Pawning 411

What is Pawning?

According to the Merriam-Webster: pawn (noun\ ˈpȯn , ˈpän \): something delivered to or deposited with another as security for a loan.

Pawning is becoming less secretive to speak about thanks to TV shows like ‘Pawn Stars’, ‘Hardcore Pawn’, ’Storage Wars’, and more socially acceptable to brag about deals you’ve achieved at the local pawn shop whether it was for a loan, selling or purchase.

But if you have not pawned before, you probably asking: ‘where do you go’, ‘what do you look for to get the best deal’, and many other questions that are quite common.

Every Pawn Shop Operates Differently

The first thing to know is that ALL pawn shops operate a little differently. Most pawn shops are not owned by box store organizations, but local individuals.

Some pawn shops will be open to deal on every item of quality that crosses their threshold, while others may only specialize in jewellery, and others may not take any laptops for whichever reasons they may have.

You can call up your local pawn shop (if they aren’t listed on PawnBat) and inquire if they take the items you are trying get a loan on or sell. (Unsure what to pawn, check out our article here *insert link to article* for ideas.)

Also, if you can ask them about what identification they take to do a transaction with you. An example most shops will want photo identification, like a driver’s license.

How to Get Top Dollar

Whether you are going to a pawn shop to loan or sell, the pawnbroker will always look at your items as if they will be needing to resell it.

Majority of people who do a pawn loan intend to come back for their items, but situations change and the pawnbroker needs to resell the items when the owner doesn’t return for it.

Keep that in the back of your mind when you go to negotiate. Though the item may have a sentimental attachment to you, it is a business for them, not personal. Their shop is stocked with other people’s promises that the borrower would return but did not.

In saying this, you can still get great value for your items if:

1. Polish Up the Item

If it is tools, a laptop, or a bike, make sure you take some time to clean it up to make it sparkle like new (or as close to it). This is appealing to the pawnbroker, as it means less time for them to clean if need, and also it means you took care of the item in question.

2. Bring in All the Parts, Documents, and Packaging

Example for drills bring in all the drill bits, batteries, cases, chargers, that go with it. For laptops, make sure you bring in the cords and chargers that go with it.

If you are selling jewellery or sports memorabilia then bring in any documentation that will show and help the legitimacy of the item you’re trying to pawn.

Bringing in a cellphone or gaming systems and games, it is better value for you to bring it in the original packaging if you still have it on hand. Particularly for Apple products as it shows the gigabytes, model, and other helpful information.

3. Charge or Fuel Up

Make sure the item you are bringing in is fully charged or has a full tank of fuel so that the pawnbroker will be able to see that everything is running orderly and there aren't any problems.

With these tips, you should be good to go pawning. Best of luck!