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Do Pawn Shops Offer Layaway? (Central Mega Pawn Does)

Do Pawn Shops Offer Layaway? (Central Mega Pawn Does)

by | Mar 16, 2023 | Blog

Once a common option for paying for high-value items, layaway is not nearly as widely available as it was in years past. However, select pawn shops, including Central Mega Pawn in Ontario still offers layaway payments. Read on for everything to know about layaway payment options for premium products.

What is Layaway?

Layaway is a type of buying method that involves placing a deposit on an item, so that the seller “lays the item away” so that other buyers cannot purchase it. It is a way of paying for items, that you want, but need a bit of time to pay the balance. It is typically only used for high-value items. Less expensive items may not qualify for the layaway purchase plan.

The concept of “laying away” items for purchase has its origins in the Great Depression when tens of millions of Americans were living in poverty. Layaway was incredibly popular for many decades, until the credit card market burst open in the 1980s. But from 1930-1980, layaway was frequently used to buy holiday gifts, birthday gifts, and big-ticket items ranging from jewelry to power tools, gym equipment, and more.

Layaway at traditional retailers often involved a down payment followed by a final payment. At pawn shops today, even more latitude is granted to the customer when using layaway. Customers may instead put down a deposit and make a series of payments until the item is paid off. Each pawn shop that offers layaway reserves the right to set its own terms of layaway plans.

Benefits of Layaway at a Pawn Shop

Using layaway to finance an item you’d like to purchase from a pawn shop has several benefits.

1. Layaway Does Not Charge Interest

When you agree to buy an item on layaway, you will not be charged any interest. Instead, the terms of the installment plan will be discussed with you, and you’ll leave a deposit (typically a percentage of the cost of the item). You’ll then make regular payments until the remaining balance is paid off. However, you will not be charged interest. The price that you agree to buy the item for is the price you’ll pay.

2. There is No Fee for Layaway

You won’t find hidden fees affixed to your layaway plan. Layaway is simply a flexible purchasing plan that is offered to customers, with no strings attached. Past due payments may be subject to fees, per the contract.

3. Layaway Increases Your Buying Power

When you use layaway to purchase a luxury watch, diamond engagement ring, or other valuable item, you increase your buying power. For example, consider you find a ring at a pawn shop that you’d like to buy as a gift. The ring is $2,500. But you only have $1,000 available to spend on that day.

With layaway, you can put down just a deposit, ensuring the ring won’t be sold to someone else, and pay off the ring over time. Your $1,000 available funds are increased 2.5x in this example, using layaway.

4. You Don’t Need Good Credit to Be Approved for Layaway

Layaway financing for items at a pawn shop can help customers who do not have good credit. The pawn shop will never check your credit before approving you for a layaway plan. You’ll just need a deposit and a valid form of I.D. to purchase items on layaway.

5. Layaway Prevents You from Maxing Out Credit Cards

When you max out your credit cards, your credit score decreases. Plus, you’ll have to pay back the charges, often with very hefty interest. Layaway allows you to avoid maxing out your credit cards, and therefore avoiding the interest on the charges, which can take years to pay off.

Items You Can Purchase on Layaway at a Pawn Shop

Most high-value items for sale at a pawn shop can be purchased on layaway. These may include:

Can You Cancel an Item You Have on Layaway at a Pawn Shop?

All pawn shops are slightly different. At Central Mega Pawn you may cancel your items on layaway, and you may receive store credit for payments made. You may be subjected to a cancellation fee. The pawnbroker you work with will explain any penalties, and all options available for cancelling items on layaway.

What happens if I’m late on my layaway payment at the pawn shop?

If you cannot make your layaway payment on time, don’t avoid the pawn shop. Call or stop in and let the broker know that the payment will be late. They may agree to keep the item laid away for you if you make the payment within a certain number of days.

How long do I have to make the layaway payments?

Each pawnshop that offers layaway will have their own terms and conditions for layaway. You may have several to many months to pay off your item. Before you agree to purchase anything on layaway be sure you understand the terms and conditions as set by the pawn shop.

How Much of a Deposit Do I Need to Put Down for a Layaway Purchase at a Pawn Shop?

Pawn shops are typically independently owned and operated, and therefore set their own rules and guidelines for layaway deposits. Some may accept as little as 10% of the purchase price as a deposit. Others may require 30% of the purchase price for a down payment. Ask your local pawnbroker for details.

Layaway Available at Central Mega Pawn in Ontario

Central Mega Pawn in Ontario near Pomona and Upland is proud to offer customer layaway installment payment plans for purchases. As the top-reviewed pawn shop in the Inland Empire, we are here to help you to purchase the items you want with no-interest layaway options. Visit us on S. Central Avenue in Ontario to shop using layaway. If you have any questions about our layaway program, feel free to call us at 909-627-9622. You may also send us a message.

Do Pawn Shops Buy and Sell Panerai Designer Watches?

