HOW TO USE YOUR PATEK FOR A SAFE WATCH LOAN
Anyone who owns a Patek Philippe watch is not only a smart investor, but they must have impeccable taste! These timepieces are among the most valuable and visually impressive, as well as some of the most complicated mechanical watches on the market.
Patek watches were originally launched in the early part of the 19th Century and worn by some of Europe’s most elite, including royals and popes. The history of these elaborate timepieces has been carefully preserved by the manufacturer’s own efforts in the Patek Philippe Museum located in Geneva, Switzerland.
The economy has created a financial barrier between people and their cash flow. Anyone haunted by a history of bad credit (or even worse – no job) has very limited access to lending, or any other way to get financial help. Banks are no longer offering loans to anyone with less than perfect credit. You may have heard the media news reports (or advertisements from asset buyers) encouraging you to sell your assets to pawn shops either online, or at the local pawn store near your home in exchange for quick cash.
Using a high end luxury watch like an Ellipse for a loan to obtain money is not a bad idea if you are careful. If you pawn a watch at traditional watch pawn shops (or questionable online pawnshops) you will most likely regret it later. The typical pawnshop will not pay you fair value for your Patek (or any other asset for that matter). Should you take out a pawn loan with one of these merchants, you will probably pay as much as 25% interest per month without the ability to make payments towards the principal.
There are more reputable private money lenders out there who want you to keep your Patek watch and will offer some of the highest values for it as collateral for a loan. This process offers you the opportunity to get the money you need without actually selling the asset. If the economy continues the way it has been, you may need your used Patek for an instant loan again in the future.
Chapes JPL is a unique asset based lender in business since 1980. Our doors were opened for the primary reason of providing an alternative quick money method opposed to turning to a high interest pawn lender. Today, we continue our watch buying and lending services with more than 80% of clients returning repeatedly to sell used watches, or use their watch for a loan.
Chapes offers Patek Philippe loans as a short term loan solution. We do not sell anything, so there is no store. Watch appraisals are performed in private at our Atlanta, Georgia location. The atmosphere is more like a bank setting, as our boutique office is situated within the highly secure Lenox buildings in Buckhead.
If you own any of the Patek watches, such as Patek Calatrava, Aquanaut, Patek pocket watch or any other used Patek Philippe, call to schedule your free watch appraisal. We provide private loan services to customers nationwide. If you reside out of the area, we reimburse fuel costs for long distance customers with a scheduled appointment. For loans amounting anywhere from $25,000 to $5 Million, we often will cover the expenses for flying you in to do business with us.
You can feel confident leaving your Patek Philippe, precious metals, diamonds or any fine jewelry with Chapes. All collateral items are photographed, insured and kept safely in bank vaults until the loan is completed.