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5 Tips to Get the Best Price for Your Items at Pawn Shop

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Have you ever felt the need to loan cash from a jewelry pawn shop?
I know, we’ve all been through that! 
Because, once in a while, everyone faces a financial hardship.

Why Should You Loan Money from a Jewelry Pawn Shop?

A jewelry pawn shop could be your best resource in times of need. Here, you can get both: an easy loan, or a quick sale. Don’t know how to get the best price at a pawn shop? Below are some amazing tips:

  1. Find Something Valuable and Know What it’s Worth
  2. Decide Whether you Want to Sell or Loan
  3. Shop Around
  4. How to Negotiate?
  5. Learn the Rules

1. Find Something Valuable and Know What it’s Worth

Since you’ve decided to get money from a pawnbroker, you might as well find a valuable item to sell or loan. Now, as the name suggests, a jewelry pawn shop deals only with certain items, including:

  • Jewelry made of precious metals, such as gold, silver, and platinum
  • Valuable stones; diamond, ruby, black opal, emerald, red beryl, etc.
  • Collectible gold and silver coins
  • Luxury watches, such as Rolex, Patek Phillipe, Cartier, Tag Heuer, Audemars Piguet, Vacheron Constantin, etc.

If you happen to own any one of the above listed items, you’re in luck! However, before deciding to take your Rolex to a jewelry pawn shop, make sure it’s in a good condition.

Why? Because choosing an item that’s in a good condition is one way of ensuring that you get the best price.

Plus, if you’re bringing a watch or a ring, look for brand names like tiffany and co. Simply because good brand names indicate the item’s value. On the other hand, if you’ve chosen gold jewelry or coins, check out the current market value of gold before finalizing your decision.

You can also use the following equation to better determine the price of gold items: Trading price of gold/31.3 x percentage of gold x weight. This would give you an up-to-date estimate of your item’s worth before you take it to a pawnbroker.

Lastly, before placing your foot in a pawn shop, ensure that your item is looking appealing enough! For this, you can either give it a simple dusting, or get it polished.

2. Decide Whether you Want to Sell or Loan

Although a jewelry pawn shop will offer more money if you sell the item outright, a pawnbroker would suggest you otherwise. Wondering why?

Well, because a pawn shop owner would want you to return for more business. Nevertheless, since you’ve got the options of both pawning or selling an item, you might as well think about it! Don’t know what pawning means?

Pawning an item is a way of getting quick cash without having to sell any of your belongings. How it works? It’s quite a simple process:

  1. Visit a pawnbroker.
  2. Leave your Rolex (or any other valuable) in the shop’s care.
  3. Get a collateral loan.

How is it different from using a credit card? The interest rate offered by a jewelry pawn shop is quite affordable! Why should you consider getting a loan?

Unlike selling, in case of a loan, you won’t have to lose your much-loved wedding ring forever. Just pay the loan back in time, plus its accrued interest, and you can have you ring all to yourself again!

Don’t know where you can get a collateral loan? Search Google for “collateral loans near me” to get your answer.

3. Shop Around

Believe me, you don’t want to be in a hurry while making your decision. So, before finalizing things, shop around for the best terms and rates that different pawnbrokers are offering

Consider checking local pawn shops around you, as well as online gold and silver pawn shops. Moreover, there are some pawnbrokers that specialize in certain items.

For instance, if you’re planning to pawn a Rolex, a Rolex pawn shop should be your top priority. Why?

Because a specialized shop is not likely to have as much merchandise as a general pawnbroker. Which is why, you might be able to get a better deal. Similarly, if you want to pawn or sell a gold item, go for a gold pawn shop in Los Angeles.

4. How to Negotiate?

Since you’ve already researched enough to decide the worth of your item, negotiate accordingly. In other words, be realistic while negotiating. You can haggle, but not too much. Here are some basic guidelines on how to negotiate:

  • Never be the first one to speak.
  • Hold your ground, and don’t just throw out a random number when asked.
  • Wait for an initial offer to be made from the other side.
  • Remember that you’re not obliged to accept an offer.
  • You can always walk away if the amount being offered is not even close to the minimum number in your head.

5. Learn the Rules

You know how pawn shops have a shady reputation? Well, reputations are based on, if not completely, then partially true facts. Which is why, you should make sure that you understand all the rules that a pawn shop is required to follow.

The laws and regulations that are necessary to be followed by pawnbrokers usually vary based on their location. However, all pawn shops are bound to follow the federal laws that apply to financial institutions. Such as, the IRS regulations, Truth-in-Lending Act, and the Bank Secrecy Act.

So, if you visit a Rolex pawn shop or a gold pawnbroker, make sure they follow the law while making a deal. Moreover, if you intend to pawn your item for loan, know the loan terms beforehand.

Because if you don’t pay you loan back in time, it can get expensive. Also, if you’re unable to return the money, the pawn shop might sell your collateral item to another customer. So, think twice, and be prepared before you enter a jewelry pawn shop!