With reality television shops like “Pawn Stars” airing on television, a lot of attention has been focused on the pawn industry. This mainstream attention may be new, but the truth is that this industry is not new – it has been around for over 3,000 years.
If you watch the History Channel, you’ll learn that pawn shops that you see today are operating like mini-banks and they are also great places for people of all walks of life to buy and sell items. Pawn shops deal with a large variety of items including televisions, jewelry, musical instruments, and electronics.
Pawning – What Does it Mean?
When you “pawn” an item, this means you give the pawn shop a piece of your merchandise in exchange for a cash loan. For example, let’s say you have a ring – you go into a pawn shop and use that ring as collateral.
Let’s say you get $75.00 on that ring – as long as you repay that loan by a specified date (usually between 90-120 days after you pawn the merchandise), you will be able to get your ring back. The repayment amount will include fees and interest that are regulated by the state you pawned the item in.
If you fail to repay that money on time, then the pawn shop is going to own the ring. Since they own it, they can resale it. Out of all the items pawned, about 70% of them are reclaimed by their owners and the average loan amount is between $75 to $100. Pawn shops may also purchase items outright and resell them.
Below are some tips you can use for buying from a pawn shop:
Research – When you go to a pawn shop to buy an item, it would be a good idea to do your research, especially if it is a high priced item. You need to know the value of the item in its current condition before you even pull your wallet out.
Feel Free to Negotiate –Every item in a pawn shop is going to have a price on it, but you should look at that sticker as your starter point. Pawnbrokers are experienced with negotiating, so it’s a good idea to have a limit in your mind before you start bargaining. Also, the longer something sits on a shelf, the more room you will have to negotiate.
The Fine Print – Many pawn shops will offer guarantees as authenticity, but unfortunately, not every pawn shop does this. Some of them are lenient on their return policy, while others will tell you that all sales are final. These policies can range widely, so you need to make sure you read that fine print in every pawn shop.
Cash Payment – The pawnbroker may be more willing to take an offer from you f you plan on paying with cash. Plus, paying wit cash will help you stick to your limit and will prevent you from using your credit card.
Buying from a pawn shop like Majorpawn.com can be a whole lot of fun. Just keep the buying tips we just gave you in mind, and you should be good to go.
Majorpawn.com, can help you get paid for your items. If you want to buy any pawn items, before buy any items, read this post we give some tips it’s useful for you, also visit our website for more details and contact with us.