Dealing with a pawnshop can be quite confusing - especially if it's your first time.
The process can be intimidating thanks to reality TV. You may also have heard of horror scam stories from friends. It's no wonder people veer away from going into pawn shops!
In reality, pawning off an item is not at all bad. What one needs is the right knowledge coming into the store for a great experience!
Here are some questions people tend to have when attempting to pawn something off.
How much do pawn shops loan?
Pawn shops will loan you less than the retail value of your item.
Why? They usually keep in mind its resale value. They still need to turn a profit, after all.
Pawn shops usually give 20% to 60% of an item's resale value with 50% as the average.
Although the price is low, the cash is readily available. Pawnshops save you the trouble of going through the selling process altogether in one go.
More than that, you can choose to take back the item once you've gained the extra cash.
How to pawn a phone in 2020?
Pawnshops purchase or accept smartphones of various kinds. Just keep in mind that they do an extensive inspection of the item before offering you a deal.
Firstly, pawnshops do not accept stolen phones. They are virtually worthless. Pawnbrokers are quite strict with this rule and if they suspect the phone was stolen, don't be surprised if they turn down any deals whatsoever.
Other than that, phones are one of the top 3 best selling items in a pawn shop!
If you're about to pawn your phone off, make sure to ask yourself the following question: Am I willing to let the phone go? If you are, maybe selling the item would be a better option. If not, pawn away.
Once you've started haggling with the dealer, remember that a smart phone's value depreciates after two years, so manage your expectations. You may not get the amount you're expecting for phones that are over two years old.
Now, all you can do is hope they see the value in your item!
How much would I get if I pawn my laptop?
The amount you can get is highly dependent on the item itself.
How recent is the model? What is the condition of the laptop at the moment? What's the current value? Is the demand high for the particular item?
With all that considered, you can walk away with anywhere from $1 to $1100+. The value increases when the brand and the model is better, in general.
How to sell a laptop to a pawn shop?
Any pawnshop would take a laptop. So then the question becomes, how do I get the most money out of the deal?
The first step is to backup and remove all personal files and data. The best way to do this is to save all files in a drive and perform a factory reset. Then, clean the laptop. Run a soft-tipped vacuum nozzle through the keyboard and wipe it down. Try to eliminate all fingerprints and smudges as well. Finally, note down all the possible details of the laptop: model or series, brand, screen size, RAM, and even dents and other issues.
Brands that fetch the best prices include:
Finally, it is time to get the best deal you can!