If you own a Cartier watch, you can use your luxury watch as collateral on an asset-based loan (also known as pawning). Pawning a personal item of value is a fast, simple and discreet way to borrow money.
We answer some frequently asked questions about pawning a Cartier watch in South Africa:
- How does pawning a Cartier watch in South Africa work?
- How much can I borrow against a Cartier watch?
- What are the benefits of getting a loan against a Cartier watch?
- Why not just sell my Cartier watch when I need money?
- When is a good time to pawn a luxury watch?
- What makes Cartier watches so special?
- Where can I get a loan against a Cartier watch?
How does pawning a Cartier watch in South Africa work?
To pawn a Cartier watch or any item of value, contact an asset-based lender like Lamna and give it details about the piece.
Based on this information, we can give you a preliminary loan offer. If you’re happy with the offer, you provide your ID, proof of address and proof of ownership to finalise the loan agreement.
We will take temporary custody of your watch for the duration of the loan as security. Once the loan is repaid, your watch is returned to you and your ownership is unaffected.
How much can I borrow against a Cartier watch?
With asset-based lending, the loan amount is based on the value of the asset. This is because the asset is sold to recoup the loan amount in the unlikely event that you can’t repay it.
In this case, you’ll be able to borrow an amount equivalent to a percentage of the market resale value of the watch.
What are the benefits of getting a loan against a Cartier watch?
Like any asset-based loan, pawning a Cartier watch in South Africa has many advantages compared to a traditional bank loan. These include:
- no credit checks & no impact on credit history
- fast and discreet application process
- competitive interest rates
- no need to sell a valuable asset.
Why not just sell my Cartier watch when I need money?
Selling a valuable item is an option many people default to when they need money. Once you sell a valuable item like a Cartier watch, you no longer have it as an asset.
Using the item as collateral on a loan means you access the value of your asset without selling it.
Once the loan is repaid, you retain the asset and your investment portfolio remains intact.
When is a good time to pawn a luxury watch?
Pawning an item of value is a type of short-term loan. These loan periods are generally not longer than about three months.
If you have a temporary cash-flow issue, an asset-based loan can be very helpful. It’s a responsible way to bridge the gap.
You should only consider pawning a luxury watch if you’re certain you’ll be able to repay the loan within a few months.
What makes Cartier watches so special?
Cartier is a French luxury brand known for its high-end watches and jewellery. Cartier was founded in Paris by Louis-François Cartier in 1847.
Its exquisite watches focus on design and fashion rather than functionality or adventure.
For this reason, Cartier was very popular with the royals. King Edward VII referred to Cartier as “the jeweller of kings and the king of jewellers”.
In modern times, Cartier has more than 200 luxury stores in over 100 countries around the world.
The price of a Cartier watch depends on the design, era, materials and age. You can buy a new Cartier watch for between R50,000 and R100,000. Very high end or vintage watches can go for as much as R500,000.
Where can I get a loan against a Cartier watch?
Lamna offers loans against a range of assets including Cartier watches. We’ve been offering asset-backed finance for more than a decade. We have offices in most major cities in South Africa.
We’re a registered credit provider with the National Credit Regulator and comply fully with all NCR and FSB regulations and guidelines.
For more information on pawning a Cartier watch in South Africa, contact us online or call 086 111 2866. If you’re ready to go ahead with a loan against a Cartier watch, you can apply online.
ILLUSTRATIVE EXAMPLE
Client borrows R10,000 for 90 days.
Loan Amount | Repayment Period | Monthly Interest | Total Cost of Loan | Initiation Fee | Monthly Fee | APR |
|---|---|---|---|---|---|---|
R10 000 | 3 months | R500.00 | R2 914.50 | R1 207.50 | R569.00 | 60% |
Fixed rates range from 36% to 60% APR and payment terms range from a minimum of 3 months to a maximum of 24 months. Apart from the initiation and monthly fees shown in the table, the only additional fee is credit life insurance if the borrower does not have this already.
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