Have you thought that you may have some extra belongings around the house that you could get cash for? Going through the process to sell these things yourself can take quite a bit of time.
This is a time that you may not have. Pawn shops are one of the quickest and most convenient ways to get cash for your stuff. If you want to make money fast then the pawnshop is the way to go. Many times you can get cash in a few hours.
Let’s take a look at the best things to sell to a pawn shop, how it works, and some ways that you can cash quickly.
What Is A Pawn Shop
A pawn shop is a place where you can take belongings that you no longer need. Once at a pawn shop, you can sell or get a loan for your items. Pawn shops are generally looked at as being a bit of a seedy type of place, but that is really not the case.
Although some people will try and pawn stolen items, pawn shops are used by many hardworking citizens. People of all types need to get cash for their belongings from time to time.
Pawn shops can be straightforward to work with if you don’t want the hassle of selling a product on your own. It’s essential to fully understand how a pawn shop works.
To make sure that you make the best deal for yourself you should know what a pawn shop is and how it works.
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How Do Pawn Shops Work
Technically when you sell to a pawn shop, you are really only getting a loan for the belongings. This can get confusing for some people, but the process just needs to be clearly laid out to understand it a bit better.
Pawn Shop Price Guide
When you bring your items to the pawn shop, you may have some idea of what they are worth. Whatever you think your item is worth, you will have to cut that value way down.
Pawnshops are not going to pay you anywhere close to the amount that your belongings are worth. In fact, most pawn shops will pay you about 50% of the value of the item you bring in.
It is essential to understand this from the beginning and make sure that the pawn shop route is the smartest for you. If you need instant cash and can’t get a loan, the pawn shop could be the way to go.
You should take a look at a pawn shop price guide before you head in with your belongings. Looking through the belongings, you may find that you are better off selling them on your own as opposed to bringing them to a pawn shop.
Pawn Shop Loans
Technically, a pawn shop works because you will get a loan for the items you bring to the pawn shop.
You will walk in with the items that you would like to sell and get an estimate from the pawn shop owner. They will give you a price based on the amount that they think they can sell it for after you have left it for thirty days.
Let’s say, for instance, you bring in a bike that is worth $200. The pawn shop will tell you that they will hold the bike and give you $100 to come back in 30 days. At the end of the 30 days, you can come back, pay the $100 and the fees and get your bike back.
If you don’t come back at the end of the 30 days, then the pawn shop owns your bike and can do whatever they want with it. Many people who go into the pawn shop for the loan never have any intentions of coming back for the items that they brought in.
Pawn shop loans are fast, and they do not do things like a credit check when you need a loan. The reason there is no credit check is that they hold your items as collateral.
If you don’t pay, they own your item. Pawn shops have significant margins and make quite a bit of money for themselves. After all, getting a loan this quickly without having to go through any type of credit check is almost unheard of.
What Can You Sell At A Pawn Shop
Now that you have a better idea of how this pawn shop works, you may be wondering the types of items that a pawn shop will take. The pawn shop takes a variety of things, but most of them are going to be in great shape and have the value that others would be looking for.
In other words, a pawn shop does not want your junk. They need products that are going to be easy for them to sell should you not return with the loan in the 30-day window. One of the main things that you will see pawned is jewelry.
People bring gold, and jewelry made of precious metals, to a pawn shop all the time. When an engagement or a wedding goes wrong, sometimes the cash is all anybody wants to deal with. Having to sell jewelry on your own can be very difficult, and quick cash from the pawn shop is very likely going to be a better deal.
In addition to jewelry, many things like phones, flatware made of precious metals, electronics, home and garden tools, and video games can be good to sell at a pawn shop.
In general, things like clothes are probably not going to be accepted, and bringing those to a consignment shop may be a better idea. Car batteries are another thing that you can make more money by selling them elsewhere.
Best Things To Sell At Pawn Shops
Now that you have a better understanding of how pawn shops work let’s take a deeper look into some great things that you can sell to a pawn shop. If you need cash quickly, here are some things to sell that you may not even miss when they are gone!
Best Things To Pawn Around The House
Many people don’t realize the value of some of the household items that they have. There are many things around your house that you can sell or pawn for cash.
Housewares
Think of things like sewing machines and large mixing blenders. What about that lamp that you never use? If you paid a good amount of money for some of your housewares, there could still be value left.
Some pawnshops may even take furniture; you will just want to call first before you show up with your couch and dining room table in your car.
Power Tools
Power tools can be pawned for quite a bit of money. Many people only use power tools for one or two projects, and then they sit in the garage for years to come.
If you have an old saw or drill in the garage, it may be time to see what you can get for it at the pawnshop. Make sure the tools are in good working condition if you want to get the most money for them.
