Can binoculars be pawned & Is It a Good Idea?

Binoculars are important tools for both the rich and the poor. They are not good for only viewing nature, but they can be used for giving you some financial aid when you’re having a tough time. Many people ask us if our owned binoculars can be pawned and if yes, how should we proceed?  In this guide, we will answer the question ‘‘Can binoculars be pawned?’’. 

Yes, binoculars can be pawned at any pawnshop and you will get a handsome amount of money as a result of a collateral deal. The amount of money that you will get as a result of pawning depends on the condition of your binoculars, their age, brand, and model.

We have done complete research about pawning binoculars and the amount of money that you’ll get as a result of the deal. So, stay connected as we’re going to drill down.

Related Article: Do old binoculars have any value?

What is the Pawing of binoculars?

Pawn shops are present in almost all countries where people pay money and take some equipment or stuff as a warranty. When the person returns the money back to the pawn shop, then the shop also returns his equipment to that person. It is a kind of collateral deal in which you get money and submit something to the pawn shop as a warranty.

So, what is the pawning of binoculars? There are many shops that take your binoculars as a warranty and give you a loan or money for a specific duration. You will have to pay the loan back to the shop in due duration and take your binoculars back from the shop. 

In case you fail to pay the loan back to the shop, then the pawnshop reserves the right to sell you the given binoculars and get their money. In this way, pawn shops make their own commission. There are many shops that have a specific interest rate which is a negative aspect.

Can you use your binoculars for pawning?

Yes, binoculars can be used for pawning and you can earn a handsome amount of money as a result of giving your binoculars to pawn shops. However, the amount of money that you’ll get will depend on many factors like the condition of your binoculars, their age, and brand details. Binoculars are expensive tools that can cost around 200 to 300 dollars. So, all the pawn shops consider them a good asset for resealing if the person fails to pay the loan.

How much money will you get as a result of pawning binoculars?

This question has no exact answer as there are many factors that play a vital role in determining the amount of money that you will get as a result of a collateral deal. However, for most the prices, the candidates get 50 to 60 percent of the worth of his stuff or product which is used for pawning.

For example, if you have optics that are worth around $300 then you will be able to get $150 to $160 from the pawning shops. This price is not exact and you will see some fluctuations in the price of binoculars. The age of the product, brand name, and model are some important factors that count.

Factors that influence the amount of money that you’ll get

As said earlier, there are multiple factors that count when the pawnshop owner analyzes your product to give you money. A few of those factors are listed below;

• Age of binoculars

How old are your binoculars? Pawn Shops ensure that your binoculars should not very old and they must have good reselling value. If you fail to pay the loan, then the pawn shop will resell the product that you give them as collateral. So, if your given binoculars are outdated, then you will get a very low amount of money from the pawn shop. 

• Brand and Model

A well-known brand that is considered reliable and people love buying their second-hand products puts a massive impact on the amount of money that you get. Keep in mind that good brands uplift the resale value of binoculars. Suppose, if you have vortex binoculars, then the pawnshop will offer you good money as compared to if you have Athlon binoculars which are not good for reselling. Similarly, the latest model or version of binoculars have more reselling value and can get you good money as a collateral deal.

• Condition of your binoculars

If your optics are in good shape, chances are higher that you will be getting a handsome amount of money. On the other hand, defective or damaged binoculars will hurt your sales. The pawnshops evaluate your stuff in a method that assumes they will be reselling the items if you don’t pay up. They will gladly give you large sums of money if the reselling value of your optics is high. Names of some pawnshops are listed below;

• EZPAWN
• Xtreme Pawn 
• Ace Pawnbrokers, Inc.
• B & B Pawn and Jewelry 

Which Shops Pawn Binoculars? 

Pawn shops are available in all countries and they all accept binoculars as the pawning product. So, you won’t have to worry about finding the best pawn shop. However, it is important to note that you should visit the optics shop and ask them if they accept the pawning of binoculars or not. If you find an optics shop that accepts pawning, then you’re more likely to get more money.

Disadvantages of Pawn binoculars

There are certain advantages as you get the money immediately but there are some drawbacks and disadvantages of pawning binoculars or any other optics. A few of the downsides of pawning will be discussed in the section below.

• The most obvious and prominent disadvantage of pawning binoculars is that you get a very small amount of money. Usually, the pawn shops give you 50% of the original value of the pawned product. If you buy binoculars for $200 then you will get $100 which is considerably low.
• If you fail to pay the dues in some time span, then the pawn shops reserve all the rights to sell your binoculars and get their money back. This is a huge risk as you can fail to pay if your finances are really bad. 
• There are some pawn shops that have specific interest rates which further hurt the deal. Even 1% of interest is not good as it will hurt you more if you’re already having a tough time. 
• Pawn Shops nowadays are very busy and if you’re going to pawn your optics which have very low value, they may not even accept your product. If they accept, then they will give you a very small amount of money which is again not good for the deal.

Conclusion

Pawn Shops are a very good and temporary solution if you’re struggling financially. However, there are a few risks involved that we have talked about and you should know all before signing the deal. If you agree with the terms and conditions of the pawnshops, then you can make deals and get cash immediately.