A Smart Guide to Getting Cash Loans for Watches
Why watches are Important:
Wearable timepieces originated in 1790 when a Swiss watchmaker invented the very first wristwatch. It is rumored that he got the idea for his creation from a women he saw sitting in a park with a timepiece tied around her wrist to keep her hands free to tend to her children. However convenience is only half of the story about why wrist watches are so popular. Today there are about 80 million watches manufactured for the world market on an annual basis. Over the years they have come to symbolize prestige and wealth. Watch making is considered by many to be a high art and the craftsmanship in the manufacturing of each watch has become as important to the value of a watch as the jewels and precious metal it is made of.
Fun Facts about Watches:
- Galileo invented the first pendulum in the 1630.
- The “bong” of Big Ben measures 118 decibels which is as loud as a jet airplane taking off.
- When the first wristwatch was displayed in 1914 in Switzerland it was considered a passing fancy.
- Comic strip character Dick Tracy’s watch was upgraded form a 2-way wrist radio to a 2-way wrist TV in 1964.
Why Use Watches to Get Cash Loans?
Even though during tough financial times it is necessary for people to seek a source of immediate cash they may not want to part with valuable watches on a permanent basis. Many times a watch will have sentimental value or was given as a gift that can only be given up temporarily. For this reason some jewelry dealers will offer an alternative in the form of a collateral loan. Getting cash loans for watches can have many benefits including low rates, renewable interest, no credit check, immediate payment and no-recourse debt.
How to Get Cash Loans for Watches:
Items pledged as collateral are appraised by the jewelry dealer and then a short term cash loan is agreed upon. The watches are then stored by the dealer in a secure vault for the period during which the loan is repaid. The terms of the collateral loan are usually straight forward and a reliable dealer will provide borrowers with low rates and renewable interest. Cash payment is immediate and loans can typically be rewritten by paying the accrued interest owed. If the loan can not be repaid for any reason it is considered no recourse debt, meaning it will not be reported to a credit agency and never needs to be repaid upon forfeiting the collateral watches.
Important Things to Remember when Getting Cash Loans for Watches:
- Finding a reliable jewelry dealer that is well trusted is the first order of business when looking to get cash loans for watches. A reputable dealer will keep the loan confidential and give an appropriate appraisal for each watch. They will also offer low interest rates on a collateral loan and enable a client to pay off their debt within a comfortable time-frame.
- The amount lent is most always dependant upon the wholesale value a specific watch pledged with the resell price also taken into consideration. The amount paid for a watch is not usually a factor due to high markups.
Getting cash loans for watches is a reliable way to get an immediate cash loan that does not require a credit check and is no recourse debt. It makes good sense for people who do not want to sell their watches but still need a cash resource. It is important to choose a dealer who will accurately appraise your watches and provide low interest rates. Knowing a buyer is reputable is one way to be assured of getting the best deal when getting loans for watches.
At David Levis and Sons Jewelry Buyers we believe in getting you the best cash loans for watches possible. We are the premier Jewelry Buyers in San Diego and pay more than anyone else for your gold, silver, platinum, diamonds, jewelry, watches and coins. Contact us now to schedule an appointment or call us at (619) 238-9100.
