Pawning your old or unused possessions is a good way to get some fast cash. When you pawn something, the pawnbroker will keep your items in exchange for a loan. Once you pay back that loan, the broker will return your item. But before you walk into a pawn shop in Norwich, CT, there are a few questions you should be ready to ask to ensure you’re working with the right broker. Continue reading to learn more about pawning and choosing the best pawnbroker for your situation.
What is the interest rate?
Just like with any type of loan, there will most likely be an interest rate associated with it. This amount will probably vary from shop to shop, so before you choose to pawn your item, you should be sure that you’re getting the best deal. You’d hate to pay too much interest for your loan. Additionally, make sure you know when your fee is due each month. Not paying on time could result in additional fees or penalties.
Do you charge any fees?
Speaking of fees, does that pawnbroker charge any? That’s something you should know! Less than reputable pawnbrokers will charge additional hidden fees, like a ticket or storage fee, that might not be discussed unless you raise the question. Try to find a pawnbroker who won’t charge you more than what’s fair.
Where are my items kept?
Where your item is stored is just as important as how much you have to pay to keep it at the pawn shop. Assuming your item is valuable, you should choose a pawn shop that’ll keep it someplace safe and secure, like in a back room under lock and key. Pawn shops can be easy targets for burglars, so be sure that your item won’t be in plain sight if a robbery does occur.
Do you have insurance?
Any reputable pawn shop should have insurance. If the shop is broken into, insurance will cover all costs, so you won’t be left out to dry. Don’t just take the pawnbroker’s word for it, either—ask to see proof of insurance before you sign on the dotted line and get your loan.
Is that your best offer?
Last, but certainly not least, ask if their offer is truly the best the pawnbroker can do for your possession. Who knows—the pawnbroker might’ve tried to lowball you to begin with. Asking for a little more money or a lower interest rate never hurts, and you could find yourself getting a much better deal than you originally anticipated. Remember, you should never feel committed to pawning your item off at a particular shop. Feel free to browse around and see which pawn shop can give you the most money for the lowest interest rate.
If you’re looking for a reputable pawn shop in Norwich, CT, look no further than AZ Pawn & Guns. In addition to offering top dollar for every item, you can sleep well at night knowing that your goods are safe and sound in our store. Give us a call or come by today to learn more about pawning and to see what your items are worth.
Categorised in: Pawn Shop
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