Local High End Pawn Shops
Pawn shops in your local area should be part of most people’s financial services radar when they are looking for obtaining on the form of loans or through the sale of assets. The majority of people will first go to a bank when needing to access secured or unsecured loans or look for the private sale of assets either online or in local newspaper adverts, with very few people making use of or even considering the benefits of using a reputable pawn shop to obtain the money they need. Pawn shops are now emerging as mainstream sales and financial institutes and no longer adhere to the stereotype of small, dark, backstreet shops where people went to pawn disputable products. Pawn shops now target high value items to buy and then sell and you are now equally likely to find a pawn shop next door to a department store as you are a coffee shop selling a range of coffee drinks.
The prospect of going to a pawn shop is now far less daunting than what it used to be as they shift their target market to those people that have high value, movable assets such as watches, jewelry and art. You won’t find pawn shops selling used VCRs or displaying a range of dusty 1980s TV sets. Your visit to a good pawn shop will now involve viewing designer brand watches presented in brightly lit glass displays and the handling of jewelry on felt presentation boxes while the employee wears white gloves. You are now far more likely to deal with a pawn shop employee wearing a crisp suit and tie or jacket and skirt sitting behind a large wooden desk than you are a pawn shop employee behind security bars, smoking a cigarette.
High end pawn shops have always existed but more and more pawn shops are updating their image to target more discerning customers looking for avenues to sell higher value items and customers that are looking for larger loan amounts with high value items that can be used as collateral against the loan. This has meant a customer experience that needs to align with the expectations of these customers which ultimately means a more professional, friendlier approach and an environment that makes these customers feel more comfortable and respected. Pawn shops have therefore become mainstream and far more visible on the streets of major centres across the United States.
Phoenix pawn shops have moved along with this image change and thus, as Phoenix, Arizona resident you are very likely to have a Phoenix pawn shop close to your home or office that you can make use of. Before visiting your local Phoenix pawn shop, it is important that you understand what their services involve and what the expectations will be of your items that you want to sell or use as collateral for a pawn loan. High end pawn shops deal in a number of high value product types and they ensure that their business model is win win for both the customer and their business through employing qualified and experienced appraisers. These appraisers have extensive knowledge of market demands for products they will buy, an understanding of precious metal or gemstone qualities, art and fine art knowledge and likely buyers of such art and will often have worked in a number countries around the world to hone this knowledge and experience. You may be surprised at the brands that you will see when visiting a high end pawn shop. Don’t be surprised if there are Tiffany & Co jewelry pieces or a vintage Rolex watch on display, along with their original purchases boxes and certificates of origin and authenticity.
In order to justify and maximise the time spent visiting a Phoenix pawn shop, it is important that you have an understanding of the products you wish to sell or use as collateral. Designer branded watches and jewelry are in demand by pawn shops and if you have an original watch or jewelry piece then your time at the pawn watch is likely to be well spent. You will obviously know what you originally spent on the item which will be your benchmark for value. Unfortunately your typical mass produced $100 watches will not have retained or increased in value and may not be regarded as viable items in high end pawn shops. If you have art pieces, again you will have a broad understanding of its value and quality. Your father’s portrait of the family from art class is unlikely to have much value, other than sentimental value, associated with it.
Once you have identified the fact that you have items of value and an understanding that they have retained value or have become valuable collectors’ items, it is then time to visit your local Phoenix pawn shop. Again, to justify and maximise your time, it is important you know whether you want to sell the item or use it as collateral for a pawn loan. Selling your item is simple and efficient. Your item will be appraised by an expert and a value for the item proposed. If you agree that the value reflects your understanding of its value, then you can sell your item immediately and walk out the shop with a check matching the appraised value. You can feel assured doing this with reputable pawn shops who abide by and respect the law associated with pawn shop legal requirements. In these pawn shops, the money paid will reflect a legally binding value within certain limits. Your possible naivety is not going to be exploited.
