Many people don’t know that pawn shops are actually more like banks than stores. While pawn shops definitely buy items, they also give out loans on high end products like Rolexes. When you pawn an item, you actually use it as collateral for a loan. If you are in Chicago and need quick cash, bring in your Rolex! You can bring any item of value you’d like to appraise and see if you can get a loan for a good amount. If you were to bring in your Rolex to pawn it, the process is very simple.
Get an Appraisal
People in Chicago bring in a Rolex watch and the pawnbroker will examine it to give you an appraisal value. This value will determine how much you can pawn it for. Your appraisal depends on the condition of your item as well as its current rarity and the value of its components. Most Rolex watches are made of a special steel known as Oystersteel, or 904L stainless steel. This is difficult to make and temper, but is extremely durable and doesn’t corrode easily. Rolex watches are one of the only items to appreciate over time rather than depreciate, so you never know what yours could be worth! Rolex pricing does change over time based on popularity as well, so even if you had yours appraised previously, you can bring it back and see if the value has changed.
The Rolex pricing range is pretty vast, ranging from about 6,000 to 75,000 dollars. While not every pawn shop can afford to pawn on the high end of that, we here at Chicago Super Pawn can. The most expensive Rolex watches ever sold have almost always been pre-owned! There are so many Rolexes in the world, but they hold onto their value well. If you need quick cash, bring in your Rolex, get it appraised, and pawn it. We are the premier Chicago pawn shop that specializes in high end watches and jewelry so you never need to worry about not getting a fair price.
Certified Pre-owned Rolex
If you have a certified pre-owned Rolex, you have an even better chance of making quite a bit of money off of it. Most of the time, a certified pre-owned Rolex is worth as much or even more than a new Rolex. If you have a certified Rolex, it is certified by a company, not by the manufacturer. This may only prove that it is an authentic Rolex and not a fake or a knock-off. Some other watches that are similar to Rolex still hold value, depending on the company. Some companies also restore Rolexes, then sell them as a certified pre-owned Rolex. If you need quick cash, bring in your Rolex! Rolex pricing can be tricky and take some time for a pawnbroker, so having a certified pre-owned Rolex can help you get your loan as quickly as possible.
Pawning Your Rolex
Once you have an appraisal, you can choose to sell or pawn your Rolex watches. When you get the value, you can take out a loan for the value of that Rolex. The pawn shop will keep the item safe for you, as you still own it. When you pawn it, you usually have about 30 days to return and pay off the loan or to pay the interest and keep the loan going another 30 days. If you default on your payments, the pawn shop then keeps your item. If you decide not to come back to claim your item, the pawn shop can then offer it up for sale. Some people decide not to pawn their item, and simply sell it for cash. Pawning has its benefits!
Benefits of Pawning
When you pawn an item instead of selling it, you get cash for it right away, but you don’t lose your item. If you live in Chicago and need quick cash, bring in your Rolex, take the cash, and come back and pay for it later. There are many reasons why someone would rather do this than take out a loan from a bank. The only thing you need to get a pawn loan is an item and a valid ID! You can even get a payment plan to buy back your item. No credit check! Sometimes people just need cash without worrying about a credit hit. Sometimes your credit is poor and you need money for a certain reason. Title loans and other ways to get cash can be so expensive! Using your item as collateral helps you get a loan without worrying about all the other things that go into other types of loans.
If you are in Chicago and looking for Rolex watches, you can buy one at our store as well! The inventory does vary day to day, but there are many options for jewelry and watches available. You can even check our online stores to see what is in stock. Buying online is a great way to get the items you want without going too far, but in-store is a much better experience. You can see and play musical instruments, try on jewelry, and examine each item before you purchase any of them. We try to offer a good deal on our items for purchase as well! Rolex or not, each item is priced to sell. We also offer the option of trading! If you have an item of value you wish to upgrade or get a different item, comparing prices and appraising can get you a great deal.
Pawn Your Rolex Watches
If you feel concerned about pawning, come into our Chicagoland store and we will gladly appraise your item and help you through the process. Pawn shops can be a little intimidating, but the best pawn shops are where you can strike a great deal. You can see what your item is worth and decide if a loan is right for you. It isn’t like a bank where you have to qualify, and you won’t have a credit check. You can bring in your Rolex, your PS4, jewelry, or any other items of value. This is a great way to get cash quickly, safely, and in a way where you don’t lose your valuable items.