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How to Pawn a Rolex Watch

September 28, 2012 by Administrator 

Pawn-My-Rolex-Watch How to Pawn a Rolex WatchWith the economy the way it is, many people are turning to pawn shop loans to help make ends meet. That’s not surprising considering that a pawn shop loan involves no credit check AND it protects your credit rating. When people do a mental inventory of what they have to pawn for a cash loan, gold jewelry is one of the main items. However, an even better item for obtaining a decent sized cash loan is a Rolex watch or similar luxury timepiece.

The first step in how to pawn a Rolex watch is to make sure that you actually own an authentic Rolex watch. Rolex watches are probably the most copied timepiece on the planet, with hundreds of thousands of fake Rolex watches in circulation. You don’t want to go to pawn a Rolex watch just to suffer the embarrassment of being told that it’s a fake. So, before pawning a Rolex, check out this article which gives some tips on identifying a fake Rolex: Real Vs. Fake Rolex Watches.

Okay, let’s move on to the next step in how to pawn a Rolex watch. Do you still have all the original papers that came with the purchase of your Rolex? Bring those Rolex papers, box, receipt, and anything related to the purchase to the pawn shop. That material adds value to your Rolex watch. And the greater the value the bigger the cash loan you will receive when you pawn a Rolex watch.

How else can you get a bigger cash loan when you pawn a Rolex? Well, the first thing is, do not refurbish the dial before trying to pawn a Rolex watch. An original Rolex dial that has not been refurbished is worth more. Second, you still can pawn a Rolex watch even if it is not currently working. So, if you are in a tight jam financially, don’t try to fix your Rolex watch before pawning it. And whatever you do, never have a Rolex watch fixed with non-Rolex replacement parts, as this will significantly lower the cash loan you will receive.

The next step in how to pawn a Rolex watch is to choose a pawn shop. Not all pawn shops are the same. Some San Diego pawn shops specialize in particular types of items, such as guns, musical instruments, electronics, and fine jewelry. You want to choose a San Diego pawn shop that has a deep knowledge of Rolex watches, a pawn shop that understand the differences between a Rolex Submariner, a Rolex Explorer II, a Rolex Milgauss, a Rolex Sea Dweller, and other popular Rolex models.

How can you tell whether a San Diego pawn shop has Rolex expertise? Check their websites. Do they provide people who want to sell and pawn Rolex watches with useful information? Does the owner or management of the pawn shop have provable professional knowledge in fine jewelry and luxury timepieces? When in the pawn shop, check out their showcases. Do they display luxury timepieces from brands like Rolex, Patek Philippe, Cartier, Hublot, and Chopard?

If the answer to these questions is yes, then you have undoubtedly found a good San Diego pawn shop in which to pawn a Rolex watch. Speaking of questions. Here are 4 questions that people often ask when they are wondering about how to pawn a Rolex watch.

1) Before I pawn my Rolex watch is there a credit check?

San Diego pawn shops never conduct credit checks before you pawn a Rolex watch. The pawn shop loan (i.e collateral loan) that you will receive is based on the resale value of your used Rolex watch. It is not based on your credit rating

2) How big of a cash loan can I expect when I pawn my Rolex watch?

That is difficult to say because the cash loan amount will depend on the make and model of your used Rolex watch and big a demand there is for it among Rolex buyers. However, unless you have a rare, limited edition Rolex or classic vintage Rolex in great condition, you should not be expecting a pawn shop loan that is anywhere near the retail price which was paid for your Rolex.

If you want to get a general idea of what your pre-owned Rolex is worth on the resale market, try searching “Completed” sales of your make and model of Rolex watch on eBay.

3) What will the the interest rates be when I pawn my Rolex watch?

When you pawn a Rolex watch the interest rate will vary depending on the value of your pre-owned Rolex and what San Diego pawn shop you are dealing with. San Diego Jewelry Buyers is one of Southern California’s most recognized providers of pawn shop loans on Rolex watches. And if you were to pawn a Rolex watch that is valued at $5,000 with them, it would cost you $200 a month for the use of this money.

4) What will happen if I pawn my Rolex watch and don’t pay back the loan?

If you are worried about a bad credit report when pawning a Rolex watch, don’t be. San Diego pawn shops (and all pawn shops for that matter) never communicate with credit reporting agencies. If you fail to pay back your collateral loan, the pawn shop will simply keep your Rolex watch and try to resell it to collect the money which they loaned you. Your good credit rating is protected.

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