Let’s begin this discussion about pawn shops with some real talk: The chances of a pawnbroker loaning you the full market value of a collateral is slim to none. That being unfortunately so, it’s important to do everything you can to get the best possible price for your item or property.
Here at Biltmore Loan and Jewelry, our goal since the very beginning has been to provide the ultimate upscale collateral lending or outright selling experience. That’s right—our team would be more than happy to offer competitive rates for your high-value items.
How to Get High Offers for Your Items at Pawn Shops
Before you complete this online form to request a free market appraisal, consider the following to get the best possible offer for your collateral:
1. Consider selling outright
If you’re willing to say goodbye to your item for good, it may help to know that many pawn shops will offer more money if you choose to sell your item outright instead of offering it as collateral for a loan. Through this option, the pawnbroker can sell your item immediately (after completing all legal time requirements), rather than hold it for the duration of the loan.
In the process of deciding which things to pawn or sell, start with items that you may be willing to part with forever. Some examples may include an engagement or wedding ring from a failed marriage, or heirloom jewelry that none of your family members wish to inherit.
2. Find out if your item is valuable enough to pawn or sell
Pawnbrokers accept a wide variety of items, including jewelry, timepieces, designer handbags, precious metals, and so much more. In fact, here at Biltmore Loan, our tagline is “we buy or loan on most anything you own.” However, there’s no denying that some items simply command better prices, including these 7 Luxe Items to Sell for Fast Cash During a Pandemic.
3. Do some research to find out how much your item is worth
To know whether a pawn shop’s offer is a good one, you need to have an idea of how much your item is worth. For instance, if you want to pawn a genuine pre-loved Judith Leiber handbag, then compare prices on websites that are selling second-hand purses.
4. Clean the item
If you were subletting your house or apartment, you wouldn’t let your potential tenants come in while there’s a pile of dirty dishes in the sink and a layer of dust coating every piece of furniture. The same is true for the item you’re pawning. Clean it, polish it, make it sparkle and shine.
5. Bring documentation
If the item you wish to pawn has an exceptionally high value — such as an Hermès Himalayan Birkin Bag or a Cartier LOVE Bracelet — having all the necessary documentation, including the receipts, authentication cards, and any accessories that came with the item, may help raise a pawnbroker’s offer.
The rule of bringing documentation applies to other pawnable items as well, including artwork, collectibles, high-end electronics, and more. If you don’t have any proof of authenticity — worry not! A good appraiser will still be able to determine whether an item is authentic or a fake.
However, keep in mind that not all pawn shops offer on-the-spot appraisal services for designer items like Biltmore Loan and Jewelry does. If you do business elsewhere, you may need to look for an appraiser before bringing your item to a pawn shop.
6. Don’t hesitate to negotiate
Haggling may seem difficult and intimidating, but if you really need the money, then negotiating for the best possible price is fundamental. This is where all the research you did about the value of your item will come in handy.
The question is, how can someone with no experience in haggling even haggle?
Here’s a pro tip: If a pawnbroker asks how much you want for your item, do not give a number. Instead, ask them how much money they’re willing to offer you, and go from there. Remember, you are in no obligation to accept an offer. If you and the first pawnbroker you meet can’t reach an agreement, there are plenty of other pawn shops out there.
7. Understand how pawning in Phoenix, AZ works
Similar to commercial banks, pawn shops are legitimate businesses. Now, most of us are aware of how strict banks are when it comes to their rules and regulations. On the other hand, pawn shops have rules and regulations as well, but these businesses are more lenient in a sense that they typically don’t conduct credit checks before accepting collaterals for a loan. Still, there are consequences. Before you go to a pawn shop, you must understand their processes.
The laws regulating pawn shops differ depending on location, and they are all subject to federal laws that apply to other entities regarded as financial institutions, including the Bank Secrecy Act, Truth-in-Lending Act, and IRS regulations that require reporting certain cash transactions.
Furthermore, because pawn shops are a common place for people to sell stolen goods, sellers and borrowers must disclose their identification, as well as provide a complete description of the item being pawned or sold. Pawn shops will then send the information to a law enforcement agency.
Read How Do Pawn Loans Work? How to Pawn in Phoenix, AZ for more information.
Pawn, Sell, or Buy — All in One Place!
Biltmore Loan and Jewelry is all about providing the residents of Arizona a safe place to pawn and sell their items. However, we would like to introduce the other side of our upscale pawning and outright buying business: Our organization is also an excellent resource for buying a wide range of reasonably-priced high-value items. Plus, we offer a more environmentally-friendly way to shop. Click here to see what’s for sale.
If you need cash fast and don’t have an emergency fund — you are not alone. In fact, according to a news report, most people in the United States don’t have enough money to pay for a $1000 emergency. During times of crisis, getting a pawn loan can be a good solution. Contact us now if you are interested in pawning or selling some of your valuables.