Pawn shops often have an undeserved reputation for being difficult or dangerous places, often located behind bars in a shady neighborhood. The fact of the matter is, at least in most cases, pawn shops are legitimate businesses that serve communities that traditional banks may not. At a pawn shop, you can use items that a mainstream bank would never accept as collateral to get the money you need, when you need it. The collateral is returned if your loan is repaid within the agreed-upon time frame. If it isn’t, then the pawn shop keeps and sells the item or items.
So, let’s say you need a loan. Here are five tips for how to get the most money from a pawn shop.
Believe it or not, sometimes the key to getting more money from a pawn shop is your knowledge of what your items are actually worth. Compare prices on sites like eBay to get a ballpark estimate of roughly how much your item sells for. Then, when you’re dealing directly with the clerk, you’ll have a better idea if the offer they’re giving you is reasonable and fair for the value of the item.
2. Shop Around
If you don’t like an offer you’ve been given, you can tell them you’ll think it over, and go to a different pawn shop in your area to see if they have a better offer.
3. Bring Documents
Documentation is especially important if you have a rare or otherwise high-dollar item you’d like the shop to consider. Have items like jewelry appraised before bringing them in, and do your best to track down anything proving a rare item’s authenticity, such as an official certificate.
You’re under no obligation to accept an offer just because it was given to you. If you don’t feel an offer is fair, politely hold your ground and see if you can’t come to an agreement. As a general rule, never speak first about prices. It’s literally part of a pawn shop worker’s job to appraise items quickly and give a reasonable offer. See where they come from first before you decide.
5. Sell Outright
You can also sell items directly to the pawn shop rather than using them as collateral for a loan. Pawn shops often prefer this because they can sell the item outright for a bit of profit after meeting any legal time requirements. If you’re considering going this route, start with things you’re willing to part with to walk away with the best deal.
These were just a few ways to get more money at a pawn shop. If you need a loan or some extra money within a tight time window, pawn shops can definitely be your friend. Just do some research beforehand and keep an open mind when negotiating terms and prices.
Categorised in: Pawn Shop
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