Yard Equipment
Yard equipment is worth a lot of money when it is first purchased. If you have a lawn service now and don’t need your weed eater, tractor, or blower, chances are you can pawn them for a good bit of money.
Yard equipment is a top seller in a pawn shop and a great place to look if you need a new lawnmower.
Things To Pawn For $50
If you want to get a better idea of how much something will sell for it is a good idea to evaluate the average prices that things go for at a pawn shop. Here are some things that you can pawn for $50.
- Laptop
- Flat-screen TV’s
- Video Game Consoles
- Smart Watches
- Musical Instruments (Guitars)
What Can I Pawn For $100 Dollars?
If you want to get closer to $100 in quick cash from a pawn shop, you can use some of the same items that we recommend for $50, but here are a few others as well.
To get $100 in cash from a pawn shop, you must assume your products are valued at $200 or more.
- Tablet
- Speakers
- Mountain Bike
- Golf Clubs
- Gun
- Jewelry
- Camera
- Hunting or Fishing Coolers
- Appliances
- Designer Bags or Coats
- Air Conditioning Unit
What Can I Pawn For $200 Dollars?
Being able to get $200 by pawning your items is only slightly more difficult than getting the $100, but it does require you to be a little more flexible.
In order to successfully get money for your items at this price point, you will need to have an inventory that has a value of anywhere from $300 – $400.
The best way to get $200 in cash is to pawn high-end items, such as those that are listed below.
- Cell Phone (new)
- Wedding Ring
- Gaming Consoles
- Musical Instruments (Drums)
- HD Camcorders
What Can I Pawn For Quick Cash
Although most pawn shops are going to give you a speedy loan on the products that you pawn, there are some that are going to be very fast.
Since pawn shops do this sort of thing day in and day out, there are certain products that they know they can give you quick cash for. Here are a few things that you can pawn for quick cash.
Jewelry
Probably the top seller in a pawn business, a pawn shop will have a very good understanding of the product that you have in your hand and should be able to give you quick cash.
Sports Equipment
Did you go for those $3000 golf clubs, and you are now regretting that decision. Chances are you can pawn your golf clubs quite easily at a local pawn shop. Golf clubs are a prevalent item to pawn, and it is easy to get an accurate value on clubs.
Other sporting equipment also works at a pawn shop. Usually, the more expensive things like baseball bats, bowling balls, and bicycles are going to be the best sellers.
Electronics
Electronics, including old phones and laptops, can do very well at a pawn shop. If you have old ipads or iPhones, you may be able to get some quick cash for them.
Check a value guide before you head into the pawn shop. Even though you paid a great deal for your electronics, don’t expect the pawn shop to pay you all that much for them.
Recreational Vehicles
Sometimes you will find that a pawn shop will give you quick cash for a jet ski or a golf cart.
These toys that people buy don’t always work out, and if you are trying to move quickly or are tired of maintaining a recreational vehicle, pawn shops will help you rid of your belongings.
Guns
Guns are very commonly pawned. There are some strict regulations about pawning and purchasing guns from a pawn shop. Make sure that you follow the proper regulations if you are trying to pawn a gun.
Instruments
Musical instruments are expensive, and people don’t always end up using them for their entire lives. The combination of these two factors makes them great for a pawn shop.
What Do Pawn Shops Give The Most Money For
What are the most profitable items for a pawn shop? A lot of people may think that they will just be buying jewelry, gold, and diamonds, but in reality, there is so much more to offer. For example, Pawn shops may buy a vehicle, jewelry, or even a piece of real estate.
However, pawn shop owners know that they can profit more by reselling items like antiques and designer handbags because these higher-ticket items are in high demand from customers.
Is It Better to Pawn or Sell
When it comes to pawning or selling items, there are a few things to consider. Ultimately, the decision will depend on whether or not you want to get your items back. If you do, then pawning is the way to go. This allows you to get some money upfront while still retaining the option to get your belongings back later on. On the other hand, selling is the better choice if you no longer want your items and are looking to get rid of them for good.
Pawn Shops Near Me VS. Online Pawn Shops
When determining if you want to work with a local pawn shop or one online, the biggest thing you need to watch out for is the legitimacy of the business that you are working with.
If you have a way to verify that the online pawn shop you are working with is real, that is very important. Pawn America (Cash America Pawn) is one of the most popular online stores.
A local pawn shop is best if you think you will be picking up your item after 30 days. If you use an online shop, there are going to be additional fees for shipping that you will want to avoid.
Local shops are going to charge plenty of fees for interest and processing; the last thing you need is more fees tacked on to this.
You will need to decide which one of these situations is best for your needs but keep safety and value in mind when you do so.