If you need money urgently, you might think of getting a payday loan or a credit card cash advance. These two options can solve your cash-related problems; however, they have their drawbacks, including high fees and interest rates.
If you are in a tight financial position, you can also consider a pawnshop. If you are a new customer, you will need to learn some tips that you can get you the most money for your items. Here is how you can get the best prices at pawnshops.
Do Your Research
You should ensure that you have researched before taking your item to the pawnshop. It would be best if you found out the kind of things your local pawnshop accepts, and their prices. If you walk into a pawnshop without knowing the prices, the shopkeeper can quote any amount, and you won’t know if it’s good or not.
Additionally, shopkeepers are quite good at reading customers. They can tell whether you know how much your item will fetch. If you are unconfident, unscrupulous ones might take advantage of you and quote low prices. If you are considering selling valuable items like art pieces and jewelry, experts need to conduct valuation so that you can have proof of their value before selling.
Sell or Pawn the Item?
Pawnshops can buy an item from you or give you a loan. If you opt for the loan option, they will hold on to your valuable until you finish paying back the amount. Sydney pawn shop advisors state that the decision to sell or offer an item as collateral for a loan will depend on your financial situation. If you are looking for an emergency loan and you’re sure that you will pay it off during your next payday, you can pawn the item. If you aren’t able to pay off the loan, find things that you can sell.
If you decide to pawn, choose items that won’t heartbreak you if you lose them if you default on payments. It is worth noting that most pawn shops will offer you more money if you are selling; hence, it would help if you sold items that you no longer using to get the extra cash.
Offer Quality Items
You won’t get decent money if you sell or pawn junk. Everyday inexpensive items, such as household appliances, coffee makers, and toasters, will not get you much because most customers do not buy these items from pawnshops.
Customers often go to pawnshops to get good deals for rare items. You can get 75% to 85% of the value if you offer the following items:
- Power tools
- Rolex watches
Master the Art of Negotiation
The first offer that shopkeepers give isn’t the final one. Learn how to negotiate because they are expecting it from you when they give the first offer. If you researched thoroughly before proceeding to the shop, you probably know the value for your item.
You should always remember that it is impossible to get the full value for your pieces because the shop won’t make any profit if they paid you the entire amount. Always aim to get at least 65% to 85% of the total value, depending on what you are selling. If you are selling rare items that are in impeccable condition, negotiate for a higher percentage.
Have a Good Tale
It is always a good idea to have a story behind your item because shopkeepers are always willing to listen to it. If you are selling an item, most shopkeepers aren’t always willing to up the prices very much. However, if you are using the thing as collateral for a loan, most of them will consider your situation when establishing how much they will give you for the item.
If you are emotionally attached to the item, let the shopkeepers know because some will loan as high as 100% of the value of the item, if they are persuaded that you will go back for it.
Different pawnshops offer different prices; therefore, it is essential to visit a couple of them to ensure that you get the best deal. The best thing about shopping around is that you are sure you are getting a fair deal.
If you need cash for an emergency, a pawn shop can help you. These tips will ensure that you get a good deal if you decide to sell or pawn your items.