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bank loan for comics ?
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25 posts in this topic

On 1/18/2022 at 12:02 PM, aleksicwon said:

Has anyone here successfully applied for a loan or line of credit to buy comics ? 
Just wondering if this is something I can do . On the loan application , one of the reasons is "investment" so
assume buying comics falls under that heading . 
 
 

I'm sure thousands of folks have taken bank loans to open comic book stores or become comic dealers.  

I don't know if there's too many stories about about people taking loans from banks to buy 10 valuable comics and sit on them for 5-25 years.  Although I think there are some companies/people now that let you buy shares in big comics.  

If you're seriously considering it, you should probably provide a few more details if you want help or advice.  

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On 1/18/2022 at 12:12 PM, revat said:

If you're seriously considering it, you should probably provide a few more details if you want help or advice.  

I don't know if I have much detail just I would like to buy some big keys like AF 15 and a few more , maybe 100k max value .

 

Edited by aleksicwon
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On 1/18/2022 at 3:02 PM, aleksicwon said:

Has anyone here successfully applied for a loan or line of credit to buy comics ? 
Just wondering if this is something I can do . On the loan application , one of the reasons is "investment" so
assume buying comics falls under that heading . 
 
 

You have to take out a personal loan and use your current capital as the collateral (ie your house). 

You cannot take out a loan and use the worth of the comic you wish to buy with the loan as collateral.

Edited by William-James88
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On 1/18/2022 at 12:32 PM, William-James88 said:

You have to take out a personal loan and use your current capital as the collateral (ie your house). 

You cannot take out a loan and use the worth of the comic you wish to buy with the loan as collateral.

Alright , I know about collateral ... so have you successfully applied for a loan to buy comics ?

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On 1/18/2022 at 3:42 PM, aleksicwon said:

Alright , I know about collateral ... so have you successfully applied for a loan to buy comics ?

No, but as a banker, I am telling you exactly the option you have if you want to apply for a bank loan for comics. Go to your bank and ask for a personal loan, see how much they allow you to borrow.

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On 1/18/2022 at 12:44 PM, William-James88 said:

No, but as a banker, I am telling you exactly the option you have if you want to apply for a bank loan for comics. Go to your bank and ask for a personal loan, see how much they allow you to borrow.

Thanks . What about using my current collection as collateral , will that work ?

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On 1/18/2022 at 3:47 PM, aleksicwon said:

Thanks . What about using my current collection as collateral , will that work ?

Before you go that route, you have to get it insured. look into collectibles insurance, there are several topics on this very site about that. That will legitimize the value of your collection and you can then go to the bank and continue with the next steps.

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On 1/18/2022 at 12:47 PM, aleksicwon said:
On 1/18/2022 at 12:44 PM, William-James88 said:

No, but as a banker, I am telling you exactly the option you have if you want to apply for a bank loan for comics. Go to your bank and ask for a personal loan, see how much they allow you to borrow.

Thanks . What about using my current collection as collateral , will that work ?

 

On 1/18/2022 at 12:50 PM, William-James88 said:
On 1/18/2022 at 12:47 PM, aleksicwon said:

Thanks . What about using my current collection as collateral , will that work ?

Before you go that route, you have to get it insured. look into collectibles insurance, there are several topics on this very site about that. That will legitimize the value of your collection and you can then go to the bank and continue with the next steps.

I'm not a banker, and terms may depend on the bank and your relationship with the bank, but it seems super unlikely to essentially reverse mortgage your comics unless the bank is somehow going to hold your collection (similar to a pawn shop).  You can't abscond with a house the way you could with a comic book collection.  Now if you're a billionaire and already have a crazy relationship with the bank they're probably going to be more liberal or have a few big books you can have the bank hold for a month or two without a lot of trouble (like a pawn shop) they may be more amenable.  

If you have a specific question to ask, then ask it with details.  The details matter.  If you dont' want to reveal more details (which is fair), then you're probably just going to have to go to the bank on your own.  But I will say I haven't heard of anyone on the boards taking out a loan from the bank with their own comics as collateral, though I expect anything is possible if you make the terms far enough in the favor of the bank.

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On 1/18/2022 at 1:03 PM, revat said:

If you have a specific question to ask, then ask it with details.  The details matter. 

I don't appreciate you being rude to me . I have done nothing wrong . My specific question was has anyone successfully applied for a loan for comics . Then I explained I want it for some big keys . Then you come here pounding the table , what is your problem ? Go away please .

Edited by aleksicwon
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On 1/18/2022 at 1:20 PM, ExNihilo said:

He wasn't being rude, he was being forthright.  If you want the answers, go to the bank.  If you're going to get emotional, you won't get much in the way of help from other boardies.  And believe me when I say that revat's response is a whole lot more measured than some of the other clowns on these boards who could potentially chime in.

What you're asking is something that is generally unheard of.  Your best course of action is to go directly to the source.

Have news for you . Not desperate for answers . Curious if anyone here has experience . You want me to be desperate is that it ?
Haha , you guys are a joke . IF YOU DON'T HAVE AN ANSWER THEN DON'T REPLY . You see how easy that is ? Instead you come in here to comment on something that is none of  your business . You have no answer and you come here for what exactly ? Ah you know what I am talking about . You are the emotional ones and you want to spin it the other way . LOL . Now I will turn off my notifications , bye byeeee .

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On 1/18/2022 at 1:26 PM, aleksicwon said:
On 1/18/2022 at 1:20 PM, ExNihilo said:

He wasn't being rude, he was being forthright.  If you want the answers, go to the bank.  If you're going to get emotional, you won't get much in the way of help from other boardies.  And believe me when I say that revat's response is a whole lot more measured than some of the other clowns on these boards who could potentially chime in.

What you're asking is something that is generally unheard of.  Your best course of action is to go directly to the source.

Have news for you . Not desperate for answers . Curious if anyone here has experience . You want me to be desperate is that it ?
Haha , you guys are a joke . IF YOU DON'T HAVE AN ANSWER THEN DON'T REPLY . You see how easy that is ? Instead you come in here to comment on something that is none of  your business . You have no answer and you come here for what exactly ? Ah you know what I am talking about . You are the emotional ones and you want to spin it the other way . LOL . Now I will turn off my notifications , bye byeeee .

OP probably won't see this, which is fine.

But why not ask a more specific question to begin with?

"Hi, I'm thinking about taking out a bank loan to buy a few big comics for investment (maybe $50K-$100K), does anyone have any experience with that that wouldn't mind sharing about their experience? Do you recommend it or have any tips?"

 

and then miraculously lucks into an actual banker on the thread who tells him about collateral, and then the OP reasonably (in my opinion) states that he'd consider putting up his collection as collateral, but somehow doesn't state the value of his collection or ask about how much you would need to put up to get a loan?  Or even think about the physical size of the collection?  It matters if your collection is 3 big books work $4M or 50,000 books worth $200K.  Are they certified? Insured? These all matter and honestly if those things aren't on one's radar already then that person shouldn't be taking out a huge loan for comics.

 

Why force a back and forth of detail clarification, why not think it out a bit and lay it out and make it easy for people to help you?  

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On 1/18/2022 at 3:47 PM, aleksicwon said:

Thanks . What about using my current collection as collateral , will that work ?

You will need to have it appraised and insured, but you would still need to check with your bank.

 

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On 1/18/2022 at 3:11 PM, aleksicwon said:

 

I don't appreciate you being rude to me . I have done nothing wrong . My specific question was has anyone successfully applied for a loan for comics . Then I explained I want it for some big keys . Then you come here pounding the table , what is your problem ? Go away please .

You're a pathetic clown. You go away. Forever. Bye.

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