Utilizing the services of a pawn shop can be a great way to get some quick cash. You can either sell your items or you can pawn it off, which means you will get a loan on the item, pay the loan off, and then get your item returned to you. Here are four tips for selling at a pawn shop:
- Decide if You Want to Sell or Pawn: If you are pawning something that is valuable to you because it is a family heirloom, you should consider getting out a loan. However, if you know that you won't be able to pay a loan back, then selling is best. Know what is best for you to ensure that the money you receive is worth it in the end. Also, keep in mind that you typically receive more money when you sell the item.
- Understand the Terms: Before you agree to pawn off your item -- if this is what you have decided to do instead of sell -- be sure that you understand the terms of the loan. A good loan term would have low interest so that you are not paying too much more than what the item is actually worth. You should also know whether or not there is a grace period if you miss out on a payment. This way you can be sure that your item is not sold in the shop soon after you have missed a payment.
- Pawn Quality Items: When you pawn or sell an item at a pawn shop, be aware that you aren't going to get very much money for common items, such as household appliances or clothing. Expensive items, such as jewelry and firearms get the most money, which make these items worth trying to pawn or sell at a pawn shop. When you come in with items that aren't of the best quality, you probably aren't going to get what you had been hoping for.
- Give a Good Reason for Pawning: If you are pawning your item, be sure that you give a good reason for it. Don't mention that you are struggling to pay your mortgage or home loan because the pawns shop is likely going to give you worse loan terms because they will be afraid that you aren't going to pay it off. Instead, tell them you just need the money quickly to buy a birthday present for your kids or for a vacation.
When you follow these four tips, selling or pawning from a pawn shop is going to be more worthwhile for you in the end. Contact a local shop, like Sol's Jewelry and Pawn, to get started.Share