How to Sell at a Pawnshop

The repo man will be by tonight to take your new convertible unless you have cash in hand. When it comes to fast money, there's no place like the pawnshop. Sometimes, though, cashing in on an antique can be difficult.

Difficulty:

Moderately challenging

Instructions

Things You'll Need

• Appealing merchandise

1. Think small. Items like antique jewelry, a silver service piece, old guns or artwork are most likely to get a shop owner's attention. Fewer pawnshops are equipped to deal with big furniture pieces or rare pottery.

2. Put yourself in the shop owner's shoes to judge the sales appeal of your item. He or she is only going to buy what will easily resell. If you have an antique to pawn, finding a pawnshop in an antiques district may bring a better deal. That shop will have more customers looking to get a deal on an antique.

3. Lower your expectations. The shop owner may offer only about 30 percent of value for your item. The offer will be lower yet if the shop owner is not familiar with the piece.

4. Ask the owner how long he or she is legally required to hold onto an item before offering it for resale, in the off chance you come down with a case of seller's remorse or your mom finds out.

Tips & Warnings

• If your need for cash is short-term, ask the pawnshop owner for a loan on the item. Keep in mind that the 4 to 6 percent interest rate is per month, not per year. Fees could get out of control fast if you took a year or more to pay back the loan.

• Check if the broker is a member of the National Pawnbrokers Association (nationalpawnbrokers.org).