February 01, 2020 - Clothing, Accessories and Handbags
If you are deciding whether to get rid of your skates, you have some options. This includes pawning or selling your skates outright to a pawn shop.
But do you know the difference between those choices? Each one has pros and cons depending on your unique situation.
Read on to learn whether you should pawn or sell your ice skates!
Whether to put your ice skating shoes up for sale can be an important decision for you.
Pawning your ice skates means that you bring them into a pawn shop to obtain a loan against the value of the skates. Oftentimes, the pawn value is less than the one that you would receive if you decided to sell an item outright.
Alternatively, you could decide to sell the skates to a pawn shop. While this can earn you more money than pawning the item, it can also give you cash quickly.
If you decide to use your ice skates as collateral against a loan, you have the potential to use those skates more than once as collateral for a loan. That’s because you could pay off the loan and then receive another one on those items later.
Selling or pawning your ice skating shoes is a big decision with different things to consider.
If you opt to pawn your skates, should be well aware of the terms of your loan. These include important things like the term of your loan and the interest rate charged. The interest rate determines the amount of money you pay back on top of the principal loan.
It’s also noteworthy to consider how the interest is calculated and how long the pawn shop will hold your item once your loan term ends.
If there is no grace period and you have not paid back your loan at the end of the term, you run the risk of the pawn shop selling your item.
You will want your ice skates to look their best when you bring them into a pawn shop. That’s because you want your item to appear as new and as lightly used as possible. This way you can negotiate the highest amount possible for your ice skates.
The decision to sell or pawn your ice skates is one that requires you to take some time to evaluate your financial position.
It will be worthwhile for you to research what your skates are worth. This will help to give you a baseline price to seek when you sell or pawn your skates.
Performing that research also gives you the confidence you will need when walking into a pawn shop for the first time.
David Stiebel is one of the cofounders of PawnGuru. David was educated at MIT, where he studied Math. He subsequently worked at Bain as a data scientist before starting PawnGuru in 2015. He started PawnGuru to build a better tool for pawn shops and consumers to connect.More Articles