If you're seeking collateral loans in your area and have no jewelry to take to the pawn shop, consider pawning your tools instead. Tools are one of the most common things that pawn shops will buy, sell, and accept as collateral. Knowing what kind of tools you can use and how to prepare the tools for consideration can help you get the biggest loans for the least number of tools.
Type of Tools to Pawn
Pawn shops typically look for tools that fall in the following categories:
- Brand name. The better the brand, the more likely the pawn shop will accept the tool as collateral. If you don't know tools and which brands are considered "good," you can call around and find out which brands pawn shops in your area will accept.
- Compact. Although some pawn shops will accept larger tools, the majority of pawn shops look for compact tools because they're easier to store on the shelves and take up less space in the shop. Hand-held tools tend to be the most desirable type of tools for pawn shops.
- Power tools. Residential/individual use power tools are among the most desirable tools for pawn shops, but many locations will also consider industrial-grade power tools as well.
Condition of the Tool
The condition of the tool is one of the most important factors that pawn shops will consider when loaning you money for your tools. Tools that show obvious signs of wear and tear are far less valuable than tools that look basically new. You can increase the amount of money that you'll get for your tools by cleaning the tools before taking them in to the pawn shop. When cleaning your power tools, do the following:
- Wipe away mud and obvious signs of dirt or dust on the tool.
- Use a small scrubber to remove debris from the little cracks in the tool. A toothbrush can come in handy for this.
- Remove any paint or plaster stuck to the exterior of the tool. If you use a scraper or a razor blade for this, be careful not to scratch the tool--scratching the surface of the tool could decrease the amount of money that the pawn shop will consider loaning to you.
For more information about the types of tools that pawn shops like Sol's Jewelry & Loan will look for, contact the pawn shops directly. Ask them which brands they prefer and which tools will result in the largest loan.