With reality TV shows bringing pawn shops into the national spotlight, more and more people are intrigued by the prospect of selling their valuables to a pawnbroker. To ensure a successful transaction, it’s crucial to keep a few important tips in mind.
How to Sell Items to a Pawnbroker
1. Determine if You Want to Pawn or Sell
“Pawning” means you give the pawnbroker an item of value as collateral for a small cash loan. When the loan and any applicable fees are repaid within the terms outlined in the agreement, you get the item back. If the total sum of the loan plus the interest and fees are not repaid within those terms, you forfeit the item.
Not everyone needs a short-term loan or quick cash, however. If you have a bunch of gold jewelry you’ll never wear again, you can take it to a pawnbroker and sell it outright. The same goes for other items of value, like electronics and musical instruments.
2. Do Your Research
Once you’ve determined whether you want to pawn or sell, the next step is to find a quality shop. You can do this by reading customer reviews online. Then, research the item so you know what it’s worth. You can look at websites to see what similar items are going for, but if you have high-end belongings like gold, silver, or diamond jewelry, it’s a good idea to have them appraised by a professional.
3. Don’t Be Afraid to Negotiate
The pawnbroker will likely ask how much you want for the item. Instead of giving them a number, ask what they’d be willing to give you for it. When you make them give the first number, it’s more likely to be closer to the item’s actual value. If you aren’t satisfied with their offer, you can go to a different shop. Different professionals evaluate items differently, so it’s a good idea to get multiple offers, and it may even be wise to sell multiple items to different brokers to get the most money.
Whether you want to pawn, sell, or are interested in seeing what you can buy from a quality pawn shop, you can’t go wrong at Moore Pawn & Furniture in Lincoln, NE. Their pawnbrokers offer loans, payday advances, and cash for gold, silver, and diamond jewelry, as well as electronics and musical instruments. Visit their website to see a sample of the items they buy and sell, or call (402) 477-5116 with any questions.