Some individuals think they have the perfect plan to start their business. But what prevents them from bringing their dream enterprise into reality is the capital—they have no resources to begin with. If you are one of them, one aspect that you should look into is to get watch loans. Some loan companies accept fine watches as collateral. Follow these steps that will help you establish your own company:
1. Look for lenders
First thing you should do is to look for loan businesses. Most are accessible through their websites. Check on local directories because these carry listings of lenders according to their cities and states. This process will make it easier for you to find companies near your place, if you prefer it that way. But regardless of the location, deal only with reputable businesses.
2. Make certain yours is a high-end timepiece
To get watch loans, make sure yours is a luxury watch. Only high-end timepieces attract collateral lenders. These include Gucci, Hermes, TAG, IWC, Jacob & Co., Omega, Bvlgari, Tiffany & Co., Rolex and a lot more.
3. Check the quality of your wristwatch
Before making any transaction, check on the quality of your luxury wristwatch first. It should be free from any scratch or damage and should be in excellent condition. This will allow you to get the best value or appraisal for your item. However, some creditors accept those that have slight physical condition flaw but of course, for a lower cash amount.
4. Ensure the safety of your item
It is always correct to be inquisitive, especially if you have Rolex or other expensive brands as the collateral. Never feel ashamed to ask questions as you deem necessary. One of them should be how they will secure the safety of your most treasured possession. Do they offer pickup and transport arrangements? Are these covered by insurance? What happens in case yours get lost or damaged while under their care? Clarify all these things with them. You only want to get the best service and security possible for your pricey piece.
5. Ask how long you will have to pay for it
Most loans take about one month to one year, depending on the arrangement. Follow payment schedule strictly or you will say goodbye to your watch.
6. Inquire about the amount you can get
You can get a cash loan, from $1,000 to as much as $150,000, depending on the quality and quantity of the luxury watch you provide. But regardless of how much loan organizations or credit unions can offer you, would-be business owners like you should think of borrowing only the amount you need or else, there is a possibility to incur unnecessary expenses due to the availability of more cash.
It’s easy to get watch loans. Only that, you have to consider a lot of factors, like the safety of your fine watch, interest rate, loan duration, loanable amount and others. You need to check on all these so the risk of obtaining credit is lowered or eliminated.