It’s believed that between 20 and 30% of the United States population owns at least one gun.
If you’re looking to make some quick cash, trading in your old firearms could be a good way to line your pockets with some spending money.
However, there’s a specific set of procedures you’ll want to follow when pawning your gun.
Make sure you know how to prepare by checking out this guide on how to pawn a gun and get the most value.
If you’ve never pawned an item before, you might think that the process is as simple as walking in with an item and walking out with some cash.
While that’s true to an extent, you as a consumer have more options. Namely, you can either pawn your item or sell it directly. Both options give you unique advantages.
Pawning is great when you need a few dollars immediately, though it comes with some strings. You’ll work with an employee of the pawn shop to determine a fair price for your loan in exchange for an item used as collateral — in this case, a gun or guns.
Once you receive your money, you have a set amount of time, often a month, to come back and pay back the loan and any interest. With your repayment complete, you can take back ownership of your item.
Selling it is a more direct process in which you give up the item for good. There’s no loan paperwork associated with the transaction, so selling a gun to a pawn shop is often preferred by customers.
Selling a firearm isn’t like pawning off an old television or some antique jewelry. As such, you’ll need to ensure that you and your pawnbroker follow local firearm laws.
So what do you need to pawn a gun? For the most part, it’s not unlike a regular transaction.
You’ll need to make sure your shop of choice is licensed to deal firearms and bring in all relevant paperwork.
This includes registration proving that the firearm is in your name. If your gun was a gift or inherited from a family member, note that you won’t be able to pawn your gun without the proper identification and your gun license.
Before a pawn shop will accept your gun, you’ll need to do a few things. First, break down your gun and clean each individual component. If there’s a magazine in the gun, remove it.
As you can imagine, walking into a pawn shop with a gun in your hand is a surefire way to get the police called. Bring your firearm into the shop in a locked case.
With your licensing in hand, your gun prepared, and a price in mind, you’re ready to start haggling with your local pawnbroker. By following these steps on how to pawn a gun, you can walk away with cash in your hand in moments.
Looking for some extra money? Be sure to stop into one of our two locations today!