FAQ | Frequently Asked Questions
Am I getting my money’s worth? This is a question that crosses everyone’s mind at some point or another. At Vincent’s pawn Shop, we know that the more you understand the factors involved in determining a loan amount, the more satisfied you will be, and the more likely you will be to return to our store. So, in an effort to help you better understand how Vincent’s Pawn Shop operates, we’ve put together a list of answers to some of our most (FAQ) frequently asked questions.
1. How does a pawn loan work?
A pawn is when an item is used as collateral as a way to borrow money. When you pawn an item you are not subject to a credit check because the loan amount is contingent upon the condition and value of the collateral. If circumstances prevent you from paying back the loan within the scheduled term an extension can sometimes be granted. Failure to pay for your loan would result in the surrender of your collateral to cover the loan amount.
2. How do you determine an item’s worth?
We base pawn loan amounts on the value of your item—its current appraised value, its current condition and our ability to sell the item. We use all the research tools we have at our disposal to determine an item’s value and get you the most money we can.
The appraisal process varies depending on the type of item—for example, jewelry is evaluated differently than a DVD player. We research and review items to ensure that our pawn loan values are in line with the general marketplace for pre-owned merchandise. To obtain the item’s retail value when it was new, its pre-owned market value, and how to determine its condition.
3.How do you determine the value of jewelry?
When jewelry is the collateral for a pawn loan, we test the precious metals and diamonds to determine its worth.
The diamond testing includes a visual inspection using a jeweler’s loupe, weighing the item, sizing (determining carat weight) any stones, and noting the cut/color/clarity of each—you may know this as the 4 Cs.
In addition, we test the metal using a special acid that determines the karat of gold. This is done to ensure a clean test so there are no false readings on your item that may detract from what we can loan you.
4. Can you give a quote on an item over the phone?
Unfortunately, we cannot give quotes over the phone because loan amounts vary greatly depending on the condition of an item. For general merchandise, we test each item to ensure it is in good working condition. This includes, but is not limited to, a visual inspection, plugging an item in and turning it on, and noting if any necessary accessories and manuals are included. The better the condition of your item, the more money we can loan. And for jewelry, we test to ensure diamonds and gold are genuine. This testing includes a visual inspection using a jeweler’s loupe, weighing the item, sizing (determining carat weight) any diamonds, and noting the cut/color/clarity of each—you may know this as the 4 Cs. In addition, we test the metal using a special acid that determines the karat of gold.
4. Are pawn shops regulated?
Yes, Pawnbrokers are governed by all of the major federal laws that apply to entities designed as financial institutions. The federal laws that regulate the pawn industry are Patriot Act, Truth in Lending Act, Equal Credit Opportunity Act, as well as Data Privacy and Safeguard of consumer information as part of the Federal Trade Commission (FTC) Rules. Pawn shops that deal in firearms are regulated by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF). Pawn shops may also be Federal Firearms License holders. States have regulated the pawn industry for decades, and most pawnbrokers are licensed and regulated by local authorities as well.
4. What are your hours of operation ?
MONDAY-FRIDAY 9-5:30 pm
SATURDAY 9-3:00 pm
*We Stop doing pawns and buys 1/2 hour prior to closing*
4. Can I pawn a Gun?
Yes. We accept firearms as collateral for pawn loans and sell firearms at our location*. We are registered as a firearms dealer and must comply with all federal regulations. In addition, Vincent’s Pawn Shop furnishes local law enforcement with information on every transaction.