The collateral alternative means that you are not affectively selling the item. You are handing over the item to be held safely by the pawn shop in exchange for a monetary loan from the pawn shop. Both the pawn shop and you, as a customer, have legal rights which will be signed on within an agreement when you hand over the item. Your rights are, again, to receive cash to the value of the item or items, but you agree to pay back the capital amount in regular instalments along with a defined interest rate, again, in regular instalments. The interest rate is essentially the costs of risk to the pawn shop that you don’t pay back the loan and they then have to sell your item and the cost associated with the safe storage and insurance of your item while it is held as collateral. Your rights include an obligation from the shop to securely and safely store your items and for the shop to insure the item or items against loss and theft. The shop is also of course, legally obliged to return your item or items once you have completed both the capital and interest payments. You are also legally protected in that the capital amount of the loan must reflect the value of your item as appraised by the pawn shops experts. Pawn loans are most often short term loans and payment of the capital amount and interest is arranged over a period of thirty to ninety days. You may be able to extend the loan term with some Phoenix pawn shops if you have completed the payment of the full interest amount.
As described and discussed above, pawn shops can very much be considered part of the financial sector and should not be seen as underground businesses or money and products being exchanged in the back alleys of bigger cities. They are a viable and more cost effective alternative to other financial institutions that loan money or asset dealers that purchase items for cash. You may want to pay back a bank loan which invariably has fixed longer term payment times which leads to higher total interest payments. You may also find the typical interest rates charged by banks as excessive whereas pawn shops are able to charge lower rates given that they hold collateral against the loan. If you are wanting to sell your item or items privately, there is significantly more effort, time and risk associated with the selling process. You may have undervalued your items and do not get your values worth. You may have overvalued your item which will result in a long wait before you realize this and no cash to compensate for the time taken. These risks are not experienced when transacting with a pawn shop and the process of dealing with a pawn shop is always going to be quicker and simpler than a private sale.
If you were unaware of the benefits of dealing with a Phoenix pawn shop or were concerned at the defunct stereotype reputations of pawn shops, then you are hopefully now assured that you will be in professional, friendly and experienced hands when selling your items at a pawn shop or taking out a collaterally protected pawn loan. Perhaps, you have even been encouraged to now have a careful look at your movable assets and may even identify some valuable items that you can sell or use as collateral.
Why you should be paying a visit to your local pawn shop
Your local pawn shop is an extremely useful outlet for buying and selling second hand goods and for taking out secured pawn loans for those times that you may need extra cash or financial assistance. Pawns shops are becoming more mainstream as more and more customers make use of their services and realize the significant benefits that pawn shops can offer them. Phoenix has a number of pawns shops within the area and your local Phoenix pawn shop is now very likely to be found on the main shopping streets or in the large suburban malls. This is due to the fact that pawn shops are revolutionizing their image in order to attract a greater number of new customers and their business is now booming allowing them to move into prime retail and financial services bricks and mortar spaces.
The history of pawn shops is fascinating and probably goes further back in history than most people would think. The first pawn shop, which we would recognize with the same services today, goes back to China and almost three thousand years ago. Ancient Greece and Rome quickly developed the pawn shop concept as well and the idea rapidly spread through Europe. It has even been stated that some Kings of England pawned royal jewelry in order to fund wars on Europe in the 12th and 13th centuries. It is understood that Edward III and Henry V pawned jewelry to fund their wars against wars with France. Pawns shops have thus played key roles in history and exist in their current format in the same they did when they influenced history almost a thousand years ago.
Your local Phoenix pawn shop may not have influenced much history of late but it can still play an important role in your financial affairs in a very positive way. Most people know that pawn shops offer a variety of services, predominantly in the domain of second-hand trade and the offering of collateralized loans to the public. Pawn shops specialize in the valuation of second hand goods and through this expertise are able to offer excellent rates for the buying and selling of items as well as providing low-cost loans when secured against an item of value. Although pawn shops have, in the past, traded in a wide variety of goods, most reputable pawn shops now trade in rare and collectible items such as watches, art and guns as well as items with established and globally traded value such as jewelry made of gold, platinum and diamonds. Some pawn shops may trade in other rare and collectible items such as vintage motorbikes but the largest amount of trade is done with smaller, movable, high value items such as watches and jewelry.
