When you go into a pawn shop to pawn or sell a valuable item, you’ll want what you feel the item is worth, but the pawnbroker may have something else in mind for you. There are some ways for you to get the best price at a pawn shop, and that is what we are here to discuss with you today.

pawnAre you Selling or Loaning?

Starting out, you need to decide whether or not you plan on selling the item, or are just looking for a loan. If you’re selling something, then the pawnshop will give you more money. However, some pawnbrokers prefer loans so that you will return for future business. If you are getting a loan on the merchandise, then it will be used as collateral. If you fail to repay the loan, the pawnbroker will put the item on their store shelves.

Know Your Loan Terms

The interest on loans are paid on a monthly basis. For this reason, it may get expensive if you’re not able to pay the loan back in a timely manner. The loan terms are going to vary, depending on the state, but most charge between 6 to 25 percent interest.

Shop Around and Feel Free to Negotiate

Many pawnshops will pay top prices when the gold prices are high. We recommend shopping around in order to find the best price for your items. If you have a piece of jewelry that you plan on pawning, then take it to the local jewelry store and have it appraised. If it’s a piece of art, go to an art dealer and get an estimate on the art piece. After you have received an approximate worth, take that documentation with you to the pawnshop.

If you have a historical item and it has been certified, it can add value, just as jewelry in its original box with certification can also add value.

When it comes to pawnshops and people pawning/selling their merchandise, haggling is expected. When you’re selling something, and the pawnbroker gives you a price that you don’t really agree with, feel free to negotiate.

Quality Items

Whether you’re looking to get a loan, or the item is for sale, then a high quality item will get you more money. Tools and jewelry sell quickly, just as high-end items like Rolex watches and firearms.

Those common items that aren’t expensive to buy in retail, like microwave ovens, and household appliances lose value, and aren’t really worth the effort.

Conclusion

On an ending note, when you go to a pawn shop like Majorpawn.com to pawn or sell an item, we recommend having a good story behind the item. Many pawn shops look for an emotional attachment, like the item being a family heirloom.

 

 

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