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Thread: getting a loan for cards

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    getting a loan for cards

    I talked with a big-bank Loan officer today (a friend, over dinner).
    I asked, "if a million dollar baseball card became available, can i get a loan?"

    He said: Sure, but ...
    (#1) The most they'd loan you is 65% of a big-ticket luxury item.
    You have to have skin in the game.

    (#2) They would keep possession of the card in a secured collateral vault until the last payment.
    Kind of like layaway, this insures the item's safety & condition.
    The good news is that the loan is 'secured' and they can offer low-interest rates.

    ... so, if that MUST HAVE card comes along, banks will make loans, but you better be sitting on 35% cash.

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    Junior Member mjbuchanan80's Avatar
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    Quote Originally Posted by cmixer View Post
    I talked with a big-bank Loan officer today (a friend, over dinner).
    I asked, "if a million dollar baseball card became available, can i get a loan?"

    He said: Sure, but ...
    (#1) The most they'd loan you is 65% of a big-ticket luxury item.
    You have to have skin in the game.

    (#2) They would keep possession of the card in a secured collateral vault until the last payment.
    Kind of like layaway, this insures the item's safety & condition.
    The good news is that the loan is 'secured' and they can offer low-interest rates.

    ... so, if that MUST HAVE card comes along, banks will make loans, but you better be sitting on 35% cash.
    Good to know. When I run through the list of 10,000,000 things I would rather do than drop $350k on a baseball card, I'll keep this mind.
    Do not let ANYONE ever tell you that what you collect is stupid or not worthwhile. Collect what you desire!

    My Trade Page: https://midwestcollector.webs.com/

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    Senior Member MansGame's Avatar
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    Quote Originally Posted by mjbuchanan80 View Post
    Good to know. When I run through the list of 10,000,000 things I would rather do than drop $350k on a baseball card, I'll keep this mind.
    The Albert Belle Collector
    Entire Private Collection: 2,627/2,891 - 90.9%


    Accomplished my impossible quest for +90% in October 2016

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    getting a loan for cards

    Quote Originally Posted by MansGame View Post
    Lol
    Always looking for
    1990 pro set series 1 football really for now.

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    Coupla things I can add from a similar conversation with a relative in High-end banking. Now this was about 5-6 years ago and maybe the Crisis changed banks' policies.

    He put the amount "down" needed in advance as Half of the total value. Also, they wouldn't keep it in-hand, in a vault or otherwise secure spot, but would require full Insurance that met their specs and that can be pretty pricey, especially if the item is going to be out and available in public spots, museum exhibits, etc...
    Don't forget to use the FCB Link when buying on eBay!

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    I bet you'd consider dropping $350K on a card if you KNEW it would flip for $1million.

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