Can you pawn the same item twice?

A local pawn shop may be among the best places to visit if you are looking for quick cash to sort out emergencies. You can sell or get a loan on almost anything in your house, including used designer clothes, gold, watches, furniture, or even that bike lying in your basement.

So, you pawned your item months ago, retrieved it from the pawnshop, and now you need some quick cash. Can you pawn the same item at the same shop again? Will the shop be interested in something they had already pawned from you?

This post discusses a pawn shop, how do you pawn something, is it better to pawn or sell stuff, can you pawn the same item twice, getting most money from a dealer etc.

Let’s get started!

What’s a pawn shop, and how do you pawn something?

Also known as a pawnbroker, a pawn shop is a business that lends money in exchange for collateral such as electronic items, jewelry, or anything with a resale value. The pawnbroker keeps the item as collateral and only returns it if you repay the loan. If you default on the loan, the pawnbroker sells the item to recover the loan amount.

To pawn something;

a. You take your item to a pawnshop: You can get a loan against most valuable items. Everyone 18 years or older qualifies, as there are no credit checks.

b. Get a loan based on the item’s value: Your item is appraised, and the pawn dealer gives you a loan. The period for the loan will vary based on state law.

c. Pay back your loan and get the item back: To retrieve your merchandise, you must clear the loan with interest. Should you fail to pay your loan, the pawn dealer can sell your item to recover the loan amount.

Note: You can also sell your items to a pawn dealer by bringing them and asking for a cash offer. If you sell your items, the pawnbroker will have no further obligation after buying them. 

Is it better to pawn or sell?

When you visit a pawn shop, they usually offer you two ways to get the money you want: pawn the item as collateral for a loan or sell it outright to the pawn dealer. Naturally, you want to get as much cash as possible, but that will depend on whether you sell or pawn your item.

Generally, selling your item will give you a much higher value than pawning. For instance, if you have a designer watch worth $2,000, you may get a loan of up to $900. However, if you were to sell it, you could get up to $1,600.

While selling may sound like the better option, it’s important to note that the product will change ownership. So, if the item is something you value, pawning it is the better option. Pawning will also help you pawn the same item several times in the future when you need quick cash.

Can you pawn the same item twice?

Here comes one of the most controversial questions regarding pawning: can you pawn the same item twice?

Say you need some quick cash, but you only have an item you had pawned before. Can you pawn the same thing at the same pawn shop again? Would the pawn dealer be interested if they had already bought the same item from you?

The simple answer is: Yes, the pawn dealers can buy the same item twice. In fact, there are several benefits to a pawn dealer when an individual brings in the same item again, including:

a. Repeat business

If you previously repaid a loan, you already have a good payment history with the pawn dealer. It means that you will likely return the money and retrieve your item as you did in the past. Some pawnshops are even willing to give the same amount of money as before, provided the item is still in good condition.

Still, the pawn shop can sell your item to someone else if you fail to repay the loan as agreed. They aren’t at greater risk than they were the first time you pawned the item to them. They’ll still recover their money if you fail to repay the loan this time. 

b. Exceptions

A twist to this question can lead to an exception: can you pawn multiple items of the same product to the same pawn dealer? Say, can you pawn six new laptops of the same model to a pawn dealer?

Well, it’s possible, but having six unused laptops may seem suspicious. Pawn shops don’t want stolen items, and such a scenario looks suspicious. However, if you have several items of the same type, the pawnshop will have no issue buying them.

For instance, getting a pawnshop loan should not be an issue if you have five similar second-hand jewelry pieces. It’s common for people to buy several pieces of the same item, so selling them all together is less suspicious than when they are new.

c. Prior authentication

If a pawn dealer is already familiar with an item because they’ve bought it before, this saves them some work. They do not have to look for the item’s value, verify it, authenticate it, or do anything else to affirm its value. They already have all the information they need from the previous transaction.

Assuming your item’s condition is unchanged, the pawn dealer can offer the same price as before and still make a profit when you or someone else buy it.

d. It helps avoid conmen

Taking the same item to a pawn dealer you already worked with means you already have an idea of the value your item can fetch. Also, you don’t have to look for the legit pawn shops in your area, as you already have one you’ve worked with.

Can I sell an item that I already pawned?

You can only sell an item if you own it. But once you pawn your stuff, the ownership changes from solely you to combined ownership; you and the pawn shop. To own the item again, you must pay the loan and interest in full.

Can I pawn something and repurchase it?

Yes, you can retrieve your item by paying the pawnbroker what you owe them. If you fail to repay the loan during the redemption period, the pawn dealer can sell it to recover the cash. However, they are required to give you notice of this to provide you with a chance to collect the items.

How often can I pawn an item?

You can pawn your items as many times and as often as you want. However, it’s important to note that the item will lose value every time you sell it. This means you will likely be offered less every time you pawn it.

How long will a pawn shop hold my item?

The short answer is that there is no standard time that all pawn dealers hold items. However, most pawnshops will keep your stuff for at least a month (or thirty days) from the day you brought them in. If you have not repaid the loan by the set time, some shops will give you a grace period, but it’s best to pay off the loan within the initial period.

How do pawn shops determine the value of an item?

If you have an item and are wondering how the pawn shops determine its value, this is the section for you.

Pawn dealers base the value of an item on its current condition, current appraised value, and the ability to resell it. Pawn shops use research tools that they have at their disposal to determine your item’s value and give you as much as possible for the item.

Tips for getting more cash from the pawn dealer

When negotiating with a pawn dealer to determine the value of your items, there are a few things to keep in mind. For instance, you ought to be friendly, have negotiation skills, and be ready to walk away.

Here are a few tips to make sure you get the most from the pawnbroker:

a. Decide if you are selling or pawning

b. Find out what your item is worth

c. Ensure your item is in good condition or working order

d. Be flexible

e. Don’t explain why you need the money

f.  Don’t sell seasonal items at the wrong time of the year

g. Let the pawn shop offer first

h. Consider several pawn shops

With these tips, you can get a good deal on your items, regardless of whether you are pawning them for the first or fifth time.

The bottom line

There you have it, folks: everything you need to know about pawning the same item to the same pawn dealer. It’s possible to pawn the same item to the same pawn shop, provided it’s in good condition. And while its value is expected to drop with every pawn time, it’s possible to get the same amount of money you got last time!