan terms while you enjoy instant liquidity up to a certain percentage of the liquid wholesale value of the watch.
How to Get a Loan Using a Luxury Watch as Collateral
An excellent place to start is to find a reputable lender and determine how much your watch is worth. Here are the steps:
- Find a Reputable Asset-Backed Lender: Research highly rated lenders with experience in the industry. Qollateral is the best asset-backed lender and pawn shop in NYC.
- Determine Your Watch’s Value: Obtaining an appraisal is integral to securing a high-offer loan. Qollateral takes the guesswork out of this step by providing free, no-obligation quotes by experienced watch appraisers. Their goal is to help borrowers secure the highest loan amount.
- Bring Paperwork and Documentation: The original receipt, boxes, and other documentation that came with the watch will help authenticate it and might even increase its appraisal value.
- Secure a Loan Offer: The lender will provide a loan offer once the appraisal is completed.
- Instant Funding: Once the loan contract is signed, funding is instantly available. Qollateral offers the convenience of cash, check, or bank wire.
- Repay the Loan: The watch will be returned to the borrower at the end of the loan terms.
What are the Benefits of Using a Luxury Watch as Collateral for a Loan?
Loans secured using a luxury watch offer the borrower the convenience of same-day cash, discreet lending that doesn’t affect their credit score, and the peace of mind that the watch will still be theirs at the end of the loan terms.
- Quick Cash: Asset-backed loans are faster than traditional bank loans because they don’t require mountains of paperwork or financial reviews. The borrower can secure cash as soon as the same day.
- No Credit Check Required: A collateral loan is backed by a valuable luxury watch, not the borrower’s financial history. As a result, the lender doesn’t have to check the borrower’s credit score.
- The Watch Is Still Yours: You will retain ownership throughout the loan terms. Once the loan balance and principal are paid, your watch will be returned to you in the exact same condition.
What Are the Risks Of A Collateral Loan?
It’s important to remember that every loan type has pros and cons. Asset-backed loans allow the borrower to retain ownership of their watches. Since timepieces serve as security, borrowers risk losing them if they default on the loan. Qollateral actively helps customers succeed by working with them individually to determine the best loan terms for their financial situations.
Watch Brands Qollateral Accepts:
You can take a loan against a Rolex and a variety of other luxury watch brands at Qollateral, including but not limited to:
- Patek Philippe
- Rolex
- Richard Mille
- Audemars Piguet
- Cartier
- Vacheron Constantin
- IWC
- Omega
- Panerai
- Hublot
- Breguet
- Breitling
- A. Lange & Söhne
- Jaeger LeCoultre
Does a Secured Loan Require a Down Payment?
A luxury watch loan does not require a down payment. Instead, the borrower pledges an asset, such as a Rolex or a Patek Philippe watch, as collateral for the loan.
Do I need a good Credit Score for a Secured Loan?
Secured loans do not require a credit score. That is one of the biggest benefits of a collateral loan for borrowers with bad credit. The borrower can have poor or no credit and still apply for a high-offer asset-backed loan.
Unlock the value of your Rolex, Patek Philippe, or Omega watch as soon as today.
Book an appointment with Qollateral for a free and discreet appraisal.
Call or Text: 212-287-5257
