How to Pawn a Luxury Watch

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Do you want to know how to pawn designer handbags and generate extra funds out of your closet? If you’re in the position of needing quick money, there’s no need to panic. You may be undergoing divorce proceedings, or a bad breakup. Perhaps you are moving and need quick funds for a security deposit, or you need a down payment for a replacement car after an accident. 

 

VerdeLoans offers support whether you are considering pawn shops for the first time, or looking for a more efficient way to handle their business. We accept designer bags often, so we can help you get top dollar for your Louis Vuitton clutch.

 

How Does a Pawnbroker Work?

 

A pawnbroker, or pawn shop, is a financial services provider that offers collateral loans via a process commonly known as pawning. Pawning an item means giving it to a pawnbroker as collateral for a loan equal to the item’s agreed-upon value. Typically, high-value items such as gold and jewelry, musical instruments, or consumer electronics are top considerations for pawning. However luxury goods, including luxury handbags from designer brands such as Gucci, Chanel, and Burberry, are also increasingly accepted. 

 

For example, if you needed a loan, you could bring a pawnbroker your good condition Burberry Olympia vintage check shoulder bag, which the pawnbroker might value at $800. You would sign an agreement, and you would hand over the bag and receive $800. Later, you could return to the pawnbroker, repay the value of the loan, and they would return the bag to you.

 

A pawnbroker must abide by strict government regulations regarding short-term loans, same as any other financial services provider. The loans a pawnbroker can offer are based on the value of the item/items used as collateral. The differences between pawning and selling an item are:

  • Get your item back: When you pawn an item, it is held securely by the pawnbroker until you pay off the loan, when it will be returned to you. 

  • Use the same collateral: Pawning an item means that you can use it to secure multiple loans, over and over. So long as you pay off each loan before you take out another, the item will likely hold its same value.

  • Quick money: When you sell an item online, it can take days or weeks to find a buyer. Pawning is very fast by comparison. Go to the location, hand over the bag, agree on a value, sign the paperwork, receive the funds in your hand. VerdeLoans makes this process even more straightforward, since you don’t have to leave your home. Our evaluators will come to you to collect and assess the item, and then transfer money to you when a value for the loan is agreed.

  • Safe and secure: Buying and selling online can be a fraught experience. Fraud, especially among individuals, is common. Some people claiming to sell designer purses and bags online are distributing knockoffs at designer prices. Some people phish for financial details from those selling online. But pawnbrokers are required to follow rules that apply to financial service providers which lend money, like banks and credit unions. If you are interested in protecting your rights, consider a pawnbroker instead of selling.

  

Selling Watches vs Pawning Watches

 

Unfortunately, now is not a great time to be trying to sell designer watches online as an individual. With advances in 3D printing technology and other breakthroughs, counterfeit watches are abundant and people are on the lookout. Pawning watches sidesteps a lot of these issues. Pawnbrokers are better versed in identifying counterfeits of designer watch brands than the average buyer, and will typically make great offers. It’s to their advantage to fairly appraise the value of your watch, since they will receive interest on the loan’s value: if they undervalue it, they are leaving money on the table. If they overvalue it, they may lose money if the loan recipient defaults on the loan.

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What Kind of Watches Do Pawn Shops Take?

 

Pawn shops are interested in upmarket brands of watches that feature exceptional craftsmanship and aesthetic quality. The most highly appraised brands include: 

  • Patek Philippe

  • Tissot

  • Cartier

  • Philip Stein

  • Bulgari

  • Rolex

 

These brands fetch a higher price than the average watch brand for their name recognition and general quality.

 

How Much Will a Pawn Shop Pay for My Designer Watch?

 

VerdeLoans offers collateral loans of between $5 and $25,000 per item. Your item may be valued higher if it is kept in its original box. In order to get top dollar for your watch from VerdeLoans, follow our straightforward process:

  1. Contact VerdeLoans with photographs of the watch or other item you seek to pawn and receive a preliminary estimate.

  2. Set up a pickup time and location for our courier to collect the item.

  3. Receive a final offer once our courier has delivered the item to our assessors.

  4. Accept or reject the final offer (no charge for returning the item if you choose to reject).

  5. Money is transferred within 12 hours of the offer being accepted and contract signed.

  6. Repay the loan over its duration (up to 12 months).

  7. When the loan is fully repaid, your item will be returned.

 

When taking photos of your watch to pawn online, for services such as VerdeLoans’ white glove doorstep service, it’s important to be accurate. 

  • Your photos need to be clear and well-lit, displaying the entire watch. 

  • Its color, size, and quality should be accurately displayed.

  • Any flaws should also be apparent. Our assessors will be examining the watch before making a final offer, so it is best to be transparent. 

  • If any parts of the watch are broken or missing, include what parts you can in the shot. 

 

Best Pawn Loans for Watches, Jewelry, etc.

 

VerdeLoans’ lenders can hold your items for up to a year, with interest rates as low as 1%. Time is money, so make your timepiece work for you with a collateral loan today: talk to VerdeLoans about our stress-free service!