Pawn loans are incredibly useful for someone who needs to take out a personal loan quickly and easily. You might have taken out a pawnshop loan before, but if you've never used a firearm to do so, you might be wondering if you can pawn a gun. This is a very common question that we get as a pawn broker, especially since we put so much of a focus on firearms here at Chesapeake Pawn & Gun. These are a few common questions and answers about this type of pawn transaction.
1. Can You Pawn a Gun?
In general, the answer is yes. Pawn shops often accept many items of value as collateral for pawn loans, including musical instruments, power tools, video games, fine jewelry, and more. Here at Chesapeake Pawn and Gun, though, a lot of firearms owners and enthusiasts from the area tend to gravitate to us. After all, we're more of a gun store than the average pawn shop anyway. In most cases, you can use your firearm for one of our collateral-based loans. Of course, you have to be the legal owner of the item, and you'll need to bring your ID. We do loan cash today on most types of firearms, as well as accessories and other items of value.
2. Where to Pawn a Gun?
If you'd like to use your gun to borrow extra money, you could be wondering where to pawn a gun? Pick the pawn shop that understands and works with guns daily: Chesapeake Pawn and Gun. Some of the other stores in the area focus more on things like gold jewelry or tools; they might buy, sell, and make loans on firearms from time to time, but they likely don't handle them nearly as much as we do.
Because we're a gun store, we have decades of experience with valuing firearms of different brands, models, and conditions. Since the value of the stuff you bring in is what determines how much you get to borrow, this is important. Bring your gun to a pawnbroker who knows guns and understands what your firearm is worth. It'll help you make the most of these financial products and borrow as much money as possible.
3. Is There a Credit Check to Pawn a Gun?
One of the number one reasons why customers like to take out pawn shop loans -- instead of using other lending products -- is because there is no credit check necessary. This is the case whether you're pawning a gun or anything else. You never have to worry about us checking, asking about, or caring about your credit history, nor do you have to worry about us charging you high interest rates because of your credit report. Even if you don't repay your loan, there's no negative impact on your credit score, either!
4. How Much Can I Borrow When I Pawn My Gun?
The average amount of a pawn shop loan really does vary. Some people bring in a couple of less valuable items, while others bring in multiple, high-value firearms. Basically, there is no such thing as a typical pawn loan when it comes to the amount you can borrow, since it varies so widely. The best way to find out the amount of money you can borrow is by coming in and letting us assess your gun.
5. What Happens if I Don't Repay My Pawn Loan?
Things happen, and even though you might have every intention of repaying your loan, you could be wondering what will happen if you can't. Well, that's one good thing about a pawn loan -- you don't have to worry about this too much. The downside is that you'll lose your item of value; in this case, your firearm. After all, with collateral loans, we keep the collateral to get our money back when someone is unable to repay their loan.
However, other than that, you don't have to worry about any bad consequences from not repaying your loan. Unlike with payday loans, you don't have to worry about racking up tons of fees or destroying your credit score. Our loan won't cause you to have bad credit at all, unlike pretty much any other financial institution that you default on a loan with. We even offer extensions, so don't be afraid to stop in and ask before your due date. We want to help you succeed with a quick cash loan from us!
At Chesapeake Pawn and Gun, you can take out a collateral loan with high-value items of various types. In particular, we really like dealing with firearms. We don't care if you have poor credit -- in fact, as a pawn store, we won't even check. Let us help you with your financial needs. Visit our local store here in Chesapeake today and ask about a short-term loan on your firearm. In no time, you'll be out the door with your loan money and a pawn ticket that outlines our very simple repayment terms. Call us if you have questions!