Do Pawn Shops Buy and Sell Panerai Designer Watches?

by | Mar 2, 2023 | Blog

Pawn shops are an excellent place to shop for luxury watches, including Panerai designer watches. Although the main reason you should include pawn shops when shopping for any high-end item is because you may save a fortune, there are many other benefits of shopping at a pawn shop. Conversely, if you’re ready to sell a Panerai designer watch, make sure you take it to a top-reviewed pawn shop before you sell it online. You can save yourself time, hassle, and delays in waiting for payment. Read on for everything to know about buying or selling a Panerai watch at a pawn shop.

What is a Panerai Watch?

Panerai designer watches are among the world’s most coveted watches. However, unlike many of the world’s other designer watches, Panerai watches are Italian, rather than Swiss. The roots of the Italian luxury watches dates to 1860, when Giovanni Panerai opened his first watch shop and watchmaking school in Florence. By the early 1900s Panerai was manufacturing technical equipment for the Royal Italian Navy. Products included dive watches, and precision instruments.

Panerai was tapped to outfit the Royal Italian Navy because it had created Radiomir, which was a self-luminating material allowing divers to see the time underwater, and in the dark. Panerai provided the military with watches and other devices for many years.

In 1993, Panerai and its instantly recognizable luminous watches finally became available to the public. Just four years later, the Richemont Group (formerly the Vendome Group) acquired Panerai. Panerai joined the likes of brands such as Cartier, Van Cleef & Arpels, Jaeger-LeCoultre, and Piaget, and became instantly synonymous with exclusivity and sophistication.

Today, Panerai watches are known for traits such as:

  • Photoluminescent material for low-glow dials and hands
  • Oversized hands
  • Minimal dials
  • Large, cushion shape case
  • Winding crown
  • Oversized hour markers

Brand new Panerai designer watches may be found for around $5,000. Limited-edition Panerai designer watches may cost more than $100,000.

Why Shop for a Panerai Watch at a Pawn Shop?

It’s smart to look for luxury items at pawn shops because of the significant savings you may secure. Consider that used designer watches, handbags, sunglasses, etc., may sell for 30-40% less than the full retail price. With a high-value item like a luxury watch, this can amount to thousands in savings. For example, if you’ve found a Panerai watch you want, but the full retail price is $10,000, you may find the same barely used watch at a pawn shop for $6,000-$7,000. That’s significant savings.

Another reason to shop for exclusive items at pawn shops is because you can often find rare, limited edition, or hard-to-find brands and styles. Because pawn shops buy their inventory directly from individuals, there is no telling what a customer may bring in to sell on any given day.

If you shop from reputable, established pawnshops, you can also rely on authenticity when you buy a premium product. Pawn shops are not in the business of buying fake items, so the likelihood that you’ll purchase a knockoff is very slim.

Should I Sell My Designer Watch to a Pawn Shop?

If you have a Panerai designer watch, that you no longer want, it’s worth taking it to a pawn shop before beginning the process of finding a buyer online. Selling luxury items to a pawn shop offers benefits such as:

  • Instant offer
  • Fast transactions
  • Immediate cash

By contrast, if you decide to try to sell your luxury watch online, you’ll have to identify the right sites to list the watch. Then you’ll have to describe the watch, photograph the watch, and determine the price. Because your watch is valuable, it can take time for anyone to take interest in the watch. In the meantime, you will likely get emails, calls, or texts from nosy, but not necessarily serious buyers. You may have to take the watch with you to show to people you don’t know. Because it’s a high-value item, keep in mind that plenty of people wouldn’t mind getting their hands on it without paying for it.

Once you find a buyer, you’ll need to insure the shipment and trust that it will arrive to its destination safely. Should the piece be lost in the mail, recovering your losses can be impossible, if not stressful. Finally, you’ll need to wait for the payment to reach your account (this also means you’ll need to have some form of online banking, or payment acceptance set up). If you’re exhausted just reading about all the steps, you’ll need to take to sell your luxury watch online, it’s probably in your best interest to take it to a pawn shop.

Before you head out with your watch, it is smart to confirm that a particular pawn shop specializes in luxury items. While some pawn shops specialize in high-end products, others may not buy or sell them.

You may also want to make sure that a particular pawn shop is a member of a respectable industry association such as the California Pawnbrokers Association. This can help you to feel comfortable knowing the shop complies with all local, state, and federal regulations pertaining to pawn shops.

If a particular pawn shop does not make you an offer that you are willing to accept, you can simply walk away and find another shop. But you won’t have wasted countless hours putting the watch up for sale online.

Buy and Sell Designer Items 7 Days a Week in Ontario, CA

Central Mega Pawn buys and sells Panerai designer watches seven days a week in Ontario, CA near Pomona and Upland. As a leading pawn shop serving the luxury market, we also buy and sell jewelry and watches from designers such as Tiffany & Co., Chanel, Harry Winston, Audemars Piguet, Breitling, Chopard and others. We are known for professional service, excellent offers, and fair pricing on luxury goods.

Central Mega Pawn is located at 11031 Central Avenue, in Ontario. For your convenience, Central Mega Pawn is open seven days a week until 6 pm. We also list many of our items in our online store that you may shop 24/7.