Loans
We make loans primarily on jewelry and motor vehicles. What we loan on jewelry depends on various factors including: the weight of the precious metal, the quality and size of any precious stones, the age of the piece and who designed and manufactured the piece. Any documents you have such as appraisals, certificates, or receipts are helpful but not necessary. We can also make an offer to purchase jewelry.
We are the original Car Pawns of the Puget Sound area and have been pawning cars for 15 years. We loan on newer cars with lower mileage. We must keep the vehicle not just the title. We loan on cars, trucks, motor homes, boats, jet skis, and snowmobiles. Call for quotes and details.
How does this whole loan thing work?
It starts when a client needs money for some reason. He may have been laid off. She may have large funeral and burial expenses for a parent's unexpected death. He may be a builder who needs a loan to pay his subcontractors until one of his houses sells. Or there may be just too much month at the end of the money. Our clientele come from every walk of life, from the wealthy to the destitute. Whatever you need money for, we are here to try to help. We aren't in the business of evaluating your reasons for a loan. There aren't background checks and we don't require pay stubs or tax return forms from last year. Usually, you will know whether you can get a loan, and have that loan, in less than 15 minutes.
To begin, a client brings in something valuable that they own. If the item has sufficient value, we provide a 90 day loan. At the end of the 90 days, the client has the option to repay the loan principle and fees/interest, at which point his item is returned to him. A second option is for the client to pay the fees/interest and keep the loan for an additional 90 days. The third option is for the client to not pay the fees/interest and as a result they keep the loan and we keep the item. This last option sounds like the client is defaulting on the loan. However, unlike a typical bank loan default, there are no repercussions like collection agencies and bad credit ratings. It is as if you sold us the item for the amount of the loan.
The question everybody wants to know is, "How much can I get for my item?" The answer is, "It depends." It depends upon the intrinsic value of the item, not its sentimental value. It depends upon its resale value, not its retail value. It depends upon its working condition. It depends upon how long it would take us to sell it if we ended up with it. Ultimately, it depends upon how much we deem the item is worth. We know clients want us to loan based upon what they think the item is worth. But, we have to be sure that we can turn around and sell the item if we need to. Once we determine the item's worth, the client is then able to get a loan up to that amount. The client can also choose to sell us the item outright. If a client doesn't agree with our appraisal of an item, or we decide not to loan on an item, we can always recommend other stores that might be interested in the item.
Now, this whole process also demonstrates where we get most of the fine items that we sell. They come from people who decided to keep the loan and therefore left us with the item. Since we aren't in the business of collecting "stuff" (although there are times when we individually purchase items for ourselves), we need to make sure we have items that other people would want to purchase. This is why we limit the kind of items we loan on. On the one hand, we have a clientele that is looking to obtain a loan. But on the other hand, we also have a clientele that is looking to purchase items. Our business philosophy focuses on higher end items. You will not find CDs, DVDs, small TVs, and costume jewelry at our store. Instead, you will find items that are of fine quality. And don't forget, we are also a full fledged jeweler. So, we can also help you find just about any piece of jewelry - new or used.
