Common items to pawn include musical instruments, jewelry, sports memorabilia and electronics.
If you've never been to a pawn shop, you might be wondering what exactly goes on there and how it works. Pawn shops have excellent bargains, similar to those at a garage sale or yard sale. Pawn shops complete three primary tasks: selling used products, purchasing new and used products and allowing individuals to take loans out by leaving something as collateral. There are a few things you should know before doing any of these things.
Know Your Item
Carefully select the item you are pawning, either to sell or use as collateral. Conduct your own research on the item either online or by calling around to different stores. If your product is a collector's item, make sure to take in any paperwork that states its authenticity; this will ensure a fair price. Make a decision on a price that you are asking but remember that a pawn shop is a business; they need to make a profit as well.
Negotiate
Negotiating a price can be one of the most intimidating factors of a pawn shop and many people are uncomfortable with this idea. Understand that this is part of the process and bartering and dialog are important. If you're unsatisfied with the number the pawn shop is giving, come back with another offer. This process may go back and forth several times; it is expected. Don't feel the pressure and agree because the pawn shop owner is confident and an excellent salesmen. Remember you don't have to pawn your item at any shop; you can go somewhere else and get another offer.
Stolen Items
Pawn shop workers and owners are highly skilled at fishing out stolen items that are taken into their businesses. They work closely with police enforcement to ensure that all their items are authentic. Be cautious with the items you take in; know exactly where your items came from and ensure that the items you are pawning are legitimate. Even if you didn't steal the item but you accidentally purchased a stolen item, you are the one who will be held liable.
Late Loans
Pawn shops will allow you to put an item up for collateral if you take out a small loan. Depending on the pawn shop, you will be given a certain time frame in which you are to repay the loan and then receive your item back. If you are going to be late, you need to contact the pawn store manager immediately. Keep in constant communication and always try to pay on time.
Tags: pawn shop, Pawn shops, another offer, ensure that, used products, your item
