“Pawning” is a process in which you give the pawn shop an item in exchange for a cash loan. For example, you might pawn your television as collateral for a $100 loan. If you repay the loan by a specified date after you pawn the item, you can retrieve your TV. The loan repayment amount will include interest and fees that are typically regulated by the state. If you don’t repay the money on time, the pawn shop takes ownership of the TV and can offer it for resale. Most of the items pawned are reclaimed by their owners, but some are forfeited and provide inventory for the pawn shop to sell. Pawn shops also purchase items outright to resell.
We have created a short list of tips to keep in mind if you have items to pawn:
- Decide if you wish to pawn or sell your item. We offer both choices, but you must consider several things, among them whether you want your item back, your ability to repay the loan, and the value that you feel your item has.
- We are resellers, not collectors. It is possible that an avid collector, should you find one, will pay you top dollar for a vintage toy, but that may not always be possible at a pawn shop. Set a minimum price that you would deem acceptable before you go in – this way negotiation can get right to the point and you will not make a rash decision only to regret it later.
- Back up your perceived value with tangible data. If you bring in a valuable item such as a piece of jewelry or an old coin, it helps to have some documentation showing its worth, often in the form of an appraisal. If that is not available, share as much information as you have about the item to facilitate a proper determination of value.
Some pawn shops specialize in certain items, such as antiques or firearms or appliances etc. Metro Pawn & Gun works with just about everything, so chances are we will be able to help you with your needs.
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