Guide to Pawning Your Luxury Watch in Beverly Hills
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If you are considering pawning your luxury watch in Beverly Hills, Maxferd’s Beverly Hills pawn shop is the place to go.
We understand you do not necessarily want to pawn your high-end watch to get a collateral loan but need cash to fulfill other obligations. At Maxferd, we realize how unforeseen events can throw anyone a curveball, creating a cash flow problem.
That is why we make obtaining a pawn shop loan quick, easy, and stress-free. We pride ourselves on doing our best to meet customer expectations based on our evaluation of the watch they are offering as collateral.
Read on to learn:
- Why our Beverly Hills pawn shop is a great place to pawn your luxury watch.
- How the process of pawning it to us works.
- What you can do to get the best deal.
Why Pawn Your Luxury Watch at Maxferd Beverly Hills?
Here are some of the best reasons why you should pawn your watch at our pawn shop in Beverly Hills:
1. Convenient Location
Our Beverly Hills pawn shop is conveniently located close to Rodeo Drive. If you live or work in or around Beverly Hills, it might be closer to you than our other Los Angeles pawn shops.
2. We Respect Your Privacy
Besides reporting all transactions to law enforcement, as required by law, pawn shop transactions are confidential. Whatever your motives are for pawning your luxury watch, nobody will know unless you tell them.
3. Safe From Scammers
Although some people still believe the many pawn shop myths in circulation, pawn shops are one of the most regulated industries in the United States.
We have been in business for several years – we never run away or hide from customers.
4. Free Evaluations
Our Beverly Hills pawn shop has years of experience dealing with fine watches and in-house experts that know the ins and outs of the luxury watch market. We offer a free evaluation on any watch you want to pawn.
5. Let’s Negotiate
The friendly and professional staff at our pawn shop in Beverly Hills are more than willing to negotiate how much we can lend you based on the value of your designer watch. We will never pressure you to accept an offer you are not comfortable with.
6. No Waiting
If you are ready to pawn your watch, you can get a collateral loan the same day you bring it to us. We approve most loans in under an hour.
How to Pawn Your High-End Watch
Pawning your designer watch at our Beverly Hills pawn shop is quick and easy.
Step 1. Come in for a quick over-the-counter evaluation of your watch.
Step 2. Receive your verbal quote in minutes.
Step 3. Provide valid identification, i.e. driver’s license or ID card. We also need to take your thumbprint as required under CAPSS (California Pawn & SecondhandDealer System).
Step 4. Your loan is written, and your contract is printed for you to sign and keep.
Step 5. Your watch is safely secured as you receive payment in cash, by wire, or check.
How Much Can We Lend You for Your Designer Watch?
We base the value of your watch on how much we can sell it for should you default on your loan agreement.
A pawn shop will always try to determine the market value of a watch – the price at which it would sell in a competitive auction – before making you an offer. Bear in mind that we cannot lend you the market value as we carry all the risk and need to protect our interests.
Variables that determine designer watch value include:
- Demand – The higher in demand your watch is, the more likely it is that you can expect a good offer for it from a pawn shop.
- Condition – A watch in poor condition or one that needs repairs might not be accepted as collateral for a loan.
- Completeness – Having the original box, packaging, and paperwork helps to prove authenticity and might help you to get a higher loan amount.
- Precious metals and gemstones – If your watch contains precious metals, such as gold, and gemstones, such as diamonds, you are likely to get a better offer.
Brand recognition – Popular brands like Rolex are less risky to accept as collateral for a pawn shop loan.
The top luxury watch brands include:
- Patek Philippe
- Audemars Piguet
- Glashutte Original
- A. Lange & Söhne
- Jaeger-LeCoultre (JLC)
- IWC Schaffhausen
- Vacheron Constantin
- Ulysse Nardin
- TAG Heuer
Tips for Pawning Your Watch to a Pawn Shop
Here are some helpful tips that might help you get more money for your luxury watch:
#1. Clean Your Watch
A clean watch presents better, creates the impression that it has been well looked after, and might increase its value.
#2. Replace Flat Battery
A watch that is not working, even if only due to a flat battery, can create the impression that you do not care about it. And if you do not care about it, it increases the risk that you may not settle your loan to collect the watch.
#3. Include All Accessories
If you still have the original box and papers, such as the warranty and receipt, a pawn shop might be willing to lend you more for your watch.
#4. Find Out What Your Watch Is Worth
Here are two ways to help determine the value of your luxury watch:
Sold Listings on eBay
Search for your watch and model on eBay. Find the “Show only” heading and tick the “Sold Items” block. It will show you recent sales and how much they fetched.
LiveAuctioneers.com has a database with more than 29 million results of what items, including high-end watches, sold for on auctions all over the world.
#5. Choose the Right Pawn Shop
Not all pawn shops specialize in designer watches. If you want to pawn your Rolex, for example, make sure the pawn shop you want to transact with deals in Rolex watches.
Maxferd’s Beverly Hills pawn shop specializes in fine watches.
Selling vs Pawning Your Luxury Watch
Sometimes, pawning your luxury watch is not the best option. It is often the case when you are no longer attached to it and can put the money to better use. Under these circumstances, it might be better to sell it to us.
For more information, read our ultimate guide to selling your luxury watch to a pawn shop.
That’s a Wrap
We trust you now have a good idea of:
- Why Maxferd’s Beverly Hills pawn shop is a great place to pawn your high-end watch.
- How the process of pawning it works.
- What you can do to get the best deal.
Our Beverly Hills pawn shop is good at determining the value of designer watches and has a reputation for offering customers fair collateral loans.
If you have questions about a watch you want to pawn, or have evaluated, don’t hesitate to contact our pawn shop in Beverly Hills.