There are many reasons people might want to sell or pawn their power tools at their local pawn shop. If you are thinking of selling some or all of your power tools, keep reading to find just three of the many great and numerous reasons why people would choose to pawn or sell their power tools to their local pawn shop.
First, let’s talk about the demand for power tools. When people think of pawn shops, they might think of them as places to find firearms, jewelry, or electronics; or, they might think they can mostly find local interest. For example, in farming communities, you can always find lots of farming and rodeo apparel.
While every pawn shop certainly has lots of the usual items and items that reflect the interests and occupations of its communities, a well-kept secret is that pawnshops are places where you can almost always find power tools.
What does this mean for you and all other people interested in selling or pawning your power tools? It means that there is always a high demand for what you have. Even better, it means that you can turn your unused or unwanted power tools into quick cash!
However, we know that when it comes to selling things like your power tools, you have many options, such as Craigslist, Facebook Marketplace, and person-to-person sales apps like LetGo, not to mention websites like eBay and eBid. If this sounds familiar, and you are trying to figure out if a pawn shop is the way to go, let’s talk about three of the top reasons people would choose to pawn or sell their power tools to their local pawn shop.
Tools can be recovered through pawning
Sometimes, people are not fully ready to part with their tools but need some quick cash. Or, there are slow periods during the year where the tools sit dormant, waiting for the change of season. Thankfully, when you pawn, you not only receive a safe, quick, short term loan, but you can get your tools back when you repay your loan within the repayment period. Most pawnshops have generous loan terms designed to make it possible for you to reclaim your items after. In this way, pawning your tools can be a way to get emergency cash over and over.
On the other hand, when you sell your tools through a website, app, or another person, your tools are gone forever. And not only are the tools entirely out of your hands but so is their value, which means that your tools got you some cash only one time, whereas a pawn shop can work with you to get some money from them repeatedly, as long as there is a demand for your tools.
Quick and easy cash
Selling through a website takes time. A seller must take and post accurate photos, write a description, decide on a price, and deal with buyers. If you are lucky, you’ll get a buyer who accepts your price. However, even then, you are responsible for shipping and handling, which can be expensive or even prohibitive in large or heavy tools. Most sellers encounter buyers who want to pay as little as possible and who haggle over every little cent. And even after you have gone through all that, you must wait for the payment to come through, then wait even longer to turn it into cash. When you sell in-person, you might still deal with annoying hagglers. You also risk your safety if you do not take extra precautions when meeting up to make the handoff.
However, when you sell to your local pawn shop, you remove all the headaches we have just described. Your pawnbroker will work with you to negotiate a deal that works for both sides, and that is based on the actual value of your tools, not just to pay the lowest amount possible. Additionally, once you have arrived at a fair price, you will get your cash in hand in minutes, not days or weeks. It will be cold hard cash in your pocket, not codes in your electronic account.
Pawn loans are one of the safest loans out there
Pawn loans are one of the safest and underrated sources of personal financing. This is because:
- Pawnshops are part of your community – unlike big banks, pawnshops can be flexible with interest rates and loan terms. Pawnshops like Central Mega Pawn have your best interest in mind. It is our mission to go above and beyond every time.
- No applications or credit checks – you will not have to fill out an application, then wait for approval while your bills continue to pile up. Nor will you have to submit to a credit check. With a pawn loan, you come into our shop in need and leave with cash in hand in minutes.
- Pawn loans are safe – a pawn shop will not loan you more money than you can realistically expect to pay back. According to the National Pawnbrokers Association, a majority of people who take out a pawn loan repay them on time. This makes it more likely that you will repay your loan and regain possession of your item.
- Pawn loans do not affect your credit – because your pawn loan is secured by the value of an item that you own, there is no need for it to affect your credit. This is significant because a low credit score can harm your chances of qualifying for fundamental things like housing and employment.
How a pawn loan works
1. You bring us your item plus your identification.
2. Our professionals evaluate the monetary value of your item and will offer a loan based on that value.
3. We carefully go over the loan terms with you.
4. Get your cash!
5. You repay your loan and reclaim your item! If you cannot repay, we simply keep your item and resell it, with no additional penalty to you.
If you live in or near Ontario, California, or in any of the cities that make up the Inland Empire, visit Central Mega Pawn to see how we can help you turn your power tools into quick cash.