Pawning vs. Selling Items: What’s the Difference?
Selling or pawning an item at a pawn shop yields the same result for you. That’s because, in either transaction, you give up an item (frequently jewelry, electronics, coins, antiques, etc.), in exchange for money. However, that’s where the similarities between pawning and selling an item end.
When you pawn an item, you are only giving up your item temporarily, in exchange for a loan. You can buy back your item, as long as you pay off the pawn loan. When you sell an item, you are giving up the item forever, in exchange for money.
Benefits of Pawning
There are several reasons you may choose to pawn an item instead of selling it. The main reason most people choose to pawn versus sell an item is that you can get your item back. This makes pawning items very appealing when you’re short on cash, but money is on the horizon. Pawning also allows you to maintain ownership of items that have sentimental value, such as coins and collectibles.
Secondly, a pawn loan can help you through a shortfall, without affecting your credit. Even if you’re late on a pawn loan payment, your credit will not be affected.
Additionally, the approval process for a pawn loan is very quick. Unlike applying for a loan through a traditional lender, the decision can be made on the spot. That means you can leave the pawnshop with your money quickly.
Benefits of Selling Items at a Pawn Shop
There are several reasons people choose to sell items at a pawn shop instead of pawning items. First, the amount of money you can leave with is much greater than if you pawn an item. When you pawn an item, you receive a smaller percentage of the value of the item. By contrast, when you sell an item at a pawnshop, you receive a much larger percentage of the value. You also don’t have to pay back a loan, or accompanying interest.
This is an attractive option for some people because there is no loan to repay, and no loan paperwork to fill out. Plus, selling items that you no longer want, such as musical instruments or sporting goods your family has grown out of, is a great way to declutter your home, while making extra money.
Things to Consider When Deciding Whether to Pawn or Sell Items
There are considerations before you decide whether to pawn an item or sell an item. A good way to determine which method is best for you is to consider the following:
- Do you want the item back?
- Do you have an emotional attachment to the item?
- How much money do you need?
- Will you be able to repay the pawn loan in keeping with the terms?
If you want your item back, your best bet is to pawn the item. However, it’s important to remember that if you default on your pawn loan, the pawnshop keeps your item.
If you don’t want your item back, selling it to the pawnshop is likely in your best interest, as you’ll get more money.
Things to Know Before Selling or Pawning an Item
Although selling and pawning items can be a great way to get money quickly, there is no guarantee that the item(s) you want to sell or pawn will be accepted.
For example, if the pawnshop you visit currently has an ample stock of watches, they may not be interested in buying your watch. Typically pawnshops decided to accept items based on the value of the item, and the demand for the item from the local community.
Likewise, the shop reserves all rights to turn down items that don’t meet their quality standards. Reputable, state-certified pawn shops, have high standards when determining if they will accept an item.
Finally, keep in mind that the pawnshop will determine the value of your item, and your loan will be structured in keeping with that value. Just because you think your item is worth a certain amount, doesn’t mean that the pawnshop will offer you that amount of money.
Items That Are Frequently Pawned or Sold at Azusa Pawn
Once you’ve decided to part with a belonging, either temporarily, or permanently, you’ll need to ensure that the pawnshop you’d like to work with accepts the type of item you’re planning to pawn. For example, at Azusa Pawn, we’re particularly interested in:
- Game Consoles
- Gold & Silver
- Musical Instruments
- Sporting Goods
- Video Games
Ultimately, deciding whether to pawn or sell your items will be a decision you’ll have to make. Be honest with yourself about your ability to repay a pawn loan. Likewise, make sure that if you’re planning to sell an item that may be sentimental, that you’re ready to part with it. The last thing you want is seller’s remorse.
Pawning or Selling Items at Azusa Pawn is Easy
Once you’ve determined which item you’d like to pawn or sell, you’ll want to bring your item into our shop. As a top-rated pawnshop in the San Gabriel Valley, Azusa Pawn is the fastest-growing pawnshop in the region. We aim to provide a valuable service to the communities we serve, by providing immediate cash to those in need.
With hundreds of top reviews from verified customers, we’ve worked hard to earn our reputation as one of San Gabriel Valley’s premier pawnshops. Visit us today, to turn your items into cash, shop for an incredible gift, and meet our friendly team. We’re conveniently located near the 210 and Azusa Avenue, and serve all of Azusa, Baldwin Park, Glendora, and surrounding communities.