It’s not uncommon for people to sell some of their jewelry, such as their rings. Perhaps your divorce is finalized, and you want to get rid of your wedding ring for a fresh start. Or maybe there’s been an emergency, and you need to get some cash as soon as possible.

Whatever the reason may be, selling your ring at a pawnshop might be the best option for you. However, before you decide to sell your ring, there are some things you need to know about the pans shop business.

Pawning vs. Selling

Based on the name alone, pawnshops are mostly meant for pawning valuable items. However, you can also have the option to sell instead. But what is the difference between pawning and selling?

When you’re pawning an item, you’re basically getting a cash loan with your item as collateral. The pawnshop will give you a cash loan that is less than the item’s used value, and you are expected to repay the loan with additional interest by a specific date. If you are unable to repay it, you will not be able to get your item back, and the pawnshop reserves the right to sell it.

While you can get your item back after pawning, selling is more permanent. You will still get an offer less than the item’s used value, but it will only be a flat rate, unlike pawning, which has an interest rate.

Tips When Selling at a Pawnshop

If you’re going to sell your ring at a pawnshop, you’ll need to be careful about it. Some pawnshops may take advantage of their customers, especially if they sense an urgent need for money. To avoid getting scammed, here are some tips you can follow.

●     Research

You don’t want to end up conducting business with a sketchy pawnshop. So, it’s best to do your research beforehand. You can check the pawnshop’s website and online reviews to confirm their legitimacy.

●     Compare Offers

As a general rule, never take the first offer given to you. While you may have confirmed that the pawnshop is legitimate, this does not automatically mean they give the best offers. It’s best to visit different pawnshops and compare their offers to arrive at the best decision.

●     Negotiate

Remember, the first offer they give isn’t necessarily the final one. Some pawnshops often begin with a lower offer in case the customer negotiates. So, it’s still possible to get a better offer if your negotiation skills are good.

In Summary

If you’re planning to sell your ring, going to a pawnshop may be a good idea. Just make sure you do your research beforehand so you can avoid getting scammed. Look up the pawnshop online and see what previous customers have to say. You should also compare offers from different shops, as some may have more reasonable offers than others. And don’t automatically accept the first offer they give you. Practice your negotiation skills so that you may get a better offer for your ring.

Sell your ring and get quick cash at River City Pawn. We are a reliable pawnshop in Owensboro, KY, specializing in buying pre-owned merchandise from jewelry, diamonds, watches, sporting goods, electronics, tools, musical instruments, and more! Contact us today to get started!