Best Pawn Shops Near Me (2024)

FAQs

How much will a pawn shop give you for a $1000 item? ›

You'll typically walk away with around 25% to 60% of the pawned item's value, with the average loan being $75 to $100. If you pay off the loan in a certain amount of time, you can get your item back. Be careful! Pawn shop loans often have higher APRs than other types of loans.

The loan amount that a pawnbroker offers will be based on the item's assessed resale value, often much lower than its original purchase price. If the item is approved, a lender will typically offer 25% – 60% of the resale value.

It really depends on the pawn shop, but typically you can expect anywhere from $100 to $200 for a PS4, assuming it's in good condition and comes with all the cables and a controller. Win official PlayStation gift cards by playing games on Playbite!

It depends on the condition and the pawn shop, but generally, you can expect around $300-$500 for a PS5. It's always a good idea to shop around and get a few quotes! Win official PlayStation gift cards by playing games on Playbite!

Value. If you decide to pawn an item, you'll likely receive less cash than what it's worth. Selling, however, typically means you'll receive a higher amount of money. Keep in mind, though, that even if you receive less cash to pawn an item, you'll be given that item back as soon as you repay the loan.

The pawnbroker is here to get a good price for the shop, too, and if you ask for an extreme discount, they might think you are not serious about the purchase. Try to be reasonable about the discount you're asking for; it's highly unlikely they'll sell the item to you for less than half of its price.

Many people wonder do you get more money for pawning or selling. When selling, rather than pawning, assets, you will be seeking full market value for your item. For pawn loans, the loan amount is usually a percentage of the total value of the asset. This is known as the loan to value or LTV.

How to get cash fast? ›

Precious Metals

Regardless of how the economy is performing, precious metals (mostly gold and silver) generally hold their value quite well over time and can even perform better than traditional currencies in some cases. Therefore, they make great items to pawn.

Most pawnshops try to maintain a 38-50 percent profit margin, which means they want to earn that much compared to what they offer you. So, they'll assess your item's market value, then reduce it by their profit margin.

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In general, you can expect to receive about half of your item's market value in your loan. However, this depends on the item. Items that are regularly pawned, yet don't have a lot of buyers will lower the offer price. In those cases, you will receive less than 50% of the market value.

At a pawn shop, you leave your property and, in return, the pawnbroker typically lends you approximately 25% to 60% of the item's resale value. The most commonly pawned items are jewelry, electronic and photography equipment, musical instruments, and firearms. The average amount of a pawn shop loan is about $75–$100.

Power tools and equipment retain their value especially well if they are name-brand and in good working condition. Popular, trusted brands include: Milwaukee, DeWalt, Craftsman, Ridgid, Kobalt, Skil, Bosch, and Festool. The newer the tool, the more cash you'll likely get for it.