Utilizing a high value classic car as collateral value

[Adil Ayaz]

Great to be able to set up my first post on this cool platform.

Rather than giving advice I need to gather information about a, I think special, term of collateral value.

what if…..

- I got a valuable Classic Car appraised

- walked to a bank with that appraisal 

- use it for a down payment

thoughts?

Is this a common procedure, or is there any kind of restriction on laws, regulations or maybe it’s just not possible because it makes no sense for banks or private lender to approach such a deal.

thank you in advance y’all

btw

That’s the car I’m talking about