How To Deal With a Pawn Shop

If you need a loan or a quick sale, a pawn shop is a good place to look.Pawn shops typically allow you to either sell an item or place it in the temporary care of the store in exchange for a cash loan, which must be paid in full plus interest by a specified date.Pawn shops are a good place to buy used goods.Pawn shops can sell items for up to 70 percent less than retail prices.You can get fast cash, a temporary loan, or just a bargain purchase if you learn how to pawn.

Step 1: There are valuable items to be found.

You need to find and gather valuable items in your home before you can go to a pawn shop.To make sure that only high-quality items are brought in, experts recommend checking the quality of certain items at home.Baccarat and Limoge are good brands to look for when bringing in glass items.In a pawn transaction, jewelry that is stamped with “HGE”, “GP” or “RPG” is worthless.These pieces of jewelry are usually base metal coated with a thin plate.The jewelry should be stamped with “750, ” 750/1000,” or “18k.”The items are 18 karat gold or Platinum and will fetch a high price at a pawn shop.Make your item appealing.A simple dusting or polishing off the tarnish on a piece of jewelry may be required.Think about how the item would look to a consumer if you were to buy it.

Step 2: Decide if you want to pawn or sell.

When you leave the pawn shop, your transaction doesn’t have to end.You can pawn or sell the item at a pawn shop.Pawning an item means leaving it in the store’s care in exchange for a short-term loan.You can get your item back if you pay off the loan and interest at the same time.The owner of the pawn shop can sell your item to the public if you don’t want it.Pawn shop loans last between 90 and 120 days.The item becomes the legal property of the pawn shop owner after that point.Pawn shop interest rates and fees are usually regulated by the state in which they operate.

Step 3: You should research your item.

It’s important to know the value of your item before you pawn it or sell it.Pawn shop proprietors will try to cut you down to the lowest possible price when pawning or selling items, so you’ll need to know the value of each item before you pawn or sell it.It’s a good idea to have your items assessed by a professional.It is possible to get a better deal at the pawn shop if you have a written appraisal.Don’t think you’ll get the full value.Pawn shops are in the business of making money, so you won’t get the resale value of your items at a pawn shop.You can expect to get between 30 and 60 percent of the value of your items.Sell your items online.There are online pawn shops and online bidding sites.The downside is that you won’t get cash for your goods the same day like you would with a pawn shop.

Step 4: Look for a good pawn shop.

There are different pawn shops.Some shop owners are more willing to work with customers than others.It is worth your time and effort to research a number of pawn shops in your area to find one where you will have a better experience.Antique or electronics are some of the goods that some pawn shops specialize in.You might be better off pawning at one of these specialized locations.Customer reviews can be read online.If you compare reviews, you’ll get a decent feel for how fair a pawn shop is.Pawn shops that have been around for a while can be found.If a pawnshop closes its doors before you’re through with your loan, you may be out of luck.

Step 5: For more information, ask the proprietor.

Once you’ve chosen a pawn shop and walked in through the door, you will want to ask the store’s owner or operator some basic questions about how your pawn or sale will go.You should ask about the price, but there are other things to consider as well.What is the monthly interest rate?What additional fees are there?Are imposed by the store?Does your insurance cover items that are lost or stolen from the store?The store’s insurance policy should be detailed in your copy of the paperwork you sign.Before you sign it, make sure it matches what the store operator has said about their insurance policies.Do you need any documentation?Pawn shops are legally obligated to require at least proper identification from pawners and sellers.You’re most likely in a shop that you don’t want to do business with if they do.Where will you keep my stuff?Small items like jewelry can be kept behind the counter, but larger items may need outside storage.Make sure that your items are kept in a climate-controlled warehouse that won’t expose them to the elements.Will you let me know when a payment will be due?

Step 6: Know when it’s time to leave.

If the pawn shop seems to operate with questionable business practices, you should walk away.You have the right to reject their offer.It may convince the proprietor to make you a better offer if you walk away over the sum of money they’re offering.If you’re walking away because of unfair terms or questionable business practices, don’t change your mind no matter how much money the proprietor offers you.It’s better to go elsewhere and find a more trustworthy place to do business with.

Step 7: You have to pay your loan off on time.

If you pawned your item in exchange for a loan, you will have a certain time frame in which to repay the loan.Don’t forget to keep track of when your payments are due and how much you owe after interest and fees, as not all pawn shops offer reminders.You should be able to walk away with your item again if you can pay back everything.

Step 8: Pawn shops can be researched online.

It is equally important for a buyer and seller to research a pawn shop for online customer reviews.You want to make sure that you’re getting a good deal, but also that the item you buy matches the level of quality and performance you would expect from such a purchase.If people say that items break quickly after purchase, it’s best to keep looking.

Step 9: You should know what you want.

It’s a good idea to know what you’re looking for before visiting a pawn shop.This may change the value of the item if you view it in-store.

Step 10: For a better deal, negotiate.

Pawn shops are willing to negotiate the sale price of items.Pawn shop owner/operator, item’s condition, and how long the item has been in the store are some of the factors that will affect the cost.The items that have been on the shelf for a long time are more negotiable.The store’s operator knows that regular visitors will recognize items that aren’t moving and may be willing to offer a deal.Know your limit.It’s not worth it if you know you’re being ripped off.

Step 11: You should bring cash.

There are many benefits to paying in cash.It can help you stay within your budget, reduce the chances of credit card debt, and get you a better deal.Pawn shop owners are more willing to negotiate with someone paying in cash instead of with a credit card, as cash signifies a budget on the consumer’s part and a guaranteed payment for the proprietor.

Step 12: Don’t be afraid to walk away.

You have the ultimate last word as a consumer.If you can tell the items are poor quality, you should walk away.It could get you a better offer from the proprietor, or it could ensure that you don’t get ripped off.