Pawning vs. Selling at a Pawn Shop

May 9, 2018 11:28 pm Published by Leave your thoughts

Looking for some quick cash, or maybe you want to get rid of some of the clutter in the apartment or garage? A pawn shop in Barberton, OH, like Sydmor’s Jewelry and Pawn Shop, is the answer. You’ve got two options: either pawn the item or sell it. Knowing the difference between the two before walking in the door to negotiate is very important. With more than 65 years in business, we can help you, but having decided ahead of time is helpful:

  • Buy or sell: The most obvious difference between pawning and selling is what the pawn shop will do with the item. If you sell, it’s exactly what it sounds like. You will give it to the pawn shop in exchange for cash, and the pawn shop in Barberton, OH will likely resell it. You won’t have much or any chance to get it back. If you decide to pawn instead, it’ll be more like a loan. Your item will be the collateral for the money. The pawn shop will hold onto or display the item for a few months or so. You’ll have that time to come back with the money you were loaned, plus interest, to get it back. If you don’t pay off the loan, the pawn shop can sell the item.
  • Money matters: Deciding whether to sell or pawn can have an impact on how much money you’ll get. In both cases, you’ll negotiate with the pawn shop for a sale price or pawn amount. In some cases, pawning will make you more money. This is because the pawn shop in Barberton, OH won’t have to worry about reselling the item to make their money back if they believe you’ll pay back the loan.
  • Look at the time: Time can be a major factor. You may need cash now and want to pawn the item because you’ll be able to get it back later. If you do that, you will have to pay interest on the pawn loan. To get your item back, you’ll have to pay the pawn shop more than you got. You’ll have about 60 to 120 days before you must repay the pawn amount, or the pawn shop will take possession of your item and can do what they want with it.
  • To part or not to part: One of the most obvious questions is, do you still want the item? If you do, you can pawn it, get the money you need now and come back later to get it back. Maybe it’s a family heirloom or has some other significance to you. Pawning it allows you to get it back later. If you just need the money and not the item, you can just sell it and get the cash you need, no strings attached.

We’ve been in business since 1949 and are a locally owned and operated pawn shop in Barberton, OH. We pride ourselves on our great customer service as a full-service pawn shop. Our friendly staff can help you find a price for your item, whether pawning or selling. Come on down to Sydmor’s Jewelry and Pawn Shop to get started!

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