Buy or Sell at a Pawn Shop with Confidence – Top Tips!

Buy or Sell at a Pawn Shop with Confidence

Pawning your valuables for a short-term cash loan is an age-old borrowing method that is still functional. There are different types of pawnshops out there that deal with different types of valuables/possessions. For instance, some pawnbrokers accept a diverse range of items, from gold jewellery to gadgets, such as smartphones, tablets, laptops, etc. and electronics, such as television sets, music systems, appliances, and many more. Meanwhile, there are specialty pawnbrokers that solely deal in auto pawn loans. 

So, when you want to sell or pawn your valuables for quick cash, you must first identify the right pawnbroker. Once you do that, you can sell or pawn your valuables to the pawnshop.

Here are some vital tips that will help you sell your belongings to a pawn shop near you:

Decide Whether You Want to Sell or Pawn Your Valuable Product at Pawn Shop

You need to decide based on the number of items, the money you’ll obtain for them when pawning or selling, and your ability to repay if you opt for pawning.

Be Ready to Negotiate

Know that pawnshop owners are resellers and not collectors. So, even if a collector may have valued your vintage vinyl collection at $700, it does not mean you’ll get that from a pawnshop. Thus, it’s vital to set a practical minimum price before you approach a pawnbroker, which will shield you from making any impulsive decision you’ll regret later.

Come Prepared to Prove Your Claims

If you plan to approach the pawnbroker with a piece of jewellery, consult a professional jeweller and get a valuation (in writing) for your jewellery so you can prove its worth. If your belongings run on batteries, ensure you put in fresh batteries so you can demonstrate how they operate. And remember to bring items in their original packaging, if possible – it’s helpful. 

Present Items in Pristine Condition

Bring your laptop, smartphone, or music system clean and working. If you were going to purchase an item, would you buy it if it had dust on it?

Repay on a Timely Basis

If you’ve pawned an item for a cash loan, pay back the loan on time with interest and fees, if any; failing to do so will cause you to lose the item. Alternatively, you can extend the loan for added charges.

Here are some vital tips that will help you to buy from a pawn shop near you:

Research

Before attempting to purchase an item, it would benefit if you knew the value of that item in its existing condition. For this, you need to research and be prepared, which will help you purchase.

Negotiating Skill

Every item in the pawnshop will have a sticker price but don’t consider that as your starting point. You should have a limit set in your mind even before you start negotiating. Don’t forget one golden rule: The longer something stays in the pawnshop, the more the pawnbroker will be eager to lower the price. So don’t be in haste; take your time and negotiate wisely. 

Make It a Habit to Read the Fine Print

For instance, some pawn shops may have lenient return policies, while some pawn shops provide guarantees of authenticity, and some say “all sales are final and no returns.” The policies from one pawnbroker to another can differ significantly, so read the policies carefully.

Use Cash to Pay

If you’re paying with cash, you have a high chance of closing the deal at that time. Besides, when you pay with cash, you won’t exceed your set limit, shielding you from accumulating credit card debt.

The Bottom Line

If you need cash instantly without lengthy paperwork to tackle emergencies, a pawnbroker is a reliable source that can offer quick cash for the short term. Again, if you want to sell off something of value relatively quickly, a pawnshop will buy it from you for a decent price.

Mega Cash is a licensed pawnbroker and second-hand dealer in Australia, operating through its eight branches in NSW and one in QLD. Find us quickly through our store locator page.