Your local Phoenix pawn shop will operate in the same manner and will offer to buy or sell watches and jewelry and offer pawn loans on similar items that will then be used as collateral. The real skill of pawn shop managers and owners lies in their skill to assess and value items. This is critical to their business in order to ensure that they are able to offer the best buying prices to customers selling them their second hand items and to then offer those products for sale at the right market value to customers wanting to buy in store or to a market of collectors of rare and vintage items or gold and diamond traders. Pawn shop valuations correspond with global standards and market demands and you can be assured that when selling items to a pawn shop or taking out a pawn loan, the value associated with your items will be legitimate and accurately represent a buyer’s value for that item. Gold and other precious metals are relatively easily valued due to the global trade and official market prices representing the weight of pure gold or other precious metals. Gold, silver and platinum are traded in the same way that stocks and oil are traded on exchanges. Their value is determined by supply and demand with demand and supply in turn determined by other factors such as economic conditions. Gold, silver and platinum are traded on an ongoing basis throughout the world and their price can fluctuate on a minute by minute basis. Determining the value of a piece of jewelry containing these precious metals is thus ultimately determined by the weight of the precious metal found in the piece of jewelry and the current listed price for the precious metal. It is important to remember that some jewelry may not contain pure gold or platinum but is made up of a precious metal alloy. The alloy will contain less pure weight of the precious metal which will in turn reduce the overall value of the piece of metal. Diamonds and other precious stones are more difficult to value as it is not only the weight of the stone that needs to be considered but also the clarity, finish and quality of the stone. There are however global standards for valuing precious stones and your local Phoenix pawn shop will be well practiced in these techniques.
Other second hand items, such as watches, are also relatively difficult to value as their value is most frequently determined by the original manufacturer and designer as well as their age, rarity and current quality. Watch collecting, as an investment tool, has become increasingly popular over the last decade and there is significant demand for watches with particular characteristics. High-end designer watches, manufactured by the classic watchmakers such as Rolex, Breitling and Cartier tend to, at least maintain their value over time, with many of the rarer and older watch styles growing in value over time. If you are looking to pawn one of your watches, then it is best to do your homework first to ensure that you have some negotiating power when visiting your Phoenix pawn shop. Again, pawn shop owners and of the managers will have established knowledge of the watch collecting market and you are most likely to get an accurate market related price for a watch you wish to sell or use as security.
As described above, pawn shops are discerning in the type of products they trade in. Your second hand microwave or bicycle is unlikely to garner much interest from a Phoenix pawn shop where as your valuable jewelry and watches will certainly stimulate some interest. If you have a product of this type and are in need of cash then you can either sell the product to the pawn shop or take out a pawn loan. A sale to the pawn shop is a straight sale and you immediately give up ownership to the item once you have received your cash. In the case of a pawn loan, you temporarily hand over your item to the pawn shop in exchange for a loan that will need to be paid back within a specified time period. Pawn loans are typically short term loans up to a maximum of ninety days with a stipulated interest charged on the loan. The advantages of a pawn loan, over other financial institution loans are that they are often lower cost due to the fact that there is security against the loan and the loan is for a much shorter period. Your credit score is also not used to determine the loan amount and there is no effect on your credit score when taking out a Phoenix pawn loan. Once you have paid back the loan amount and associated interest, your item is returned to you. Of course failure to pay back the loan can mean you forfeit ownership of your item so that the pawn shop can recoup the loan costs and capital amount.
Many potential customers of pawn shops still feel nervous about using pawn shop services. There is no need to feel this way as pawn shops have gone about reversing their reputations to a wider variety of customers meaning that their professionalism is now second to none. Federal and state laws also heavily regulate the actions and operations of pawn shops to protect their customers. Any pawn loans you take out are thus governed by strict laws that protect customers from losing their collateralized assets when laws are adhered to by both the pawn shop and the customer. Interest rates, valuations and payment terms are also regulated meaning that you will be getting fair and honest treatment from all Phoenix pawn shops. Laws and police enforcement have also meant a significant downturn in the number of stolen goods passing through pawn shops and you are now very unlikely to inadvertently buy stolen goods from a good pawn shop. All of this means that pawn shops are now safer than ever for making second hand goods trades and pawn shops are now becoming an ever more important player in general trade.
You thus have nothing to fear from your local Phoenix pawn shop and if you have goods that you feel you can trade or can use as collateral against a pawn loan, then your local pawn shop is very likely to be one of the simpler, more efficient institutions for getting that extra cash.