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Pawn Shop Do’s & Don’ts-Now that you’re familiar with five important must do’s when doing business with a pawn broker (if you missed it, check them out here), it’s time to share a few don’ts, as well. So here are a few things to avoid next time you’re considering buying, selling, or securing a loan at your local pawn shop.

Don’t hesitate to ask questions:

please-dont-make-noise.jpgAt Common Exchange, we subscribe to the adage that there are no stupid questions. How else can you be sure you’re making an informed decision? So if you’d like to know what the interest rate on a pawn loan is (ours is 10% per month), whether the shop carries insurance in case your item is lost, or how the shop’s loan rollover policy works, just ask! And that goes for whether it’s your first time in a pawn shop or have been doing business with your local pawn broker for years.

Don’t pay retail when you don’t have to:

Everyone loves a bargain, and the retail prices at your local mall or shopping centre are definitely not bargains. Pawn shops provide a fantastic alternative, offering a wide selection of gently-used items for sale, including high-end electronics, fine jewelry, power tools, and guitars, often for 30%, 50%, even 70% less than what the local big box store is asking. How do pawn shops do it? By aggressively looking to make deals and move merchandise, which adds up to big savings for our customers.

Don’t take things personally:

Whether you’re thinking about pawning your treasured collection of classic vinyl or your first car, we know that certain items have a great deal of sentimental value to our clients. While we certainly consider your attachment to your item when we make an offer, sometimes we just can’t meet your asking price. It’s definitely not personal, it’s simply that the potential value of your item to someone else may not be quite what it is to you. Just know that we’ll do everything we can to strike a fair deal, and do it with courtesy and professionalism.

Don’t be afraid to shop around:

If you’re regularly reading our blog (and we know you are!), you’ve already gotten an in-depth look at pawn pricing and why offers differ from shop to shop. In short, one pawn broker may already have several of your item in stock or their staff may not be particularly knowledgeable about your item. Regardless of the reason, offers will vary. That’s why it pays to shop around.

At Common Exchange we strive to give you the best possible offer on your sale or loan so, if you’re looking for a fair base price for comparison, stop into any of our eight convenient locations before heading elsewhere. Odds are, you’ll be back soon.