Pawning a gun is a great way to acquire cash fast without going through the lengthy, inconvenient process of trying to find an actual buyer for your firearm. Guns can have considerable resale potential and value, making them a top item to pawn or sell.
When pawning a gun, many rules and regulations affect the process, unlike other pawning other items such as a bicycle or a musical instrument.
The Legal Side of Things
Make sure you’re doing business with a pawnshop that’s a federally registered firearms dealer. This means they follow all federal gun regulations. There are usually state gun laws that also place restrictions on pawnshops, such as conducting background checks before selling guns or returning the firearm to its owner at the conclusion of a pawn loan.
Expect a reputable pawnshop to share information with local law enforcement, and keep in mind that they will not allow minors or out-of-state residents to pawn a gun.
How to Prepare Your Gun
As you would with any item you’re pawning, thoroughly clean your gun before bringing it in to the shop. Make sure you know about any damage or wear and tear so you aren’t surprised during the negotiation process.
Never bring a loaded gun into a pawnshop. The chamber should be empty and the gun should be in a locked case. You and the pawnshop owner should follow best firearms handling practices, treating the gun as if it’s loaded during the inspection process.
You will also need to bring your ID and any records you have about the gun, which the shop owner will photocopy for their records.
What Types of Guns Are Accepted?
All guns that are in good working condition are eligible to pawn. An antique or rare model can fetch a high price, depending on what the shop is looking for.
Know the Terms of the Deal
As with any pawn agreement, it’s important to make sure you understand the terms of the deal before you sign a contract. If you plan on buying back your gun, make sure you know when the first payment is due. Ensure you are able to make all payments on time, as agreed upon, or you may face increased interest rates, late fees or potentially lose ownership of the firearm.
At Premier Pawn, we embrace transparent business relationships with our clients and customers. When you are pawning a gun, come to the shop that’s fully licensed and follows safety regulations carefully, ensuring you the best experience possible, and more money for your firearm.